The Norwegian government is interested in Ecuador's proposal to halt the exploration of an oil field in the Amazon region in exchange for international compensation, said a statement from the Ecuadorian government on Sunday.
Visiting Norwegian Deputy Foreign Minister Raymond Johansen expressed interest in the idea and did not rule out Norway's participation during his meeting with Ecuadorian President Rafael Correa, said the statement.
The two discussed the Ecuadorian proposal to halt the exploration project of Ecuador's Ishpingo-Tambococha-Tiputini (ITT) oil field with estimated reserves of about 1 billion barrels of heavy oil.
Many environmental organizations have warned of the possible negative impact triggered by the ITT exploration project as the field is located in the Amazon region, a place with a dense bio-diversity concentration and home to two indigenous groups: the tagaeri and the taromenani.
However, the Ecuadorian government said that the project, with the idea of causing the least environmental damage, will be carried out unless the international community compensates Ecuador for its lost earnings from the extraction and sale of oil resources.
Oil is Ecuador's single major source of financial income, accounting for some 35 percent of the federal budget. The nation currently produces 550,000 barrels per day.
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