Ecuador: Petroamazonas Assumes Social Responsibility

Since the Ecuadoran oil company Petroamazonas EP became state owned in 2010, production has increased by over 60,000 barrels a day. The company has adopted environmentally-friendly technology, and social responsibility and community involvement have become a large part of the company’s mission. The Hydrocarbons Law of 2010 requires that 12% of all oil profits go back to local communities, the results of which are notable in the expansion of schools, highways and health centers. Approximately 50% of all contracts are signed between Petroamazonas and people from the region. Liz Scherffius reports for teleSUR