PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 22.Jan.2025) — EP PetroEcuador exported 120,052,357.43 bbls of Oriente, Napo, Fuel Oil No. 6 and Vacuum Gas Oil in 2024, which generated sales of $8.183bn during the year.
Of the exports, Ecuador’s Oriente crude represented 67,253,025.50 bbls, Napo crude (46,205,910.55 bbls), Fuel Oil No. 6 (6,253,272.71 bbls) of and Vacuum Gas Oil (340,148.67 bbls), EP PetroEcuador announced 22 Jan. 2025 in an official statement.
In 2024, the state-owned company carried out 34 hydrocarbon export deals in the spot market: 17 for Napo crude, 13 for Oriente crude, 3 for Fuel Oil No. 6 and 1 for Vacuum Gas Oil.
Of EP PetroEcuador’s Oriente and Napo crude exports, 78% are spot sales while 22% are allocated to fulfill long-term commitments.
Oriente crude is Ecuador’s flagship grade. It is a blend of crudes from fields east of the Andes including Shushufindi, Lago Agri and Auca. Oriente crude has an American Petroleum Institute (API) gravity of 24°.
Napo crude is sourced from fields in the northeast of Ecuador. Napo is a heavy, sour, relatively low-acid crude with an API gravity of 19°.
EP PetroEcuador’s commercial export strategies, especially in the spot market, are aimed at allowing the Andean country obtain additional income and greater economic benefits, due to the differentials and premiums obtained, the company said.
RELATED: Ecuador’s SOTE Transports 104 MMbbls of Oriente Crude in 2024
Looking forward to 2025
By year-end 2025, Ecuador looks to make available an additional 3,240,000 bbls of Napo crude, which represents 9 shipments of 360,000 bbls each, to be sold on the spot market.
This release of crude is part of the culmination, in Dec. 2024, of a long-term contract EP PetroEcuador had with the Chinese state company Unipec signed on 15 May 2014, which involved the delivery of 137,133,044.29 bbls.
In 2025, EP PetroEcuador expects to conduct 153 shipments of Oriente crude (360,000 bbls each) and 74 Napo crude oil (360,000 bbls each) to be exported through this market.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.