Ecuador says it will honor referendum on Yasuni oil project

Ecuador’s government will honor the result of a referendum to block oil operations in the Amazon, which will see machinery removed within a year, the
government said on Thursday.
Almost 59% of voters backed suspending oil operations at the 43-ITT block in a national referendum on Sunday – which coincided with the first round of presidential elections – in favor of protecting the Yasuni resererve.
The block produces some 58,000 barrels per day (bpd).
The national electoral council has not yet published the official results.
“Once the results of the referendum are made official and published by the (CNE), the government will abide by this decision,” the government said in a statement.
A ruling by Ecuador’s top court prior to the referndum means that state oil company Petroecuador must carry out the “progressive and orderly” withdrawal of all oil activities from the block within a year.