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

Oil & Gas

Oil & Gas

The majority of feasible shutdown circumstance for Ecuador Yasuni block to take 5 years-document

The most feasible scenario for the shutdown of Ecuador's 43ITT oil block in the nation's. Amazon is a closure which takes place over five years and five. months, according to a federal government file provided to the. nation's constitutional court and seen . A year ago a majority of Ecuadoreans voted to shutdown the. block to protect the Yasuni reserve, with the top court approving. one year for the elimination of oil infrastructure in the region. We're going to start closing some wells, there has been no. financial investment in ITT since the referendum, we have currently. determined the plan,...

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,...

Environment

Climate Change

Pollution

Yellen states $3 trillion needed annually for climate financing, much more than existing level

U.S. Treasury Secretary Janet Yellen stated on Saturday that the global transition to a lowcarbon economy needs $3 trillion in new capital each year through 2050, far above existing annual funding, however that filling the space is the greatest economic chance of the 21st century. Yellen said in Belem, Brazil's Amazon gateway city, that reaching net-zero emissions objectives remained a top priority for the Biden-Harris administration and this would require management far beyond U.S. borders. Neglecting to deal with climate change and the loss of nature and biodiversity is not simply bad environmental policy. It is bad financial policy, Yellen...

Climate Change

Yellen launches Amazon basin effort to interfere with nature criminal offenses

U.S. Treasury Secretary Janet Yellen released on Saturday a new effort with Amazon basin governments to interfere with illicit finance that fuels nature crimes, consisting of illegal harvesting of trees and other plants, minerals and wildlife. Yellen said the initiative aims to increase cooperation amongst financing ministries, law-enforcement companies and other entities from Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and the United States, to improve training to find illicit financing networks operating in the region. The efforts might result in sanctions on groups responsible, cutting them off from the dollar-based monetary system, Yellen said in revealing the cooperation in Belem,...

Climate Change

SPECIAL REPORT-A program indicated to assist developing countries battle climate modification is funneling billions of dollars back to rich countries

Japan, France, Germany, the United States and other wealthy nations are reaping billions of dollars in economic rewards from a worldwide program indicated to assist the establishing world come to grips with the results of climate change, a review of U.N. and Organisation for Economic Cooperation and Development data shows. The financial gains happen as part of developed countries' promise to send out $100 billion a year to poorer nations to assist them decrease emissions and deal with severe weather condition. By channeling cash from the program back into their own economies, rich nations contradict the commonly welcomed idea that...

Climate Change

South America weather professionals see La Nina, El Nino frequency rising

The environment phenomena known as El Nino and La Nina, which bring waves of heat, cold, rain or drought, will be more regular and extreme in coming years, after South America suffered the most extreme El Nino in decades, weather professionals said on Thursday. According to the Ecuador-based International Center for Research study on the El Nino Phenomenon (CIIFEN) and the Peruvian meteorology and hydrology company SENAMHI, the current El Nino was among the 5 greatest because 1950. The pattern has actually changed a lot, stated Yolanda Gonzalez Hernandez, director of CIIFEN, at a press conference after a. meeting of...

Climate Change

Latin America need to brace as El Nino flips to La Nina, specialists caution

Latin American countries must be on high alert as the weather condition phenomenon called El Nino rapidly switch to La Nina, experts stated on Thursday, leaving populations and crops little time to recuperate. El Nino and its plentiful rains could quickly turn into dry spells caused by La Nina along with an extreme cyclone season across South America, specialists said at a panel arranged by the United Countries' Food and Farming Organization (FAO). The full weather condition pattern including El Nino, La Nina and a. neutral phase typically lasts in between two to seven years. However. professionals stated that the...