Sunday January 19, 2020
Home Politics Ecuador drill...

Ecuador drills near an Amazon nature reserve calls it the start of a new era

Ecuador drills for oil near an Amazon nature reserve and the government blamed the international community for this failure

0
//
Members of the media inspect measures taken at the ITT, or block 43, oil block by Petroamazonas to minimize impact on the environment during oil production in Tiputini, Ecuador, Sept. 7, 2016. Source: VOA
  • Ecuador began drilling for oil Wednesday near an Amazon nature reserve known as Yasuni
  • Around half of Ecuador’s income comes from oil, according to the World Bank.
  • Correa’s government blamed the international community for the failure of a plan once seen as a possible model for other developing countries seeking to resist the lure of oil money

Ecuador began drilling for oil Wednesday near an Amazon nature reserve known as Yasuni, a site that President Rafael Correa had previously sought to protect from development and pollution under a pioneering conservation plan.

Correa in 2007 asked wealthy countries to donate $3.6 billion to offset revenue lost by not drilling in the Yasuni National Park. But the initiative was scrapped in 2013 after it brought in less than 4 percent of the amount requested.

Follow NewsGram on Twitter

Correa’s government blamed the international community for the failure of a plan once seen as a possible model for other developing countries seeking to resist the lure of oil money. Wednesday’s drilling by the state oil company Petroamazonas began in the ITT (Ishpingo-Tambococha-Tiputini) block at Tiputini, which is just outside Yasuni. Ishpingo and Tambococha are within the Yasuni reserve itself.

Workers walk past machinery at Miranda Port in Tiputini, Ecuador, Sept. 7, 2016.
Workers walk past machinery at Miranda Port in Tiputini, Ecuador, Sept. 7, 2016. Source: VOA

Correra has said previously that drilling would affect less than 1 percent of the reserve.

“It’s the start of a new era for Ecuadorean oil,” said Vice President Jorge Glas after a tour of the site Wednesday.

“In this new era, first comes care for the environment and second responsibility for the communities and the economy, for the Ecuadorean people,” he told reporters, adding that the cost of production was less than $12 per barrel.

Follow NewsGram on Facebook

Ecuador is OPEC’s smallest member and has suffered heavily from the fall in oil prices. Around half its income comes from oil, according to the World Bank.

It is also one of the world’s most biodiverse nations, boasting Amazon rainforest, Andean mountains and the Galapagos Islands.

The end of Ecuador’s conservation initiative for the eastern Yasuni, a vast swath of rainforest on the equator, drew outrage from environmentalists when it was first announced.

“This is the worst imaginable place to be drilling for oil. The world can simply not afford to lose a place like Yasuni,” Kevin Koenig, Ecuador program director at Amazon Watch, said in a statement.

About 1.67 billion barrels of oil lie under Yasuni’s soil.

With output from the Tiputini field, Ecuador’s oil production will rise to some 570,000 barrels per day (bpd) from a current level of about 550,000 bpd, government officials say. (VOA)

Next Story

Amazon To Empower SMBs in India By Exporting Products Worth $10bn

According to Prabhu Ram, Head, Industry Intelligence Group (IIG), CMR, SMBs in India account for 45 per cent of industrial output, creating employment for 60 million Indians and roughly 1.3 million jobs annually

0
Amazon
Amazon wants to make sure that the current perception of the company among the small businesses go away, else this will further call for strict scrutiny from the regulators and protests from small traders. VOA

$1 billion commitment by Amazon to empower small and medium businesses (SMBs) in India is Jeff Bezos’ attempt to change the e-commerce giant’s perception among small businesses which are in a retaliatory mode, industry experts said on Wednesday.

Bezos announced that the e-commerce major, through its global footprint, will help SMBs export products worth $10 billion by 2025. This move is seen as a measure to calm the growing unrest and protests going on under the aegis of the Confederation of All India Traders (CAIT).

“Amazon wants to make sure that the current perception of the company among the small businesses go away, else this will further call for strict scrutiny from the regulators and protests from small traders,” Satish Meena, Senior Forecast Analyst with Forrester, told IANS.

Over the next five years, Amazon will invest $1 billion to digitise micro and small businesses in cities, towns and villages across India, helping them reach more customers than ever before, announced Bezos.

According to Meena, this is in line with what Amazon is planning to do in India for the next few years.

“They need partnerships with SMBs for products to cater not only to the Indian customers, but also to customers outside the country,” he said. Amazon said it would establish ‘Digital Haats’ in 100 cities and villages to help businesses integrate into the digital economy.

According to Prabhu Ram, Head, Industry Intelligence Group (IIG), CMR, SMBs in India account for 45 per cent of industrial output, creating employment for 60 million Indians and roughly 1.3 million jobs annually. “The SMBs, however, are constrained by multiple challenges, including access to skills, talent, finance, and most importantly, digital outreach,” Ram told IANS.

Amazon
$1 billion commitment by Amazon to empower small and medium businesses (SMBs) in India is Jeff Bezos’ attempt to change the e-commerce giant’s perception among small businesses which are in a retaliatory mode, industry experts said on Wednesday. Pixabay

“This is where SMB-centric initiatives, such as Amazon’s commitment, are a welcome initiative to digitally support SMBs, enabling them to gain knowledge, reach their target audience, achieve scale, and while doing so, be able to measure their growth metrics,” Ram said.

ALSO READ: Foldable Samsung Smartphone “Galaxy Z Flip” To Have 15W Charger

In the end, added Meena, SMBs in India also need handholding in product development, capital investment and access to market. (IANS)