2024-09-21 19:16:21
These events have generated a crisis that has limited the capacity of the Esmeraldas refinery, reducing its operation to 30% of capacity due to the lack of crude oil.
As of June 16, 2024, daily production at the ITT field reached 51,000 barrels. However, since June 17, due to the shutdown of the Heavy Crude Oil Pipeline (OCP), this figure has dropped dramatically to 7,639 barrels per day. This situation has been exacerbated by the increase in country risk, which has exceeded 1,421 points.
The OCP suspended its operations on June 17 due to the risk of erosion on the banks of the Quijos River, seriously affecting the infrastructure and the transportation of heavy crude oil from the ITT, crucial for Ecuador. Petroecuador was forced to declare force majeure on exports on June 20 and take contingency measures such as storing crude oil and closing wells.
As a result, total oil production in the country has fallen significantly to 392,730 barrels per day as of June 23, marking a reduction of 92,803 barrels per day since mid-June. This situation has severely impacted the state economy and raised the country risk by more than 300 points since May.
The ITT field has been one of the hardest hit, with an 85% drop in its daily crude production. Petroecuador has been forced to shut down numerous wells in this area due to the operational problems of the OCP. The situation was aggravated by a massive blackout on June 19, which also impacted production in other oil fields in the country.
Despite these challenges, Petroecuador is working to maintain fuel supplies in the country.
By: Ecuador en Directo Photo courtesy