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Home › Dodgy Deals ›
Dodgy Deal
Block 31, Yasuni National ParkEcuador

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Contact:

Bruce Rich, Environmental Defense Fund, United States
Matt Finer, Save America's forests, United States
Nathalie Weemaels, Environmental Human Rights Advocate, Germany

Last update: 2015-11-01 14:53:10

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Contact:

Bruce Rich, Environmental Defense Fund, United States
Matt Finer, Save America's forests, United States
Nathalie Weemaels, Environmental Human Rights Advocate, Germany

Last update: 2015-11-01 14:53:10
Why this profile?

What must happen

The Ecuadorian government should not permit oil drilling and development in Yasuni National Park, including Block 31. To avoid needless ecological destruction and potentially tragic social conflict with vulnerable indigenous groups, the current proposal for Block 31 requires independent evaluation of feasible alternatives and major design changes, including the free, prior informed consent of affected indigenous populations, and a strategic, regional Environmental Assessment that would examine cumulative impacts and their mitigation.

Until the social and environmental risks outlined in the Investors' Brief are addressed, no responsible financial institution should provide support for the project in its current form.

About
Sectors Oil and Gas Extraction
Location
This project has been identified as an Equator Project

Ecuador's Yasuni National Park is threatened by planned oil development by the Brazilian oil company Petrobras. The oil development will take place in Block 31, two thirds of which is located in Yasuni National Park, one of the most biodiverse areas on earth and the crown jewel of Ecuador’s mainland national parks.

Currently the project will see the construction of two oil platforms inside the park, an oil processing facility near an ecologically sensitive river that forms the northern boundary of the park, flow lines from the oil platforms in the park to the processing facility, and the expansion of a supply camp on the Napo River 12.8 kilometres north of the processing facility. The area is of such biological significance it has been declared a UNESCO Biosphere Reserve.

The development will unleash cumulative impacts (including deforestation) on adjacent areas that will threaten vulnerable indigenous people living in voluntary isolation. Clashes between indigenous groups and Petrobras are considered likely, with local communities formally calling for a moratorium of oil development in the area.

Impacts

Other impacts

Petrobras' Block 31 project will be constructed in an area identified by Conservation International as one of the largest contiguous tracts of the most biodiverse intact wilderness in the world. Further research has concluded that the forests of Yasuni are probably the most diverse in the world. Yasuni has been declared by WWF Scientists as among the most important ecoregions globally to protect.

The development's environmental assessment states "the possibility of a catastrophic [oil] spill cannot be ruled out" at the processing plant, and that there is "probable" risk that indigenous communities affected by the project will engage in physical protests and interventions that could lead to work stoppages and violence.

Introducing the two oil platforms, associated infrastructure and personnel into the region will cause such broad and direct secondary environmental and social impacts that 43 concerned scientists from Ecuador, the United States and Europe wrote to the President of and its Environment Minister concerning the most recent development proposal (plans have been altered and long delays have occurred) recommending that no new drilling be undertaken in Yasuni. The letter informs that regardless of the drilling method used impacts of the existing plan, the lack of full consultation and informed consent of significant elements of the indigenous population affected outweigh all indications that the project should proceed.

The inadequate environmental assessment and likely risks have lead to apparent violations of the Equator Principles, including Principle 3, Applicable Social and Environmental Standards; Principle 5, Consultation and Disclosure; Principle 6, Grievance Mechanism; Principle 7, Independent Review. An elaboration of these violations can be found in the Investors’ Briefing.

Financiers
Institution type
Finance type
Year
Companies

PetroEcuador

Ecuador
Website

Teikoku Oil

Japan
Website
No companies
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Global banks ignore Amazon's indigenous voices at their peril

2022-06-23 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Ecuador: four months to save the world's last great wilderness from 'oil curse'

2011-08-14 | The guardian
BankTrack news BankTrack blog Partner news Partner blog

Ecuador to sign Yasuni-ITT trust fund agreement Tuesday

2010-08-02 | Quito, Ecuador | The Wall Street Journal
BankTrack news BankTrack blog Partner news Partner blog

The current state of the Yasuní-ITT initiative (Part III)

2010-06-25 | The Globalist
BankTrack news BankTrack blog Partner news Partner blog

The "dark side" of the Yasuní-ITT initiative (Part II)

2010-06-24 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Ecuador's Amazon-sized challenge to the world (Part I)

2010-06-23 | The Globalist
BankTrack news BankTrack blog Partner news Partner blog

Scientists identify Ecuador's Yasuni National Park as one of most biodiverse places on earth

2010-01-19 | Science Daily
BankTrack news BankTrack blog Partner news Partner blog

Oil development proposal violates international standards

Government and private Banks Must Prevent Damage in UNESCO Biosphere Reserve
2007-05-08 | Quito, Ecuador and Washington DC | WWF UK
Resources
Documents
Links
2007-03-22 00:00:00

Investors' Brief

Correspondence
2007-03-22 00:00:00 |
2006-09-30 00:00:00

Scientists Concerned for Yasuní

Other document
2006-09-30 00:00:00

Yasuni Rainforest Campaign

Facebook page on Yasuni

"Leave the oil in the ground" - that's what Ecuador's president Rafael Correa suggested to the world - now the world needs to take action.
Updates

2010

2010-08-25 11:17:01 |

On August 3 2010, the Ecuadorian government and the United Nations Development Program signed an agreement that will create a trust fund for managing international contributions to the Yasuni-ITT initiative. This initiative calls for the oil reserves under the Ishpingo Tambococha Tiputini field in the Yasuni National Park to remain underground. In exchange, the Ecuadorian government seeks compensation from the international community for 50% of the lost revenues from choosing not to drill. The money will be used for renewable energy projects and other environmental activities.

In 2008 the Ecuadorian government rescinded the lease to Petrobras for Block 31, it's now under the administration of PetroEcuador. For the moment no development is proceeding. It appears the Ecuadorian government hopes to get funds to keep the oil in the ground for Block 31. They haven't had much success to date.

On 20 September 2008, Brazilian oil company Petrobras agreed to transfer Block 31 back to Ecuadorian state oil firm Petroecuador (Reuters). September 2006, a revised plan and environmental assessment for oil development in Block 31 is submitted by the oil company Petrobras to the Ecuadorian government.

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