Enterprises from all around the world have shown an interest in exploiting Ecuador's Ishpingo-Tambococha-Tiputini (ITT) oil field, said a statement from the country's state oil company Petroecuador Friday.

French private company Total and the state oil enterprises from such countries as Argentina, Brazil, Chile, Indonesia, Japan, Malaysia, India, Colombia, Peru and Venezuela have shown an interest in exploiting the ITT with estimated reserves of about 1 billion barrels of heavy oil, said Petroecuador.

Many environmental organizations have warned of the possible negative impact triggered by the project as the ITT is located in the Amazon region, a place with a dense bio-diversity concentration.

Petroecuador's President Jorge Pareja said there would be many options to exploit the ITT, including the possibility of abandoning the project if the international community compensates Ecuador for its lost earnings from the extraction and sale of oil resources.

He said the "minimum investment" for the project would be 5 billion U.S. dollars.

The Ecuadorian government warned that the project, with the idea of causing the least environmental damage, will be carried out unless the country is compensated.

Source: Xinhua