Canada's Ivanhoe Energy to terminate Ecuador contract

The Yasuni National Park contains Ecuador’s largest oil reserves, but its exploitation would imply impacts to pristine ecosystems, particularly watershedsEcuador’s state-run Petroamazonas oil company is in the process of terminating a contract with Canada’s Ivanhoe Energy, officials said Monday. Ivanhoe has held a 30-year oil exploration contract in Ecuador’s Amazon jungle, at a price of $37 per barrel. “We are currently in the process of terminating the contract with Ivanhoe” and “thinking of how to redefine exploration and find more investors,” Petroamazonas manager Oswaldo Madrid told the El Comercio newspaper.

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