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☆ Oil extends losses as strong dollar weighs on commodities markets
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors' risk appetite. Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.34 a barrel, down 39 cents, or 0.5%. In Ecuador, state oil company Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains, sources said on Friday. In the U.S., operating oil rigs fell three to 485 last week, their lowest since January 2022, Baker Hughes said in its report on Friday.

Persons: Brent, Tony Sycamore, Petroecuador, Baker Hughes Organizations: Midland, . West Texas, U.S, PMI, IG, greenback, ANZ Locations: Odessa, Texas, Sydney, U.S, Gaza, Ecuador

☆ Ecuador nature reserve will take years to recover after oil exit-minister
▼ + stars: | 2023-09-19 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

[1/4] A pipeline of state-owned Petroecuador is pictured as Ecuador is preparing to shut down oil production in the Yasuni Amazon reserve, in Via Auca, Orellana province, Ecuador July 28, 2023. Ecuador is preparing to shut down block 43-ITT, which is operated by state-owned Petroecuador, after a majority of Ecuadoreans voted to close the project in August. While oil wells have been closed before, Ecuador has no experience in abandoning an entire block of this size, which includes three fields and about 230 operating wells, he said. Environmentalists and some communities nearby insist that prohibiting future oil operations and other extractive industries is the only way to take care of nature and curb climate change. While some groups have demanded the immediate cessation of operations at 43-ITT, Davalos said an orderly closure was necessary.

Persons: Karen Toro, Jose Davalos, Ecuadoreans, Guillermo Lasso, Davalos, Petroecuador, Alexandra Valencia, Chizu, Oliver Griffin Organizations: REUTERS, ITT, Reuters, Thomson Locations: Ecuador, Via Auca, Orellana province, QUITO

Ecuador voted overwhelmingly on Sunday to halt oil drilling in one of the most biodiverse places on earth. With almost all ballots counted, 59 percent of voters sided with the young activists who spent a decade fighting for the referendum, as we wrote last week. It is widely considered to be the first time a country’s citizens voted decisively to leave oil in the ground. In a separate referendum, Ecuadoreans also voted to block mining in a biosphere reserve. The oil will keep flowing in dozens of other sites in the Ecuadorean Amazon.

Persons: Ecuadoreans, Monserrat Locations: Ecuador

☆ Ecuador should hold violent convicts on prison boats, says presidential hopeful Noboa
▼ + stars: | 2023-08-22 | by ( Yury Garcia | ) www.reuters.com time to read: +4 min

GUAYAQUIL, Aug 22 (Reuters) - Ecuador should strengthen controls at its borders and ports to fight drug trafficking and isolate its most violent criminals on prison boats, presidential candidate Daniel Noboa said on Tuesday. Noboa, son of prominent banana businessman and perennial presidential hopeful Alvaro Noboa, was a surprise second-place finisher in the weekend first round of Ecuador's presidential election, winning 23.5% of the vote. "We should reinforce the border, have a military presence at the borders, a military presence at the container ports because that's where the drugs leave from," Noboa told reporters in Guayaquil. Prison boats could take 300 to 400 each of the country's most violent criminals some 80 miles (130 km) out to sea, he said. "It is important to totally isolate the violent criminals, who from prison generate terror and plan more crime," Noboa said.

Persons: Daniel Noboa, Noboa, Alvaro Noboa, Luisa Gonzalez, Rafael Correa, Yury Garcia, Alexandra Valencia, Julia Symmes Cobb, Rosalba O'Brien Organizations: Security, Reuters, El, Thomson Locations: GUAYAQUIL, Ecuador, South America, Guayaquil, Quito

☆ Ecuador votes in historic referendum that could democratize climate policy
▼ + stars: | 2023-08-20 | by ( Hannah Holland | ) edition.cnn.com time to read: +6 min

CNN —The people of Ecuador are heading to the polls – but they’re voting for more than just a new president. Among the species found in the Yasuní National Park, is the harpy eagle, the second largest bird of prey in the world. Aerial picture of the Tiputini Processing Center of state-owned Petroecuador in Yasuni National Park, June 21, 2023. A crude oil sample taken from an oil well in Yasuní National Park, where the referendum vote could mean leaving the crude oil in the ground indefinitely. Rodrigo Buendia/AFP/Getty Images“This referendum presents a huge opportunity for us to create change in a tangible way,” she told CNN.

