The Ecuadorian electorate voted on Sunday against oil drilling, according to results of an election-day referendum published early Monday. Voters were asked whether to ban mining in the highlands and further oil drilling in Yasuni National Park in the Amazon.
Ecuador has abandoned a conservation plan that would have paid the country not to drill for oil in previously untouched parts of Yasuni National Park in the Amazon rainforest. President Rafael Correa said rich nations had failed to back the initiative, leaving Ecuador with no choice but go ahead with drilling.
Repsol-YPF has raised its output in Ecuador to 45.000 bpd thanks to two new wells in the Amazon region, although the Spanish oil major still is forecasting a steady decline in production in the coming years, company executives said.