Correa Plans ITT Development in 8-10 Months

Ecuador's President Rafael Correa has repeated his goal of carrying out E&P on the ITT (Ishpingo-Tambochocha-Tiputini) oilfields in the country's northern Amazon region, according to a government statement.

Correa said Ecuador plans to begin developing the fields in 8-10 months.

But Correa once again challenged the international community, which he said is opposed to drilling ITT for environmental reasons, to provide the country with US$700mn/y for not beginning production on the fields.

"If they compensate us for not producing on ITT, for protecting the nature so that it can benefit the entire world, and they give us US$700mn annually, no one will be happier than me and we won't touch the jungle," Correa said.

The E&P project would respect nature, he said.

"But we're not deceiving ourselves. There will always be an environmental impact. What we can offer is to minimize that impact."

The ITT block has 900Mb of proven reserves that have been certified by France's oil institute (INP), BNamericas previously reported.

Studies by INP subsidiary Beicip Franlab in 2004 indicated production could be up to 190,000b/d of 14.7 degrees API crude.

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