The state coffers would have suffered about $16.4 billion in less revenue if the case for leaving crude oil on ITT soil had won, authorities say, while the area’s indigenous population supports oil exploitation.

Petroecuador’s presentation of accounts served as the beginning of a informational campaign luck What will the state-owned company do to ensure that the public understands the economic consequences that the country would have if it stopped producing crude oil in the ITT block, which is close to Yasuní Park? Even the event held on May 25 had special guests: some Waorani and Kichwa communities that live in the area and whose leaders have stated that they are against the Yasunidos proposal and that they want oil exploitation in the area to continue.

In addition, faced with a possible negative scenario for the industry, Energy Minister Fernando Santos Alvite admitted today that contact with Ambassador Ivonne Baki was requested in order to reactivate international aid which was lost ten years ago when the Yasuní ITT initiative collapsed.

therefore, some Petroecuador and the country in general would not receive $16,470 million over the next 20 years, if the initiative to leave ITT crude oil onshore wins a majority vote in a popular consultation to be held in August, along with presidential and parliamentary elections, after the death cross.

He presented the figures The manager of Petroecuador, Ramón Correa, who explained that Petroecuador’s job at this moment of public consultation will be to inform the public about possible consequences in the case of a vote to leave oil on land, so that citizens are well informed. For the official, ITT is “our jewel” and he assured that during these years we have been working on care for the environment.

In this sense, he indicated that the costs of abandoning the field concerning the closing of wells, plugging, renvironmental mediation would amount to at least $467 million. The loss of employment and social benefits over 20 years will amount to $251 million. While losses associated with investments made until 2023 that would no longer have a return would amount to $1,952 million. Likewise, what would not be received due to non-production of this block would be $13,800 million.

He explained that block 43 ITT (Ishpingo-Tambococha-Tiputini) is currently being developed on an area of ​​only 80 hectares, which is less than the amount allowed in the last consultation, in which its area was reduced from 1,000 to 300 hectares. The operating cost including investments is USD 15.31 per barrel, USD 1.9 billion has been invested, and 50 companies are working on this operation. The net worth obtained in ITT as of 2014 was $4000 million.

The “house owners” also gave their opinion: the indigenous leaders of the ITT area. The leader of the Kawymeno Waorani community, Enkemo Kehuanto Gabamo, He said he was concerned about the proposal by the NGO and Yasunidos. He assured that what his community wants is the continuation of oil activities for the future of his children and grandchildren. If Yasunidos had not discussed the matter with them and if the oil company left the area, then they would not have a number of benefits such as an ambulance ship and a job. “Work, work, work,” he shouted to the applause of his colleagues, and a shout of “Yasunidos doesn’t matter” was also heard.

The President of the Community is on the same track kichwa Boca Tiputini, Marco Gomel Grefa Condo, He said that Petroecuador helped them in the social and economic part. They do not want the oil to remain underground, but to exploit it. For Grefi, the oil activity opened the door to education, transport and work.

Minister Fernando Santos indicated that he has listened carefully to the voices of the residents of the ITT area, who are extremely worried because if Da wins, they will lose their livelihood, their source of income “are the 1,000 workers in the area who will be left destitute, as there is no viable alternative to oil production “. He was also angry in the sense that if that crude oil ceased to be produced, it would be very difficult to replace those resources that would no longer be received from another source. Besides, he said, humanity would gain nothing, because the oil would that Ecuador stops pumping will be pumped by another producing country that will take advantage of that demand. He asked the Yasunidos “to have compassion for the people living in the area.”

When asked whether in reality, as he said in previous statements, the crude oil coming out of the ITT will be tar, and that otherwise there will be the possibility of reactivating initiatives similar to those of the Yasuní ITT, in which it was stated that the international community somehow compensates Ecuador for leaving that crude oil on land, the minister explained that the quality of the crude oil is commercial in the Tambococha and Tiputini fields. He realized that Ishpingo was very heavy, so he might be able to close without much trouble.

He said about the possibility that the international community will once again support the Ecuadorian initiative together with Minister Roberto Salas and he himself spoke with the ambassador of the United States of America, Ivonne Baki, who carried out the first initiative, see the possibility of its reactivation considering the sacrifice the country will have to make. She said that she told them that it would not be easy because the issue had cooled down, but that she would try. This is only in case the query was negative.

He recalled that when international aid was first attempted, there were many interested in contributing and there was talk of 4,000 million dollars. However, iThe issue failed because donors, especially European ones, wanted to know where the money would go, but the then president Rafael Correa did not want to account.