Released September 04, 2024 | SUGAR LAND
en
Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--On August 28, Petroecuador (Quito, Ecuador) announced the start of the closure of the Ishpingo, Tambococha, and Tiputini oil block, known as the ITT Block or Block 43. This follows last month's statements from the ministers of energy and finance, who announced a years-long process to shut down the energy asset. Based on a constitutional court ruling, the oil company had a deadline of August 31 to start shutting down the asset.
The state energy company, for its part, said that it started by shutting down the Ishpingo B-56 oil well and will proceed with extracting the available equipment, followed by cleaning and plugging the well.
Minister of Energy and Mines Antonio Goncalves and Petroecuador's General Director Diego Guerrero were present at the start of the asset's closure.
"After several committee meetings, where we have carefully planned a schedule for closing the 247 wells, a work plan has been prioritized for this compliance, which we recommend be done within a period of five years and five months, adequate time so that all the interventions carried out do not affect the environment and much less the surrounding communities," highlighted Goncalves during the ceremony.
Petroecuador also highlighted that the block's production would progressively decline with the closure of this oil well.
The ITT block produces close to 50,000 barrels of oil per day, representing Petroecuador's fourth biggest producing asset and one of Ecuador's biggest.
The decision to close the ITT Block follows a referendum in August last year, in which Ecuadorians voted with 59% support for shutting down the asset. The oil complex is located in the Yasuni natural reserve, a protected environmental zone and an area where indigenous communities live.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
The state energy company, for its part, said that it started by shutting down the Ishpingo B-56 oil well and will proceed with extracting the available equipment, followed by cleaning and plugging the well.
Minister of Energy and Mines Antonio Goncalves and Petroecuador's General Director Diego Guerrero were present at the start of the asset's closure.
"After several committee meetings, where we have carefully planned a schedule for closing the 247 wells, a work plan has been prioritized for this compliance, which we recommend be done within a period of five years and five months, adequate time so that all the interventions carried out do not affect the environment and much less the surrounding communities," highlighted Goncalves during the ceremony.
Petroecuador also highlighted that the block's production would progressively decline with the closure of this oil well.
The ITT block produces close to 50,000 barrels of oil per day, representing Petroecuador's fourth biggest producing asset and one of Ecuador's biggest.
The decision to close the ITT Block follows a referendum in August last year, in which Ecuadorians voted with 59% support for shutting down the asset. The oil complex is located in the Yasuni natural reserve, a protected environmental zone and an area where indigenous communities live.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
