Press Release

Ecuador: Government ratified its incentive to new investment opportunities for the generation of energy projects

Bnamericas Published: Friday, November 11, 2022
Ecuador: Government ratified its incentive to new investment opportunities for the generation of energy projects

By Ministry of Energy and Mines

This is a machine translation of the original press release issued in Spanish

The National Government, through the Ministry of Energy and Mines, ratified its commitment to promote foreign investment for the execution of projects in the Ecuadoran energy sector. This was stated by the holder of this State Portfolio, Fernando Santos Alvite, during the inauguration of XXII Oil & Power 2022 organized by HJ Becdach.

The event that took place from November 9 to 11, welcomed more than 150 national and foreign companies, as well as experts from public and private institutions who attended dialogue tables, conferences, round tables and discussion panels. In these spaces, the Deputy Minister of Electricity and Renewable Energy, Enith Carrión and the Deputy Minister of Hydrocarbons, Rubén Espín participated.

During the inauguration event, the Minister of Energy and Mines, Fernando Santos Alvite, indicated: “We work to promote investment in the energy sectors. The Ministry is a friend of private companies to promote the projects" and added, "The objective of our management lies in improving the quality of life of all Ecuadorians through the responsible use of the country's natural resources."

Within the framework of the XXII Oil & Power event, the Deputy Minister of Hydrocarbons, Rubén Espín, participated in the roundtable called "Evaluation of the Conditions to Implement Hydrocarbon Projects in Ecuador", where he highlighted: "So far in 2022, thank you In the Intracampos I Round, six wells in different Blocks have been intervened with positive results, which favors the increase of hydrocarbon reserves”.

Regarding the Intracampos II Round, Deputy Minister Espín indicated that the process is still underway through the bidding of six blocks in the north of the eastern basin of Ecuador. He pointed out that at the moment five companies have acquired the participation rights and another 14 Canadian, Mexican and North American companies have shown their interest in participating in this Round, which demonstrates the attractiveness of the Ecuadorian oil industry at the international level.

During the inaugural event, the Deputy Minister of Electricity, Enith Carrión said: "At the Department of Electricity and Renewable Energy, we manage the energy transition, to transform the Ecuadoran electricity sector, promoting large-scale non-conventional renewable generation, the promotion of distributed generation, storage systems and energy efficiency”.

Likewise, he indicated that under the Electricity Master Plan that is visualized in 10 years, there is a catalog of projects with which the sector will expand, where generation, transmission and distribution projects are reflected, such as: Renewable Energies Unconventional Block of 500 megawatts (MW), Natural Gas Combined Cycle Block of 400 MW and the Northeastern Transmission System, which will supply oil activity. In this sense, Engineer Carrión also stressed that this State portfolio is close to bidding for the 596 MW Cardenillo Hydroelectric Project and the 2400 MW Santiago Hydroelectric Project.

On the other hand, the Director of Electricity Analysis and Prospects, Ángel Echeverría, gave the keynote address “Signs of investment in the Electricity Sector”, where he referred to the new policy for this sector that is focused on attracting new investments to guarantee the continuous, safe and reliable supply of energy for all Ecuadorans.

As part of the event, a services and innovation fair was held, which constituted a showcase to make visible development, new technologies, environmental responsibility, among other relevant aspects of the Ecuadoran energy sector.

The National Government, through the Ministry of Energy and Mines, works permanently to promote new investment opportunities that create employment and revitalize the economy, for the benefit of all Ecuadorans.

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