LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

December 2, 2022

Can Ecuador Pump Enough Oil to Meet its 2023 Budget?

Ecuador’s 2023 budget is planning for 188 million barrels of oil–a rise in production of 35,000 barrels per day. // File Photo: Ecuadorean Government.

Q

A

Jose Valera, partner at Mayer Brown: “Ecuador expects to obtain the needed increase in production mainly from the Sacha field and Block 43, the latter also known as ITT (for the Ishpingo, Tambococha y Tiputini fields within the block). Sacha currently has the highest production rates, but ITT has the largest reserves. Minister Fernando Santos says that increasing production from Sacha will be ‘easy.’ Increasing production from ITT, however, will not be easy. ITT is mainly located inside the Yasuní National Park in the Amazon rain forest. More than 30 wells are planned to be drilled in the Ishpingo field. Not all environmental permits for these wells have been obtained yet. Additionally, there is very strong opposition from native communities to this additional drilling and the attendant construction of service facilities such as access roads. The odds are low that Ecuador will…”

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ABOUT THE Energy ADVISOR

A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Nigel Blackaby
Global Head, International Arbitration Group,
Freshfields Bruckhaus Deringer

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

María José Cortés
Head of ESG,
Atlas Renewable Energy

Jeffrey Davidow
Senior Counselor,
The Cohen Group

Analia Gonzalez
Leader, Arbitration & Litigation,
Laitn America, BakerHostetler

Jonathan C. Hamilton
Partner,
White & Case

Raul Herrera
Partner, Corporate &
Securities Practice,
Arnold & Porter

James R. Jones
Chairman,
Monarch Global Strategies

Jorge Kamine
Partner, Corporate &
Financial Services,
Willkie Farr & Gallagher

Craig A. Kelly
Senior Director,
Int’l Government Relations,
Exxon Mobil

Jeremy Martin
Director,
Energy Program,
Institute of the Americas

Larry Pascal
Chairman, Americas
Practice Group,
Haynes & Boone

R. Kirk Sherr
President,
Clearview Strategy Group

Daniela Stevens
Director,
Energy Transition and Climate Program,
Inter-American Dialogue

Doris Rodríguez
Partner,
Hunton Andrews Kurth

Alexandra Valderrama
Director,
International Government
Affairs, Chevron

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