Category: Ecuador
Ecuador energy
Ecuador Bonds Rally On $4.2 Billion IMF Deal
(Bloomberg, Stephan Kueffner and Ben Bartenstein, 20.Feb.2019) — Ecuador’s benchmark bonds soared to a six-month high after President Lenin Moreno’s government secured a $4.2 billion loan package from the International Monetary Fund. The aid is intended to support the OPEC nation over the next three years as it tries to […]
Normal Heavy Oil Extractions Lift 80% Water, 20% Oil
(Energy Analytics Institute, Piero Stewart, 29.Nov.2018) — Normal procedures at heavy oil wells produce water extraction at greater proportions than crude oil, announced an official at Petroamazonas. To be precise, figures from Petroamazonas reveal that 80% of the extraction corresponds to water and 20% to oil, reported online media El […]
PetroEcuador To Open Envelopes For Import Of 3 MMBbls Of Premium Diesel
(Energy Analytics Institute, Piero Stewart and Ian Silverman, 28.Nov.2018) — EP PetroEcuador will open envelopes related to the importation of 3,120,000 barrels plus or minus (+/-) 2% of Premium Diesel on Monday, December 3, 2018 at 12 noon. Approximately 38 companies qualified for the bidding process and were invited to […]
Ecuador Seeks To Extract 49% More Oil From ITT
(Energy Analytics Institute, Piero Stewart, 28.Nov.2018) — The government of Ecuador intends to extract 49% more oil from the Ishpingo-Tambococha-Tiputini (ITT) block in 2019, according to data from Petroamazonas EP. The figure was reported by online media El Universo, which cited Ecuador’s Minister of Energy and Non-Renewable Natural Resources Carlos […]
LatAmNRG Panorama 28.Nov.2018: Ecuador, Mexico, Peru, Venezuela
(Energy Analytics Institute, Jared Yamin and Piero Stewart, 28.Nov. 2018) — Heard on the street and other LatAmNRG briefs from Mexico, OPEC producers Ecuador and Venezuela, and Peru. Heard On The Street And Briefs Saudi Arabia Boosting Oil Output As Venezuela’s Falls Saudi Arabia is said to have slightly boosted […]
EP Petroecuador To Open Envelopes For Diesel No. 2 Tender
(Energy Analytics Institute, Piero Stewart, 13.Nov.2018) — EP Petroecuador will open envelopes today related to the import of 3,120,000 barrels (plus or minus 2%) of No. 2 Diesel Oil No. Approximately 36 companies qualified for the tender through registration via EP Petroecuador’ Suppliers Registry of the International Trade Management, the […]
Ecuador To Use $58.29/bbl Oil Price In 2019 Budget
(Energy Analytics Institute, Piero Stewart, 11.Nov.2018) — Ecuador announced it will utilize a $58.29 per barrel oil price to calculate projected oil export revenues in 2019, reported online media El Universo. Ecuador, along with Venezuela, are the lone countries from Latin America to be members of OPEC. *** #LatAmNRG
EP PetroEcuador Inks Transport Deal With OCP Ecuador
(Energy Analytics Institute, Piero Stewart, 10.Nov. 2018) — EP Petroecuador signed a contract with OCP Ecuador S.A. on November 9, 2018 to renew the transportation of crude oil from Lago Agrio to Esmeraldas. The deal guarantees that production from EP Petroamazonas has preferential rights to use the open access capacity […]
Ecuador’s Energy Minister Calls For Audit Of Gasvesubio Export
(Energy Analytics Institute, Piero Stewart, 10.Nov.2018) — Ecuador’s Minister of Energy and Non-Renewable Natural Resources Carlos Pérez García has requested that the Comptroller of the country carry out a special examination of Contract 2016063 signed between EP Petroecuador and the private company Gasvesubio Export (owned by the Eljuri group), on […]
Ecuadorian Armed Forces Discover Fuel Tanks Destined For Smuggling
(Energy Analytics Institute, Aaron Simonsky, 2.Nov.2018) — Ecuador’s Joint Task Force Armed Forces discovered 38 tanks filled with 55 gallons of fuel in an operation carried out on October 31, 2018. The tanks were being stored in a house in El Caucal, in the parish of Ancon de Sardinas in […]
