No Buyers for "Leaving Oil in the Ground" at Yasuni

Mining and Oil Minister Derlis Palacios said Friday that the government is preparing a tender for Ishpingo-Tambococha-Tiputini oil field.

The government has not obtained any concrete proposal to keep the oil in the ground. Palacios didn't specify when the tender will call.

In 2007 Ecuador asked the international community to respond to a call for compensation if Ecuador chooses not to drill on the site, which is part of the Yasuni National Park, the country's largest natural reserve. Ecuador's 9,000 square kilometer Yasuni national park is considered one of the world's most biodiverse regions.

Originally an auction was scheduled for October, but the government decided to postpone the auction until January awaiting a response from the international community to make a concrete contribution.

The government of President Rafael Correa said in 2007 that it would seek $350 million a year in donations or debt pardons in exchange for keeping the nature preserve untouched. This amount would roughly equal the foregone profits from oil drilling in the area.

Various oil companies, according the government, had expressed interest in the ITT oil project, including firms from Argentina, Brazil, Chile, China, Colombia, India, Indonesia, Japan, Malaysia and Peru, as well as French oil company Total SA (TOT).

The ITT has estimated reserves of 1.0 billion barrels of heavy crude oil and needs around $3 billion in initial investment for its developing.