South America / GoM
Country profile: Ecuador
|Location:||Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru|
|Climate:||tropical along coast, becoming cooler inland at higher elevations; tropical in Amazonian jungle lowlands|
|Terrain:||coastal plain (costa), inter-Andean central highlands (sierra), and flat to rolling eastern jungle (oriente)|
|Size:||283560 sq. km total (Land area: 276840 sq. km Water area: 6720 sq.km)|
|Population:||13,927,650 (July 2008 est.)|
|Languages:||Spanish (official), Amerindian languages (especially Quechua)|
|Legal system:||based on civil law system; has not accepted compulsory ICJ jurisdiction|
Ecuador is one of Latin America’s largest crude oil exporters, with net oil exports estimated at 350,000 barrels per day (bbl/d) in 2006. The oil sector dominates the Ecuadorian economy, accounting for almost half of total export earnings and one-third of all tax revenues. Despite its large oil exports, Ecuador must still import refined petroleum products due to the lack of sufficient domestic refining capacity to meet local demand. As a result, the country does not always enjoy the full benefits of high world oil prices: while these high prices bring Ecuador greater export revenues, they also increase the country’s refined product import bill.
In 2007, Ecuador re-joined the Organization of the Petroleum Exporting Countries (OPEC), after leaving the organization at the end of 1992. Ecuador is the smallest oil producer in OPEC, with an assigned production quota of 520,000 bbl/d. Since Ecuador is currently producing below its quota level, it is unclear what, if any, effect OPEC membership will have upon the country’s oil production levels. Ecuador’s energy mix is largely dependent upon oil, which represented 80 percent of the country’s total energy consumption in 2005. Hydroelectric power represented 17 percent of total energy consumption in 2005, and it is the largest source of electricity generation. Natural gas consumption is small, due to the lack of domestic infrastructure to transport and distribute the fuel.
Energy production and consumption
|Production:||538,000 bbl/day (2005)||249 million cu m (2005 est.)|
|Consumption:||162,000 bbl/day (2005)||249 million cu m (2005 est.)|
|Exports:||420,600 bbl/day (2005)|
|Imports:||44,680 bbl/day (2005)|
|Reserves:||4 billion bbl (2007 est.)||9 billion cu m (1 January 2006 est.)|
Ecuador - recent news
|17 Sep 20
||Ecuador: The Hague Court rules for Chevron in Ecuador dispute
The District Court of The Hague has ruled in favour of Chevron in its dispute with the Republic of Ecuador, upholding a 2018 arbitral award rendered by an international tribunal administered by the Permanent Court of Arbitration.
|16 Apr 19
||Ecuador: Dutch Supreme Court rules for Chevron in Ecuador dispute
The Supreme Court of the Netherlands has ruled in favour of Chevron, rejecting the Republic of Ecuador’s attempts to annul decisions of an international arbitral tribunal in The Hague that ordered Ecuador to take all steps necessary to prevent enforcement of a USD9.5 billion Ecuadorian judgment against Chevron anywhere in the world.
|04 Apr 19
||Ecuador: Canadian court dismisses Ecuador's USD 9.5 billion claim against Chevron Canada
The Supreme Court of Canada on Thursday dismissed claims attempting to force Chevron’s Canadian unit to pay a USD 9.5 billion judgment handed down in Ecuador against the U.S. oil major over pollution in the Andean country.
|13 Mar 19
||Ecuador: GeoPark announces new acquisition and country entry into Ecuador
GeoPark has announced its entry into Ecuador through the acquisition of the Espejo and Perico blocks. The blocks were awarded to a GeoPark and Frontera consortium in the form of production sharing contracts in the Intracampos Bid Round.
|13 Mar 19
||Ecuador: Gran Tierra Energy announces new-country entry into Ecuador
Gran Tierra Energy has announced that, based on preliminary results, the Company has made a new-country entry into Ecuador through the submission of winning bids for a total of three blocks, which were offered in Ecuador's Ronda Intracampos. The three blocks are located in the Oriente Basin.
Ecuador - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,