Ecuador

Energy Markets

Ecuador investigating people who allegedly hid energy supply information

Ecuador will examine more than 20 individuals for apparently purposefully concealing details about energy supply, the government stated on Wednesday as it grapples with a power crisis. A drought caused by the El Nino climate phenomenon has affected production at hydro-electric dams, which are Ecuador's. main source of electricity, leading to planned power cuts and. energy imports from surrounding Colombia. President Daniel Noboa declared an energy emergency on. Tuesday and named an interim energy minister. Previous minister Andrea Arrobo and other officials presumably. concealed information, Noboa's workplace said in a declaration on. Wednesday, including historically low reservoir levels. The country's...

Energy Markets

Fossil Fuels

Oil & Gas Refining

Ecuador to raise rate for most-used fuels as it cuts aids

Ecuador's federal government is set to raise the price of the nation's mostused kinds of gasoline as part of plans to cut fuel subsidies, the Economy Ministry said on Friday, in spite of calls by unions and others for protests versus the step. The strategy, which is most likely to come into effect next month, will raise the cost of two various types of gas to be in line with international prices and develop a system to set monthly prices. President Daniel Noboa, who was chosen in October to finish his predecessor's term and is anticipated to run again in...

Fossil Fuels

Ecuador Indigenous, environmental groups object Petroecuador gas flaring

Ecuadorean Indigenous organizations and environmental advocacy groups on Wednesday opposed staterun oil company Petroecuador, saying it is stopping working to abide by a court order to shut gas flares in the Amazon, though the federal government said it was closing them. In 2021, a provincial tribunal in Sucumbios province bought Petroecuador and a handful of private operators to stop at least 486 flares in lived in areas by March 2023 and rural locations by 2030. Flares burn natural gas produced throughout oil production when there is no infrastructure to record it. Residents of the location, who have actually long alleged...

Oil & Gas Exploration

Ecuador states will get $333 mln in private investment from 3 oil agreements

Ecuador's energy ministry stated on Friday the country will get $333 million in personal financial investment through three oil agreements for exploration and production involvement at the Saywa, VHR Oeste and VHR Este oil blocks. The tasks, part of bidding in the Intracampos II oil round, also have the possible to increase national oil output, the ministry stated in a declaration. The operations procedure will be in the hands of 2 international business, which became winners throughout the licensing round, the declaration stated. Ecuadorean-Argentine endeavor PCR will get the contracts for the Saywa and VHR Este blocks, the ministry stated,...

Oil & Gas Equipment

Why did Ecuador raid Mexico's Quito embassy?

Mexico has abruptly suspended its bilateral relations with Ecuador due to an escalating dispute. This comes after Ecuadorian police broke into Mexico's Quito Embassy and arrested a former Vice President on corruption charges. Why did Ecuador enter Mexico's Embassy? The heavily armed police, wearing balaclavas, broke into the Mexican embassy in Mexico late Friday night, to arrest Jorge Glas. Ecuador's former vice president and leftist, he is wanted for graft. Glas, who has lived in the embassy in Mexico since December after seeking asylum in this North American country only on Friday, is a victim of a gang-related crime. Ecuador...

Fossil Fuels

PetroChina International promotes crude trading officer to head of Americas

PetroChina International, trading automobile of state energy giant PetroChina has appointed its international petroleum group leader as the new head of its Americas operation, senior trade sources with understanding of the matter said. Liu Qiang will begin his brand-new role, based in Houston, later on this month and will head a 100-strong group, one of the PetroChina's largest international trading operations that turned around almost 100 million metric tons of oil, gas, chemicals and power yearly. Liu validated his relocate to . The Americas operation oversees the Chinese oil major's. petroleum productions in Brazil, Ecuador, Venezuela and Canada. PetroChina, the...

Renewable Energy

Apical sets sights on more sustainable air travel fuel in SE Asia, Europe

Apical Group is considering purchasing a couple of sustainable air travel fuel ( SAF) projects in southeast Asia and Europe as demand for lower carbon fuels increases towards 2030, a senior business executive said. These might come on the back of recent financial investment in a 1.2 billion euros ($ 1.31 billion) joint venture with Spain's Cepsa to construct southern Europe's largest biofuels plant. This will start running in 2026 and aims to produce 500,000 metric tons annually (tpy) of sustainable diesel and SAF. Hopefully, we can conclude a refinery plan in the next one or two years, Apical's Executive...

Natural Gas

Former Vitol oil trader convicted of Ecuador, Mexico corruption charges

A previous oil trader at Vitol, among the world's largest energy trading business, was founded guilty on Friday of corruption charges stemming from more than $1 million in allurements he paid to officials in Ecuador and Mexico to win organization. A federal jury in Brooklyn found Javier Aguilar, 50, guilty of 3 counts of foreign bribery, foreign bribery conspiracy, and cash laundering conspiracy. Federal prosecutors in Brooklyn said Aguilar sent kickback cash from his Geneva-based employer to the authorities through a. series of intermediaries and shell companies in infraction of the. Foreign Corrupt Practices Act (FCPA), a U.S. law that...

Environment

Environment

Ecuador taking a look at new Amazon and Ocean linked debt-for-nature swaps, sources say

Ecuador is scoping out brand-new debtfornature swaps, one to funnel funds into the Amazon rain forest and another for a huge ocean defense zone backed by Hollywood star Leonardo DiCaprio, people familiar with the matter have actually told . The South American nation is seeking to build on the record-breaking $1.6 billion debt swap it scheduled its Galapagos Islands last year. is reporting information for the very first time of the alternatives being thought about. While the federal government is now focused on taking on drug-fuelled organised crime and securing a new IMF offer, sources stated authorities have actually been...

Environment

Debt-for-nature swaps could give $100 billion increase to environment fight, says report

Debtfornature swaps, where poorer countries have financial obligation written off in return for securing communities such as barrier reefs or rainforests, could offer $100 billion for the fight versus climate change, a new report has actually calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the quote on the possibility of financial obligation swaps in a number of the 49 less established nations viewed as most at threat of debt crises. Belize, Ecuador, Barbados, Gabon and Cabo Verde have all done such swaps recently and Laura Kelly, the director of IIED's sustainable marketing researches group, said many...

Environment

Chocolate rates to keep rising as West Africa's cocoa crisis deepens

Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by illegal gold miners is enough to make Janet Gyamfi break down. Only last year, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen remain. This farm was my only methods of survival, the 52-year-old divorcee informed , tears streaming down her cheeks. I. prepared to pass it on to my children. Long the world's indisputable cocoa powerhouses accounting for. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are...

Climate Change