New standards urged for Amazon oil projects


With 13 Amazonian oil leases out for bid in Ecuador and more slated for auction in Peru, experts are advocating wider use of methods to reduce the environmental impact of what they expect will be a regional surge in oil and gas operations. Others, however, warn that governments must in addition establish and enforce minimum standards to ensure such “best practices” amount to more than good intentions. Perhaps the most unusual attempt to address oil-drilling concerns is Ecuador’s effort to raise US$3.6 billion from international donors in return for not allowing wells in the Ishpingo-Tambococha-Tiputini (ITT) concession area in Yasuní National Park, a hotspot of biological diversity near the border with Peru. But the fund only has solid commitments of about... [Log in to read more]

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