Persons: Carl De Souza, ”, Pedro Bermo, It’s, Rafael Correa, Correa, Rodrigo Buendia, “, Fernando Santos, Alberto Acosta, Helena Gualinga, Antonia Juhasz Organizations: CNN, Getty, Tiputini Processing, ” Energy, “, Twitter, Ecuadorian Amazon, Human Locations: Ecuador, Ecuadorian, Europe, North America, Ecuador’s, AFP, Yasuní, “

☆ Ecuador presidential hopeful Zurita promises better policing, social programs
▼ + stars: | 2023-08-15 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

[1/2] Ecuadorean presidential candidate Christian Zurita, who has replaced assassinated presidential candidate Fernando Villavicencio, speaks during an interview with Reuters prior to Sunday's presidential election, in Quito, Ecuador August 15, 2023. REUTERS/Henry Romero Acquire Licensing RightsQUITO, Aug 15 (Reuters) - Ecuador presidential hopeful Christian Zurita, who is running in place of his friend, slain candidate Fernando Villavicencio, said on Tuesday he would better equip the police and enshrine intelligence protocols to fight crime, and use international loans to shore up social programs. Like his predecessor, Zurita is an investigative journalist known for tracking alleged corruption. The two men worked on 300 investigations together over the last decade, Zurita, 53, told Reuters in an interview on Tuesday. Villavicencio's death must be thoroughly investigated, Zurita added, and given how much corruption Villavicencio exposed, the suspect list is long.

Persons: Christian Zurita, Fernando Villavicencio, Henry Romero, Villavicencio, Fernando, Zurita, There's, SLB, Rafael Correa, Luisa Gonzalez, Correa, Alexandra Valencia, Gary McWilliams, Julia Symmes Cobb, David Gregorio Our Organizations: Reuters, REUTERS, Rights, Schlumberger, Thomson Locations: Quito, Ecuador, Rights QUITO, Houston

☆ Who is Fernando Villavicencio, the anti-corruption candidate shot dead in Ecuador?
▼ + stars: | 2023-08-10 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

CNN —Ecuadorian presidential candidate Fernando Villavicencio, shot dead on the campaign trail on Wednesday, was known as a tireless anti-corruption campaigner and investigative journalist. Villavicencio’s campaign promised a crackdown on crime and corruption amid a deadly escalation of violence that has gripped Ecuador in recent years. Villavicencio was shot as he left the campaign event pictured here. Correa filed a defamation lawsuit against Villavicencio, and he was later convicted to 18 months in prison as a result. Villavicencio went on the run to avoid detention, and gave an interview to the Committee to Protect Journalists (CPJ) in 2014.

Persons: Fernando Villavicencio, CNN En, Villavicencio, Rafael Correa, Correa, “, ”, ” Villavicencio Organizations: CNN, Ecuadorian, National Assembly, CNN En Español, Prensa, Workers Press, Villavicencio, Protect Journalists, TV Locations: Ecuador, Peru, Peruvian, TV Peru

☆ Ecuador presidential candidate Villavicencio assassinated
▼ + stars: | 2023-08-10 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

QUITO, Aug 9 (Reuters) - Ecuador presidential candidate Fernando Villavicencio, a vocal critic of corruption and organized crime, was killed on Wednesday evening during a campaign event in northern Quito, authorities said. The violence injured nine other people, including a candidate for the legislature and two police officers. [1/5]Ecuadorean presidential candidate Fernando Villavicencio speaks during a campaign rally in Quito, Ecuador August 9, 2023. This vile act will not go unpunished!," presidential candidate Luisa Gonzalez, who is running for Correa's party, said on X.Indigenous candidate Yaku Perez said he had decided to suspend his presidential campaign and demanded the violence stop in a video posted after the incident. May God have him in his glory," presidential hopeful Jan Topic said on X, before also suspending his campaign.

