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.

Share:

Subscribe for unlimited access to all energy sector news.

Over 150 multisector articles and analyses every week.

Your 1st year at 99 €*

then 199 €/year

*renews at 199€/year, cancel anytime before renewal.

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.

The United States extends a 30-day reprieve to NIS, controlled by Gazprom, as Serbia seeks to maintain energy security amid pressure on the Russian energy sector.
With net output reaching 384.6 million barrels of oil equivalent, CNOOC Limited continues its expansion, strengthening both domestic and international capacities despite volatile crude oil prices.
The Daenerys oil discovery could increase Talos Energy’s proved reserves by more than 25% and reach 65,000 barrels per day, marking a strategic shift in its Gulf of Mexico portfolio.
The United States will apply 50% tariffs on Indian exports in response to New Delhi’s purchases of Russian oil, further straining trade relations between the two partners.
Rising energy demand is driving investments in petrochemical filtration, a market growing at an average annual rate of 5.9% through 2030.
Chevron has opened talks with Libya’s National Oil Corporation on a possible return to exploration and production after leaving the country in 2010 due to unsuccessful drilling.
The Impact Assessment Agency of Canada opens public consultation on its 2024-2025 draft monitoring report for offshore oil and gas exploratory drilling off Newfoundland and Labrador.
Cenovus Energy announces the acquisition of MEG Energy through a mixed transaction aimed at strengthening its position in oil sands while optimizing cost structure and integrated production.
Vantage Drilling International Ltd. extends the validity of its conditional letter of award until August 29, without changes to the initial terms.
Libya is preparing to host an energy forum in partnership with American companies to boost investment in its oil and gas sectors.
Washington increases pressure on Iran’s oil sector by sanctioning a Greek shipper and its affiliates, accused of facilitating crude exports to Asia despite existing embargoes.
Amid repeated disruptions on the Druzhba pipeline, attributed to Ukrainian strikes, Hungary has requested U.S. support to secure its oil supply.
Norwegian producer Aker BP raises its oil potential forecast for the Omega Alfa well, part of the Yggdrasil project, with estimated resources reaching up to 134 million barrels of oil equivalent.
The gradual restart of BP’s Whiting refinery following severe flooding is driving price and logistics adjustments across several Midwestern U.S. states.
Bruno Moretti, current special secretary to the presidency, is in pole position to lead Petrobras’ board of directors after Pietro Mendes’ resignation for a regulatory role.
Next Bridge Hydrocarbons completes a $6 million private debt raise to support its involvement in the Panther project while restructuring part of its existing debt.
Sinopec Shanghai Petrochemical reported a net loss in the first half of 2025, impacted by reduced demand for fuels and chemical products, as well as declining sales volumes.
Zener International Holding takes over Petrogal’s assets in Guinea-Bissau, backed by a $24 million structured financing deal arranged with support from Ecobank and the West African Development Bank.
Petrobras board chairman Pietro Mendes resigned after his appointment to lead the National Petroleum Agency, confirmed by the Senate.
Bahrain has signed an energy concession agreement with EOG Resources and Bapco Energies, reinforcing its national strategy and opening the way to new opportunities in oil and gas exploration.

Log in to read this article

You'll also have access to a selection of our best content.

or

Go unlimited with our annual offer: €99 for the 1styear year, then € 199/year.