(Energy Analytics Institute, 26.Aug.2020) — EP PetroEcuador held the last spot tender of the year, and in so doing awarded the export of 5,400,000 +/- 5% barrels of Napo crude oil of 17-degree API to Unipec América Inc., which presented the best offer with a spread of (-$4.68 per barrel).
“Approximately 56 companies were invited to participate in the auction, and 10 offers of interest for Ecuadorian crude were obtained,” PetroEcuador General Manager Pablo Flores said 26 August 2020 in an official company statement.
The 10 offers presented the following differentials: Unipec America Inc. (-$4.68/bbl), Core Petroleum LLC. (-$4.74/bbl), Petrochina International Co. Ltd. (-$5.60/bbl), Repsol Trading S.A. (-$6.24/bbl), Shell Western Supply and Trading Limited (-$6.66/bbl), Trafigura Pte. Ltd. (-$6.95/bbl), PTT International Trading Pte. Ltd. (-$6.99/bbl), Gunvor S.A. (-$7.22/bbl), Vitol INC. (-$8.51/bbl) and Phillips 66 Company (-$9.78/bbl).
According to the terms and conditions of the auction, the volume offered will be exported in 15 shipments of 360,000 barrels each, to be delivered during the months of September and December 2020.
Authorities from the International Trade Management, representatives of the Attorney General of PetroEcuador, the Head of Money Laundering Prevention from Flota Petrolera Ecuatoriana (FLOPEC) as well as the bidding companies participated in the opening of the envelopes process, which complied with strict sanitary protocols, PetroEcuador said in the statement, adding that other bidding companies witnessed the opening session remotely.
So far in 2020, PetroEcuador has held four spot tenders, three for Oriente crude and the last one for Napo crude.
By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.