Persons: Fernando Villavicencio, Villavicencio, Guillermo Lasso, Construye, Karen Toro Villavicencio, Rafael Correa, Correa, Luisa Gonzalez, Yaku Perez, Otto Sonnenholzner, God, Jan, Alexandra Valencia, Valentine Hilaire, Isabel Woodford, Julia Symmes Cobb, Lincoln Organizations: Local, Interior Ministry, Albanian, Manta, REUTERS, Lasso, Thomson Locations: QUITO, Ecuador, Quito, Andean, Chimborazo, Alausi, Peru, Belgium, Carolina

Ecuadorean presidential candidate Fernando Villavicencio waves an Ecuadorian flag as he attends a rally in Quito, Ecuador August 9, 2023. REUTERS/Karen Toro/File PhotoAug 10 (Reuters) - Fernando Villavicencio, the Ecuadorean presidential candidate gunned down in Quito on Wednesday, was no stranger to threats and intimidation from powerful figures in Ecuador. Villavicencio also denounced high-ranking executives in Ecuador's oil, mining and power industries – and even big foreign companies including Chinese oil behemoths, Brazilian engineering firms and global oil trading firms. The murder is the first of a presidential candidate in Ecuador's history. A year later, in 2014, Villavicencio went on the run to avoid imprisonment for alleged defamation of then-President Correa.

Persons: Fernando Villavicencio, Karen Toro, Long, –, Rafael Correa, Correa, Villavicencio, I'm, Villavicencio's, Guillermo Lasso ., Steven Grattan, Joshua Schneyer, Brad Haynes, Rosalba O'Brien Organizations: REUTERS, Mexico's, Mexico's Sinaloa Cartel, Prensa, The Workers Press, National Assembly, Lasso, Thomson Locations: Quito, Ecuador, Belgium, Mexico's Sinaloa, Peru, China, London, New York

☆ Ecuadorean votes could bar oil output in Amazon reserve, mining near Quito
▼ + stars: | 2023-07-31 | by ( Alexandra Valencia | ) www.reuters.com time to read: +5 min

But oil and mining guilds say their industries are needed to shore up Ecuador's battered economy and that bans would expose the areas to illegal mining and deforestation. Outgoing President Guillermo Lasso, who moved ahead elections after lawmakers attempted to oust him, has failed to raise oil production or attract more mining investment as violence and social problems have worsened. A "yes" vote in both referendums could complicate finances for his successor. State oil company Petroecuador says a "yes" on the Yasuni referendum would cost the country $13.8 billion in income over the next two decades. But residents say mining will threaten high altitude wetlands, water and animals like the spectacled bear.

Persons: Read, Ecuadoreans, Guillermo Lasso, Santiago Pérez, Ramon Correa, Correa, Rafael Correa, Pedro Bermeo, Bermeo, Petroecuador, Australia's SolGold, Maria Eulalia Silva, Morelia Fuentes, Alexandra Valencia, Tito Correa, Karen Toro, Julia Symmes Cobb, Marguerita Choy Organizations: ITT, Environmental, Reuters, Voters, of Mining, Mining, Thomson Locations: Orellana, Orellana province, Ecuador, QUITO, Quito, Choco, North America, State, Pastaza

☆ Ecuadorean authorities detain former energy minister in bribery probe
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

QUITO, May 15 (Reuters) - Ecuadorean authorities have detained a former energy minister amid an investigation into alleged bribery linked to state oil firm Petroecuador, the attorney general's office said on Monday. An investigation of Xavier Vera, Ecuador's former minister of mines and energy, began last October following several corruption allegations, including that he arranged jobs at Petroecuador in exchange for bribes. "The attorney general's office, with the support from (Ecuadorean police) executed an arrest warrant against Xavier V., within an investigation for alleged bribery," the attorney general's office wrote in a message via Twitter, referring to Vera. He isn't running away from the investigation, he isn't running away from the process," Vera's lawyer, Carlos Sanchez, told local television channel Ecuavisa. Reporting by Alexandra Valencia in Quito Writing by Sarah Morland Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Energy trader Gunvor posts record $2.36 bln net profit in 2022
▼ + stars: | 2023-04-05 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies Gunvor Group Ltd FollowLONDON, April 5 (Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively. Gunvor said its trading volumes fell to 165 million tonnes in 2022 from 240 million tonnes the previous year, due primarily to reduced trading in natural gas, but expected volumes to rebound in the coming year. "The performance was broad-based across all geographies and all desks, including refining and shipping," Gunvor said. Last month, CEO Torbjorn Tornqvist told Reuters that it was considering whether to book a provision in the 2022 year.

