South America / GoM

Ecuador flag
Summary | Profile

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)
Government: republic
Capital city: Quito
Legal system: based on civil law system; has not accepted compulsory ICJ jurisdiction
Currency: US dollar
Licensing:

Country profile

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


Oil Gas
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.)
Major fields:



Ecuador - recent news

28 May 24
Ecuador: Gran Tierra Energy announces test results of Arawana-J1 discovery and provides Ecuador exploration update
Gran Tierra Energy has announced test results of the Arawana-J1 discovery and provided an Ecuador exploration update. Test results from the Arawana-J1 well (100% WI, Operator) mark a significant milestone for the Company's operations in Ecuador. The well continues to clean-up and over the past 12 hours the well has produced at stabilized rates of 1,358 BOPD.
11 Oct 22
Ecuador to launch auction for offshore gas blocks in 2024
Ecuador is planning to offer, most likely in 2024, blocks for offshore exploration and production of natural gas at the Gulf of Guayaquil, following auctions for onshore areas to be completed next year.
25 Mar 22
Ecuador: Frontera announces 27.2 degree API light crude oil discovery at the Tui-1 well in Ecuador
Frontera Energy has announced the discovery of 27.2 degree API light crude oil at the Tui-1 exploration well on the Perico block in Ecuador. The well results add to Frontera's recent exploration success at Jandaya-1 and increases current gross production to approx. 2,000 boe/d from the Perico block.
25 Jan 22
Ecuador: GeoPark announces its first oil and gas discovery in Ecuador
GeoPark, a leading independent Latin American oil and gas explorer, operator and consolidator, has announced its first hydrocarbon discovery in the Perico block in the Oriente basin in Ecuador.
19 Jan 22
Ecuador: Frontera announces hydrocarbon discovery at Jandaya-1 well in Ecuador
Frontera Energy has discovered hydrocarbons at the Jandaya-1 exploration well on the Perico block in Ecuador. Frontera is now preparing the required permits to move forward with a long term test for at least six months or a longer period of time if approved by authorities.

Ecuador - more news

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