- The oil sector accounts for more than half of the country’s export earnings and two fifths of public sector revenues.
- Ecuador is the smallest producer in OPEC.
- In 1992, Ecuador left OPEC owning a debt of over US$5 billion.
- The country rejoined OPEC in 2007.
- A lack of sufficient domestic refining capacity to meet local demand has forced Ecuador to import refined products, limiting net oil revenue.
- There is a challenging investment environment in the country prompted by government initiatives to increase the share of crude oil revenue for the state.
- The energy mix is largely dependent on oil, which represented 79% of the country’s total energy consumption in 2013.
- Hydrocarbon resources are exclusively owned by the state.
- The changes to Ecuador’s legal framework continue to trend toward policies of resources nationalism in the oil sector.
Oil and oil products
- Ecuador had 8.8 billion bbls of proved crude oil reserves as of January 2015.
- The country is home to the third largest oil reserves in South America.
- Most of Ecuador’s oil reserves are in the Oriente Basin.
- Crude oil production increased sizably in 2004 shortly after the opening of the OCP pipeline.
- Last year, the country consumed 230 000 bpd of oil.
- Roughly one third of Ecuadoras oil consumption is diesel fuel and another one fourth is motor gasoline.
- Fuel prices are controlled by the central government.
- Ecuador has an estimated 212 billion ft3 of proved natural gas reserves.
- Gross natural gas production was 54 billion ft3 in 2013.
- There is a low natural utilisation rate in the country as a result of a lack of infrastructure.
- The Amistad field is Ecuador’s primary natural gas project.
Adapted from report by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/23032015/eia-ecuador-oil-gas-491/