Ecuador’s President Lenin Moreno on Jan. 3 asked the country’s prosecutor to probe $4.9 billion of oil-related infrastructure projects, alleging that the OPEC nation’s money was looted during the decade-long tenure of his leftist predecessor.
Moreno said there were massive cost overruns, operational failings and non-transparent bidding processes at the five projects built during Rafael Correa’s presidency, including a $2.2 billion upgrade to the Esmeraldas refinery.
“Nearly $5 billion of Ecuadoreans’ money, when it should have cost half that,” Moreno said in a national broadcast. “This theft of public funds cannot go unpunished.”
Moreno took office in May 2017 after earning Correa’s endorsement during the campaign, but the two later fell out over Moreno’s market-friendly policies.
Last year, Moreno asked a United Nations unit to conduct a technical and economic review of the five projects undertaken by the previous administration.
Correa has denied allegations of corruption in his administration, calling them a political smear campaign. He lives in Belgium and has not returned to Ecuador since a judge last year ordered that he be jailed as part of a case involving the kidnapping of a lawmaker, in which he denies involvement.
The other projects Moreno mentioned included a NGL plant, a seaport, a fuel distribution center, a pipeline and a partly-built refinery that has run out of financing after receiving some $1.5 billion in investment.
Recommended Reading
McDermott Consortia Scoops Up Two Ruya Project Contracts
2024-02-01 - The EPCIC contracts support the expansion of the offshore Al-Shaheen Field, Qatar’s largest oil field.
E&P Highlights: April 1, 2024
2024-04-01 - Here’s a roundup of the latest E&P headlines, including new contract awards.
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.
OKEA Fast-tracking North Sea’s Brasse Tieback to Brage
2024-04-08 - OKEA expects first production in 2027 and has signed contracts with Aker Solutions, Subsea7 and OneSubsea.