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Petroecuador shuts down the ITT oil block project in Ecuador

The Ecuadorian national oil and gas company Petroecuador has announced that the Ishpingo, Tambococha, Tiputini (ITT) block will close operations by 31 December 2024. The 43-ITT block located in the the Yasuní national park in Ecuador, currently produces 57,000 bbl/d and Petroecuador plans to extract 11 mbl of crude oil in the nine months left of production. The company expects a USD$680m drop in revenues due to the ITT closure in 2024, while the dismantling of the block will require an initial expense of USD$600m (total cost of over US$1.8bn).

In August 2023 Ecuadorians voted to stop the development of new oil wells in the Yasuní national park, obligating the Ecuadorian government to halt operations, remove infrastructure, carry out remediation, and engage in reforestation. Ecuador produced 478 kb/d of crude oil and NGL in 2021, with Petroecuador accounting for around 80% of the total.