Petroecuador will export more than three million barrels of crude oil

Petroecuador will export, from the end of August 2022, a total of 3,240,000 barrels of Oriente crude oil to Petrochina International CO. LTD, a Chinese state-owned company that won the last spot tender by presenting a differential of USD -3.45 and a premium of USD +1 per barrel, an offer that offers greater comprehensive benefits to the country.

This sale will be governed by the West Texas Intermediate – WTI, a reference marker for Ecuadorian crude, and will be carried out in three shipments for a volume of 1,080,000 +/- 5% barrels, which will be delivered until October of this year.

In this regard, the General Manager of EP Petroecuador, Ítalo Cedeño, reported that this export of Oriente crude, in the international market, will generate revenues for the country of approximately USD 355 million, added to the economies of scale of around USD 3.2 million. . Likewise, he reiterated that by making the figures transparent through the daily publications in Argus, Ecuadorian crude oil is better quoted in international tenders, which helps its revaluation.

“We must consider that the current prices of WTI favor us, in addition to the differential, the volumes and the use of larger vessels for these exports. Let’s not forget that the blood of the country is oil and the economic resources that are generated from it are also destined to other areas such as health and education, which are very important for the well-being of Ecuadorians”, he indicated.

With this award, the country will have 16% of the exportable balance for the spot market planned for this year, with a total volume of 10.8 million barrels (between Oriente and Napo crude), an action that has been possible thanks to a more adequate coordination of downstream and upstream processes and other aspects such as the renegotiation of long-term oil contracts that the country has with China.