Venezuela Solicits Audit of Pacific Coast Refinery, Río Napo
(Energy Analytics Institute, Piero Stewart, 13.Oct.2018) — Venezuela has solicited an audit of costs related to the Pacific Coast Refinery and Río Napo JV in order to discuss potential investment plans with Ecuador, reported the daily Ecuadorian newspaper El Universo. In May 2018, Saudi Arabia’s Aramco announced it was interested […]
Ecuador, Peru In Talks To Explore Oil And Gas Blocks: Energy Minister
(Reuters, Alexandra Valencia, 11.Oct.2018) — Ecuador has begun talks with neighboring Peru to jointly explore two oilfields at the border and allow state-run Petroamazonas to operate natural gas areas in Peru, Ecuadorian Energy Minister Carlos Perez said on Thursday. Ecuador, which earlier this year awarded foreign and domestic energy firms […]
Coca Codo Sinclair Hydroelectric Plant Operating With 5 of 8 Turbines
(Energy Analytics Institute, Ian Silverman, 10.Oct.2018) — The dispatch of energy from the Coca Codo Sinclair hydroelectric plant, located between Napo and Orellana, was carried out Oct. 9 “with restrictions for security reasons.” As of mid-day Oct. 9, the plant was only operating with five of its eight turbines, reported […]
Cutting India’s Dependence on Middle-East Oil: 60% More Oil Lifted from Colombia
(Financial Express, Huma Siddiqui, 9.Oct.2018) — With the India-Colombia bilateral trade $1.5 bn, India lifted oil close to $ 400 million from January to July this year– an increase of 60% in the same period of the previous year. With the India-Colombia bilateral trade $1.5 bn, India lifted oil close […]
Ecuador Signs Oil Investment Contracts to Increase Output
(Xinhua, 5.Oct.2018) — Ecuadorian authorities signed investment contracts worth about 1.6 billion U.S. dollars with private companies to develop six oil fields in the country’s northeastern provinces, local newspaper El Comercio reported. Ecuadorian President Lenin Moreno was present at the signing ceremony held in the coastal city of Guayaquil. With […]
Ecuador Signs Deals Worth $1.62 Bln for Development of 6 Oil, Gas Fields
(Sputnik, 5.Oct.2018) — The government of Ecuador, represented by the state-run Petroamazonas energy company, signed investment contracts worth $1.62 billion for the development of six oil and gas fields, local media reported. The contracts concern the Cuyabeno-Sansahuari, Yuralpa, Oso and Blanca-Vinita fields, located in the provinces of Orellana, Napo and Sucumbios. […]
Ecuador, UN to Audit 5 Oil Projects Promoted Under Correa
(Energy Analytics Institute, Jared Yamin, 2.Oct.2018) — Ecuador, with the assistance of the United Nations Organization (UN), is auditing five major oil projects promoted by former President Rafael Correa during his decade of government (2007-2017). The total value of the projects amounts to an estimated $5.042 billion, according to an […]
Oil Services Giant Schlumberger Contemplates New Investments in Ecuador
(Energy Analytics Institute, Jared Yamin, 2.Oct.2018) — Schlumberger is said to be contemplating “new investments” in Ecuador. The announcement was revealed after a meeting between Schlumberger Manger Carlos Sarmiento and Ecuador’s President Lenin Moreno, during the latter’s visit to the United States, reported the Ecuadorian daily newspaper El Universo. Details […]
EP PetroEcuador Manager Supervises Terminal Operations [Video]
(Energy Analytics Institute, Jared Yamin, 27.Sep.2018) — EP PetroEcuador General Manager Pablo Flores supervised operations at the El Chorrillo, Pascuales and a Estación de Transferencia Tres Bocas Transfer Station in the province of Guayas. ***
EP PetroEcuador controls fire at Esmeraldas refinery AOV 14 tank
(Energy Analytics Institute, Jared Yamin, 27.Sep.2018, Words: 91) — Today at approximately 12:10 pm a fire was reported at the Esmeraldas Refinery AOV 14 Asphalt tank.