Donziger's lawyers argued that this appointment violated separation-of-powers principles set out in the Constitution delineating the authority of the three branches of the U.S. government. In 2011, an Ecuadorian court entered an $18 billion judgment that was later reduced to $9.5 billion against Chevron for contamination resulting from oil production. In 2014, Kaplan concluded in that case that the Ecuadorian judgment against Chevron in Ecuador was obtained fraudulently through a corrupt process, rendering it unenforceable in the United States. When Chevron suspected Donziger was violating a related ban on trying to monetize or profit from the judgment, Kaplan ordered him to turn over electronic devices and email accounts for examination. After federal prosecutors in Manhattan declined to take the case, Kaplan in an unusual move tapped a private lawyer, Rita Glavin, to lead the prosecution of Donziger.

☆ Exclusive: Gunvor to expand in United States after strong profits - CEO
▼ + stars: | 2023-03-22 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoSummarySummary Companies Gunvor on hiring kick, to expand in U.S. power, oil and LNGCEO says Europe only covered half of missing Russian gasCEO has been in dialogue with ADNOCLAUSANNE, Switzerland, March 21 (Reuters) - Energy trader Gunvor made strong profits last year and is looking to expand its oil trading and develop a significant power trading arm in the United States, its CEO told Reuters. Gunvor, traditionally focused on oil and gas, metals and bulk commodities, has in recent years also begun trading power in Europe. Tornqvist said the firm's traded oil and LNG volumes are more than 3 million barrels per day of oil equivalent. "We are looking at whether to take a provision on our books for 2022," Tornqvist said. As co-founder of Gunvor, Tornqvist remains the majority owner of the company but his stake slipped to 85.7% at the end of 2022, down from 88.4% year-on-year.

☆ Ecuador, Peru authorities assess damage after earthquake that killed at least 15
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/6] A woman sitting on a hammock holds her baby next to the destroyed wall of her house following an earthquake in Isla Puna, Ecuador March 18, 2023. REUTERS/Maria Fernanda Landin/File PhotoMarch 19 (Reuters) - Ecuadorian and Peruvian authorities worked on Sunday to assess the damage caused by the previous day's strong earthquake that shook the region, leaving at least 15 dead and hundreds injured. State-run oil company Petroecuador reported that an offshore platform near the epicenter suffered damage that caused machinery to fail, temporarily reducing production. Peruvian authorities reported one death, four collapsed homes and five more left uninhabitable, while essential services and transportation infrastructure were undamaged. During his Sunday message, Pope Francis sent his condolences for the losses and "all those who suffer" due to the earthquake.

☆ Magnitude 6.8 earthquake shakes Ecuador, at least four deaths reported
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

[1/5] A damaged car and rubble from a house affected by the earthquake are pictured in Cuenca, Ecuador. REUTERS/Rafa Idrovo EspinozaQUITO, March 18 (Reuters) - A magnitude 6.8 earthquake shook a coastal region of Ecuador and northern Peru midday Saturday, leaving at least four people dead and resulting in some structural damage. In the community of Machala, three people were killed and multiple structures collapsed, including a two-story home and a wharf, while multiple communities lost power. The earthquake also led to structural damage in two other provinces, including a collapsed wall in a supermarket, and was felt in more than half of the country's 24 provinces, the Secretariat said. The initial quake was followed by two weaker aftershocks in the following hour, according to the Geophysics Institute of Ecuador.

☆ Ecuador Indigenous organization ends talks with gov't, calls for Lasso resignation
▼ + stars: | 2023-02-25 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

[1/3] Leonidas Iza, leader of Ecuador's indigenous organization CONAIE, and leaders of the indigenous nationalities of the Sierra, the coast and the Amazon celebrate, on the day of a meeting held by Ecuador's top indigenous organization CONAIE along with other campaign groups to discuss a date for new protests against the government of President Guillermo Lasso, in Quito, Ecuador February 24, 2023. REUTERS/Karen ToroQUITO, Feb 24 (Reuters) - A major Ecuadorean Indigenous organization said on Friday it will not continue talks with the government of President Guillermo Lasso, saying the government has not complied with accords, and called for Lasso's resignation over alleged corruption. The government has said it reached dozens of accords with the CONAIE indigenous organization, including a temporary moratorium on oil blocks in the Amazon and suspension of new mining concessions in ancestral territory until community consultation laws can be passed. "CONAIE breaks this process of dialogue and retires from monitoring efforts," its president Leonidas Iza told journalists after meeting with other Indigenous groups. "Mr. Guillermo Lasso for the dignity of our country, for your inability to govern and resolve the most important problems of Ecuadoreans, present your resignation," Iza said.

