(Energy Analytics Institute, Piero Stewart, 2.Jan.2020) — Ecuador officially exited the Organization of Petroleum Exporting Countries or OPEC, effectively 1 January 2020.
The small South American country plans to divert monies previously devoted to OPEC to activities such as exploration and exploitation with aim to boost domestic production of crude oil, Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR) said 2 Jan. in an official statement.
MENRNR also said in plans to conduct the Intracampos Round II and Suroriente Rounds, without specifying dates for either, while also carrying out development activities at the Ishpingo Field, which is part of Block 43-ITT, located in the province of Orellana.
Ecuador originally jointed OPEC in 1973, but later suspended its membership in 1992. The Andean country rejoined OPEC in 2007 and remained a member until 31 Dec. 2019.
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