Venezuela Faces Fresh Blow With Ship-Fuel Rules Threatening Exports
(Bloomberg, 27.Sep.2018) — New rules forcing ships to use cleaner marine fuels may deal yet another blow to cash-strapped Petroleos de Venezuela SA, an exporter of high-sulfur fuel oil. From Jan. 1, 2020, vessels will have to switch to less-polluting bunker fuel or be fitted with equipment to curb emissions, […]
OPEC’s Decade of Turmoil Leaves Cartel Seeking a New Way Forward
(Bloomberg, Christopher Sell, 20.Sep.2018) — A global recession, both $140 and $30 oil, the U.S. shale revolution, a market-share war, and output cuts. OPEC’s 60-year history has rarely confronted a more challenging period than the past decade. Now, instead of enjoying the higher prices resulting from 18 months of joint […]
EP Petroecuador Detects Illegal Connection at Shushufindi Refinery
(Energy Analytics Institute, Piero Stewart, 15.Sep.2018) — EP Petroecuador detected a clandestine connection in the liquids line of the northern section of the gas capture station of the Shushufindi Refinery. Technical personnel at the company immediately implemented a contingency plan to eliminate the illegal connection, which was detected on September […]
IEA Warns of Higher Oil Prices as Iran and Venezuela Losses Deepen
(Bloomberg, Grant Smith. 13.Sep.2018) — The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela. Iranian crude exports have fallen significantly before U.S. sanctions even take effect, the IEA said in a […]
Venezuela’s Aug. 2018 Oil Output Continues Decline: OPEC MOMR
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) — Venezuela’s oil production seems on an unstoppable downward trend. The OPEC country’s production of crude oil fell 2.9 percent to 1,235 thousand barrels per day (Mb/d) in August 2018 compared to 1,272 Mb/d in July 2018, according to data published in OPEC’s Monthly […]
Ecuador Holds Open Licensing Round for Eight Onshore Blocks
(World Oil, 12.Sep.2018) — Carlos Pérez Garcia, Minister of Energy and Non-renewable Resources in Ecuador has announced an open licensing round for eight blocks onshore Ecuador, in Sucumbíos Province. These comprise: Araza Este, Changue, Iguana, Perico, Espejo, Pañayacu Norte, Charapa and Sahino. The blocks offered are all onshore, conventional opportunities, […]
Venezuela’s Oil Output Continues Fall, Ecuador’s Rises in Aug. 2018
(Energy Analytics Institute, Piero Stewart, 12.Sep.2018) — Crude oil production in August 2018 in South America’s lone OPEC member countries, Venezuela and Ecuador, continued along usual trends, according to data published in the organization’s September 2018 Monthly Oil Market Report Crude oil production in Venezuela, the country with the world’s […]
International Tribunal Rules for Chevron in Ongoing Ecuador Case
(OGJ, Nick Snow, 10.Sep.2018) — An international tribunal administered by the Permanent Court of Arbitration in The Hague found that a $9.5-billion judgment that Ecuador’s government lodged against Chevron Corp. in 2011 violated international treaties, investment agreements, and international law. Ecuador breached its obligations under a 1995 settlement agreement that […]
Chevron Wins Ecuador Rainforest ‘Oil Dumping’ Case
(BBC, 8.Sep.2018) — An international tribunal in The Hague has ruled in favour of the US oil company, Chevron, in an environmental dispute with the government of Ecuador. Chevron had been ordered to pay $9.5bn (£7.4bn) compensation to thousands of residents in Ecuador’s Amazon region. They accused the company of […]
Esmeraldas Refinery Stoppage Delayed Until March 2019
(Energy Analytics Institute, Ian Silverman, 22.Aug.2018) – A scheduled 54-day stoppage at the Esmeraldas Refinery for the maintenance of the Non-Catalytic 1 and Catalytic 1 units will be postponed until March 2019. The stoppage, originally planned to commence on August 16, 2018, was postponed by PetroEcuador as the contractor in […]
Ecuador to Save $1 Bln With New Economic Measures
(Energy Analytics Institute, Ian Silverman, 21.Aug.2018) – The government of Ecuador aims to save about $1 billion annually with the implementation of new economic measures. The new economic measures, which focus on reduction of bureaucracy, were announced on August 21, 2018 by Ecuador’s President Lenín Moreno and the country’s Economic […]