☆ Petroecuador losing 3,500 barrels per day due to protests
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +1 min

Companies Empresa Pública de Hidrocarburos del Ecuador FollowQUITO, Feb 11 (Reuters) - Ecuador's state oil company, Petroecuador, said on Saturday that it was losing an estimated 3,500 barrels of crude oil a day due to "vandalism" at two of its blocks, referring to recent Indigenous protests at the site. The Indigenous community argues it was not consulted about the new operation of the blocks by Petroecuador and made other social demands. Petroecuador took over production of the blocks at the start of this year. Petroecuador's production is around 393,000 barrels of oil per day, according to official data. Reporting by Alexandra Valencia in Quito Writing by Isabel Woodford Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Ecuador's $290 mln Petrolia debt void on handover - gov't, company
▼ + stars: | 2022-12-30 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

QUITO, Dec 29 (Reuters) - Ecuador's $290 million debt to a subsidiary of Canada's New Stratus Energy (NSE.V) will be void once contracts for the operation of two oil production blocks expire on Dec. 31, the government and subsidiary said on Thursday. "The state owed the contractor, under unpaid tariffs, $290 million," the energy ministry said in a statement. Ecuador has paid Petrolia some $60 million in fees over the past two years, company manager Ramiro Paez told Reuters, acknowledging the remaining $290 million debt would be wiped when the contracts ended. The company has not yet presented its arbitration case because it must complete a mediation process first, he added. State oil company Petroecuador will on Jan. 1 take over operation of the blocks, which together produce about 14,000 barrels a day.

☆ Ecuador not looking for new agreement with IMF, will maintain ties
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

GUAYAQUIL, Dec 16 (Reuters) - Ecuador has fully financed its budget for next year and is not looking for a new credit agreement with the International Monetary Fund (IMF), the country's economy minister said on Friday, adding that the government will maintain close ties with the fund. The IMF this week concluded the latest review of its $6.5 billion financing agreement with Ecuador, opening the way for a final disbursement of $700 million to the South American nation. "We have already financed next year's budget without counting on resources from a potential program with the IMF," Arosemena told reporters in Guayaquil. The IMF agreement that ends this year established goals that included tax reform, audits of public companies such as Petroecuador, anti-corruption efforts and aid to the poor. The Ecuadorian government will decide during the first quarter of 2023 if it needs a new credit agreement with the IMF.

☆ Petroecuador advancing in tender to appoint auditor
▼ + stars: | 2022-11-08 | by ( Alexandra Valencia | ) www.reuters.com time to read: +1 min

Talking to a local media outlet on Monday, Santos acknowledged Petroecuador is not audited by an international firm and its financial reporting does not comply with international standards. Petroecuador began a tendering process to appoint an auditor in August, it said. "As the process is financed with international cooperation funds, the hiring must follow the guidelines established by the international organization," the company added. Former Energy Minister Xavier Vera resigned at the end of October over a separate investigation into allegations that he took bribes in exchange for jobs at Petroecuador. Reporting by Alexandra Valencia Writing by Oliver Griffin Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Ecuador reaches deal with China to restructure debt
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lauren Justice/File Photo/File PhotoSept 19 (Reuters) - Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some $1.4 billion until 2025. Ecuador's President Guillermo Lasso announced in February that he was looking to restructure the country's debt and improve the conditions of long-term oil sales contracts with Beijing. Ecuador also managed to reduce certain applicable interest rates and suspend all amortizations with China Eximbank for a six-month grace period, the government said. State-owned energy company Petroecuador reached an agreement with Petrochina (601857.SS) last week on a number of crude oil deliveries. The Wall Street Journal first reported on Monday that Lasso had announced a deal to with China to restructure $4.4 billion worth of debt.

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