LatinNews Daily - 20 August 2024

*Ecuador’s Finance Minister Juan Carlos Vega has said that closing down the country’s Ishpingo, Tambococha, and Tiputini (ITT) oilfields in the Yasuní national park will take between three and five years. In an interview with the Ecuadorean television channel Teleamazonas, Vega said that preliminary reports have now been completed on how to proceed with the ITT’s closure, following the August 2023 referendum in which voters backed a ban on oil drilling in the globally renowned biodiversity hotspot. He said that “the process of closing some wells will begin almost immediately”. However, he added that “based on recommendations from experts, and above all mitigating environmental risks, we’ll aim for a closure process that could take three to five years”. President Daniel Noboa had supported a ban on oil drilling in Yasuní in the run-up to the 2023 presidential election, which was held alongside the referendum. However, after taking office he has appeared reluctant to follow through with the ban, voicing concern about its impact on the public finances.