Four Cos. to Invest $727 Mln in Ecuador
(Energy Analytics Institute, Jared Yamin, 18.Aug.2018) – Ecuador announced four companies would invest $727.85 million to boost production in a number of fields. The companies – Triboilgas Cía. Ltda, Vinccler C.A, Arotekh C.A. and Avanzia – plan the investments in the Cuyabeno/Sansahuari, Oso, Yuralpa and Blanca/Vinita fields located in provinces […]
Guyana to Become 5th Largest Oil Producer in LAC Region
(Energy Analytics Institute, Piero Stewart, 15.Aug.2018) – If all goes off as planned, by 2025, Guyana will be the 5th largest oil producer in the Latin American and Caribbean region. That’s according to an analysis of data posted by Trading Economics, and extrapolation of estimates of Guyana’s future oil production, […]
OPEC MOMR Shows Further Oil Declines in Venezuela
(Energy Analytics Institute, Piero Stewart, 14.Aug.2018) – Venezuela’s crude oil production declines seem unstoppable. Venezuela’s crude oil production fell to 1.278 million barrels per day (MMb/d) in July 2018 compared to 1.325 MMb/d in June 2018 based on secondary sources, reported OPEC in its August Monthly Oil Market Report (MOMR). […]
CNEL EP Names Veintimilla General Manager
(Energy Analytics Institute, Ian Silverman, 13.Aug.2018) – The National Electricity Corporation (CNEL EP) named Wilfrido Demetrio Veintimilla Terreros, a professional with 41 years of experience in the electricity sector, as its new General Manager. The decision was revealed on August 13, 2018 by the Board of Directors of the company, […]
World Bank Says Oil To Average $65 in 2019
(Energy Analytics Institute, Jared Yamin, 12.Aug2018) – The World Bank expects the price of oil to average $65 per barrel in 2019. “Oil prices are expected to average $65 per barrel in 2019. While projections indicate that prices will fall from their April 2018 level, they should be supported by […]
Petroamazonas EP Says Block 43 ITT Producing 75,000 b/d
(Energy Analytics Institute, Ian Silverman, 9.Aug.2018) – Block 43 ITT, located in the province of Orellana, is currently producing 75,000 barrels per day. Production at the block is expected to reach 80,000 barrels per day by year end 2018, announced Ecuador’s Hydrocarbon Ministry in a statement on its website. ***
Glencore Lands PetroEcuador ‘Spot’ Deal
(Energy Analytics Institute, Ian Silverman, 14.Jul.2018) – Glencore Ltd won a recent EP PetroEcuador spot auction, which guarantees the Ecuadorian entity income of $279.3 million. The Swiss company offered the best bid price with a positive differential of $ 1.08 per barrel, reported the daily newspaper El Universo. EP Petroecuador […]
Ecuador Non-Oil Exports Up in 2018
(Energy Analytics Institute, Jared Yamin, 18.Jul.2018) – Non-petroleum exports from the South American country rose to $5,484 million from January to May of 2018 compared to $5,149 million in the same period in 2017. Exports of bananas and plantains, aquaculture, fish, flowers, plants, cocoa, processed products and metal mechanics accounted […]
Ecuador Extracting Nearly 523 Mb/d
(Energy Analytics Institute, Piero Stewart, 18.Jul.2018) – The South America country is currently extracting nearly 523,000 barrels per day of crude oil, announced the daily newspaper El Universo. Ecuador is seeking to urgently boost output after a June 2018 announcement by OPEC stipulating the increases. ***
ENAP to Spend $65.2 Mln in Ecuador
(Energy Analytics Institute, Jared Yamin, 18.Jul.2018) – ENAP announced it will increase investments in three fields it operates in Ecuador. “The new agreement stipulates an additional investment of $65.2 million for the drilling of 10 wells, which will allow the development of approximately 10.3 million barrels of oil through 2034,” […]
Ecuador Court Upholds $9bn Chevron Ruling
(AP, 13.Jul.2018) – Ecuador’s highest court has upheld a US$9.5 billion judgment against oil giant Chevron for decades of rainforest damage. Plaintiffs celebrated the constitutional court’s decision announced Tuesday night, saying it should pave the way for indigenous tribes to receive compensation for oil spills that contaminated groundwater and soil […]