Ecuador

Statut ITIE Evaluation conformément à la Norme à venir
Joined EITI in 2020
Last updated 29 January 2021

Overview

Ecuador was accepted as a member of EITI on 15 October 2020.

Implementation in Ecuador has the potential to improve transparency and accountability in the extractive sector in many ways. EITI implementation will contribute to the modernisation of state-owned enterprises (SOEs) in the Ecuadorian extractive sector and support the improvement of legal frameworks in mining and oil activities. It will also help to promote investments in Ecuador's extractive sector by building standards of transparency and accountability and by fostering domestic resource mobilisation.

The engagement of civil society, the government and the private sector through the multi-stakeholder group (MSG) has produced a solid work plan for the coming years.

 

Production

Ecuador is one of the largest oil exporters in Latin America. Ecuador produces, on average, 500,000 barrels of oil every day. Ecuador has two state owned enterprises in the oil sector, Petroecuador and Petroamazonas, and a state owned enterprise in the mining sector, Empresa Nacional Minera.  

Industrial mining in Ecuador has recently begun and represents less than 1% of Ecuador’s total exports. During 2019, Ecuador's mining produced around 170 million dollars, mostly of gold and marginally of silver (Reporte de minería). Mining has been an important source of foreign direct investment in the last years. There are currently five major mining projects in Ecuador: Mirador (copper, gold and silver), Fruta del Norte (one of the largest gold deposits in the world), Río Blanco (gold and silver), Loma Larga (gold, silver and copper) and San Carlos (copper). These projects have already begun paying royalties to the Ecuadorian state. Many Ecuadorian citizens also rely on artisanal mining to make a living.

Validation

Validation will start on 1 July 2023