The South American country started exploring oil on a large scale in the Amazon in the 1970s when it became an Organization of the Petroleum Exporting Countries member —membership it withdrew in 2020. For decades, oil has been Ecuador’s main export. In 2022, it represented 35.5% of total exports, according to the country’s Central Bank. Block 43 alone contributes $1.2 billion annually to the federal budget.
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