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Energy
tious environmental plan called the Yasuni-ITT Initiative,
which would call for the oil reserves ( an estimated 870
million barrels) found in the Ishpingo-Tambococha-
Tiputini (ITT) oil field within the Yasuni National Park to
remain underground. By not drilling in the area, the gov-
ernment states that this will prevent approximately
400 million metric tons of carbon dioxide from being
emitted into the atmosphere. In addition, it seeks to
prevent environmental damage to the Amazonian re-
gion and the negative effects to its residents, which
has occurred in the past with previous oil exploration
projects.
In return for the forgone revenues, the government
expects collaboration from industrialized countries
equivalent to at least of 50% of the value of the re-
serves. The money will be used for renewable en-
ergy projects and other environmental activities.
The Yasuni-ITT Trust Fund was officially launched
on 3 August 2010. It will be administered by the
Multi-Donor Trust Fund of the UNDP. In case there
are not enough funds in the Trust Fund the Govern-
ment is still considering exploiting the oil field.
3) MINING
OBJECTIVES AND RESPONSIBILITIES OF THE
MINISTRY OF NON RENEWABLE NATURAL RE-
SOURCES
The Ministry of Non-Renewable Natural Resources,
after the term of the current mining law, assumes the
exercise of the steering and evaluation of public poli-
cies, plans and projects for the development, man-
agement and regulation of the mining sector in addi-
tion to promoting coordination, , scientific research
and technology.
OBJECTIVES AND RESPONSIBILITIES OF THE
VICEMINISTRY OF MINING
The Vice Ministry of Mining is responsible for pro- Front image of two working in a oil tower. Source: Sertecpet
Source: VistazoMagazine, Nº1034, September 2010
TheAmazon basin is wheremore oil is produced
BIGGEST 10 OIL COMPANIES