EP Petroecuador held two international bidding contests that were awarded at the end of May.
A total of 5,040,000 barrels of crude oil will be exported by EP Petroecuador to the Chinese state companies Petrochina International CO. LTD. and Unipec America INC. The first was awarded 3,600,000 barrels of Crudo Oriente, presenting a differential of USD -5.47 per barrel. The second was awarded the release of 1,440,000 barrels of Napo Crude with a differential of USD – 6.73.
From these sales, Ecuador will receive approximate income of USD 388 million. Shipments of both types of crude oil will be exported to the two state companies during the month of June 2024.
Ecuadorian crude oil comes from oil activity in the Amazon and is transported to the Esmeraldas maritime terminals by the SOTE Trans-Ecuadorian Pipeline System (operated by EP Petroecuador) and by the OCP Heavy Crude Oil Pipeline (operated by the private company OCP Ecuador SA).
The tenders for the purchase and sale of hydrocarbons from EP Petroecuador in the international market are carried out in a transparent manner and the opening of offers is carried out through live broadcasts on institutional social networks, complying with current legal regulations and in accordance with the National Government policies.
The data
The international bidding contests for the export of Oriente and Napo crude oil are governed by the West Texas Intermediate (WTI), used as a marker crude oil for Ecuadorian oil.