Ecuador: green light for a referendum on oil exploitation in a reserve

The Constitutional Court of Ecuador authorizes a referendum on the continuation of oil exploitation in the natural reserve of Yasuni. Ecuadorians will be able to vote in the next 75 days to decide on the phasing out of this operation.

Partagez:

The Constitutional Court ofEcuador gave the green light on Tuesday to the convening of a referendum, demanded by environmentalists for ten years, on the continuation of the oil exploitation of the famous natural reserve of Yasuni in Amazonia.

This body announced in a statement that it had “issued a favorable opinion (…) to the request for popular consultation” to keep the crude oil of the Ishpingo, Tambococha and Tiputini (ITT) block, known as Block 43, underground indefinitely. In 2013, the environmental association Yasunidos had asked the Court to authorize the holding of a referendum on the exploitation of the ITT oil fields, located at one end of the Yasuni Park, whose one million hectares of rainforest constitute a world reserve of biodiversity.

In 2013, the left-wing president Rafael Correa (2007-2017) had approved this oil exploitation after unsuccessfully trying to get an international plan of 3.6 billion dollars to compensate the non-exploitation of the deposit in the name of environmental protection. It had started in 2016. Yasunidos rejoiced on Twitter that “the Constitutional Court has just accepted the popular consultation”. Within a maximum of 75 days, the Ecuadorians “will be able to say +Yes+ to the defense of Yasuni, its peoples, its forests and its species”. “+Yes+ to Yasuni, +yes+ to life,” the collective hailed.

The ITT fields, located in the province of Orellana, bordering Peru in the east of the country, produce about 55,000 barrels of crude per day. If the “yes” vote wins, the decision will be enforceable after one year and the shutdown will be phased in, according to the court’s ruling.

Oil is one of the main economic resources of Ecuador, which extracted an average of 469,000 barrels per day in January and February, 64% of which was for export. The government of right-wing President Guillermo Lasso, who came to power in May 2021, intends to double oil production despite the opposition of indigenous populations and environmentalists.

Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
Chinese independent refineries remain cautious amid rising Iranian crude prices driven by escalating Iran-Israel tensions, potentially threatening access to the strategic Strait of Hormuz.
Gazprom, affected by a historic $6.9bn loss in 2023, is offering Pakistani state-owned firm OGDCL its petroleum assets in Nigeria to strengthen its presence in Asia’s energy market, according to Pakistani sources.
Donald Trump urges control of oil prices following U.S. military action against Iranian nuclear facilities, amid escalating tensions around the strategic Strait of Hormuz, threatening to significantly impact global markets.
PermRock Royalty Trust announces a monthly distribution of $539,693 to unit holders, impacted by reduced oil volumes and prices in April, partly offset by increased natural gas sales.