Ecuador Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

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Ecuador’s total gross crude oil and condensate production in 2020 was valued at 483,240 barrels per day (bd), which is expected to show a declining CAGR of more than -1% during the period 2021-2025. Production stems mainly from onshore projects in the Oriente Basin and is driven by conventional oil and heavy oil fields. Conventional oil fields accounted for more than 70% of crude oil and condensate production in 2020.

The country’s economy slumped further in 2020 due to the reduced demand and low oil price environment induced by the COVID-19 pandemic and damage done to the privately-owned Oleoducto de Crudos Pesados (OCP) pipeline and the state-run Transecuatoriano’s Sistema Oleducto Trans-Ecuatoriano (SOTE) pipeline in April 2020. The damage was triggered by a landslide in the Amazon region and caused a 3-month temporary shutdown where oil production declined over 2019 levels.

Overview of Ecuador crude oil and condensate production

Overview of Ecuador crude oil and condensate production

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What are the market dynamics of Ecuador’s exploration & production market?

Ecuador’s shifting and checkered politics and policies are yet to yield a measure of sustained economic stability. Under ex-president, Rafael Correa tenure from 2009 through 2017, the country’s oil and gas industry operated under service contract agreements. Former president Linen Moreno entered office in September 2018 and created a more liberal oil and gas market using production sharing agreements (PSA). This effort to jumpstart economic growth occurred in conjunction with other government strategies including the country’s decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) on January 1st, 2020, to improve its economic standing, remove the production quota burdens, and other fiscal concerns. Newly elected President Guillermo Lasso inherited this situation when he began his new term in April 2021. The focus of the previous administration continues to be stimulating the economy by increasing the financial incentives to private oil and gas companies to invite foreign investment. This will continue to incentivize investment and participation through PSA’s, renegotiation of existing service contracts while proposing risk-sharing agreements (RSA) to boost production from brown and greenfield projects.

Ecuador relies on a combination of hydroelectric power and oil-fired plants for domestic power generation. Considering global carbon initiatives and diversifying power supply especially climate change effects on water supply for hydroelectricity, the government is developing gas-fired facilities. The country’s minimal and declining natural gas production, mainly from the offshore Amistad field. To increase supply, Ecuador has secured its first LNG import terminal with construction carded for 2021. There are 3 onshore planned and announced projects anticipated to come online between 2020 and 2025. Located in the Oriente Basin, planned projects Ishpingo and Oglan are heavy oil fields with first oil in 2022, and announced project Chanangue, is a conventional oil field, carded to come online in 2023. In November 2021, the Ecuadorean government authorized a deal between Repsol SA and New Stratus Energy Inc. in an asset transaction that includes 13 upstream fields in Blocks 16 -IRO and Block 67 – Tivacuno. With the aim of increasing production to 1,000 mbd by 2025, the Ecuadorean government has revealed its intention for a slate of new bidding rounds. An announcement was made in November 2021 by Juan Carlos Bermeo, Minister of Energy where 7 projects were identified with an investment price tag of US$19 billion to boost the country’s economy.

What are the key categories of Ecuador’s crude oil and natural gas production?

Ecuador’s crude oil and condensate and natural gas production is categorized by terrain into onshore and shallow water. By assets, Ecuador’s gross crude oil and condensate production is categorized into Sacha, Shushufindi-Aguarico, Tambococha, Auca, and others. Sacha is the leading asset followed by Shushufindi-Aguarico, Tambococha, Auca, and Tiputini. Ecuador’s marketed natural gas production is categorized by assets including Amistad, Shushufindi-Aguarico, Sacha, Auca, Eden Yuturi, and Palo Azul.

Ecuador exploration & production market, by typeEcuador exploration & production market, by type

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Which are the key players in Ecuador’s exploration & production market?

The key players in Ecuador’s crude oil and condensate production are EP Petroecuador, Empresa Nacional del Petroleo, China National Petroleum Corp, China Petrochemical Corp, and CPC Corp. The key players in Ecuador’s natural gas production include EP Petroecuador, Gran Tierra Energy Inc., and Petroamazonas EP. EP Petroecuador is the leading company with licensed blocks followed by China Petrochemical Corp, China National Petroleum Corp, Petroquimica Comodoro Rivadavia SA, CPC Corp and Empresa Nacional del Petroleo.

Ecuador exploration & production market, by key players

Ecuador exploration & production market, by key players

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Market report scope

Market production Volume (Year – 2020) Crude oil and condensate production: 483,240 barrels per day (bd)
Growth rate Crude oil and condensate production: CAGR >-1% during 2021-2025
Base year for estimation 2020
Forecast Period 2021-2025
Key categories Onshore and shallow water
Key Companies EP Petroecuador, Empresa Nacional del Petroleo, China National Petroleum Corp, China Petrochemical Corp, CPC Corp, Gran Tierra Energy Inc and Petroamazonas EP

Scope

This report provides an overview of Ecuador’s exploration & production sector. The report includes:

  • Ecuador’s oil and gas production outlook by assets terrain, and major companies.
  • Key details of active and upcoming oil and gas assets in the country.
  • Recently licensed blocks details, licensed blocks count by company, and latest discoveries.
  • Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country.

Reasons to Buy

  • Gain a strong understanding of Ecuador’s E&P sector.
  • Facilitate decision-making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries.
  • Assess your competitor’s production outlook and licensed blocks count in the country.
  • Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector.

EP Petroecuador
Empresa Nacional del Petroleo
China National Petroleum Corp
China Petrochemical Corp
CPC Corp
Pluspetrol Resources Corp NV
Petroquimica Comodoro Rivadavia SA
Repsol SA
Gente Oil Global
Pte Ltd
Orion Energy Pte Ltd
Gran Tierra Energy Inc
Petroamazonas EP

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Ecuador Exploration and Production Sector 6

Ecuador Exploration and Production Sector, Oil and Gas Production Outlook 6

Ecuador Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Ecuador Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Ecuador Exploration and Production Sector, Marketed Natural Gas Production by Assets 13

Ecuador Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 16

Ecuador Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 18

Ecuador Exploration and Production Sector, Active and Upcoming Oil and Gas Asset Details 19

Ecuador Exploration and Production Sector, Exploration 24

Ecuador Exploration and Production Sector, Total Licensed Blocks 24

Ecuador Exploration and Production Sector, Licensed Blocks by Company 24

Ecuador Exploration and Production Sector, Exploration 25

Ecuador Exploration and Production Sector, Exploration Details, Exploration 25

Ecuador Exploration and Production Sector, Major Oil and Gas Discoveries 27

Ecuador Exploration and Production Sector, Number of Oil and Gas Discoveries, 2017 – 2021 27

Ecuador Exploration and Production Sector, Oil and Gas Discovery Details 28

Recent Contracts 29

Recent M&A Activity 30

Appendix 31

Methodology 31

Coverage 31

Secondary Research 31

|Contact Us 32

Table

Ecuador, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Ecuador, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Ecuador, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 11

Ecuador, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 14

Ecuador, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 17

Ecuador, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 18

Ecuador, Active and Upcoming Oil and Gas Field Assets Details 20

Ecuador, Total Licensed Blocks, 2010-2020 24

Ecuador, Licensed Blocks by Company, 2010-2020 24

Ecuador, Recently Licensed Block Details 25

Ecuador, Number of Oil and Gas Discoveries, 2017 – 2021 27

Ecuador, Oil and Gas Discovery Details, 2017 – 2021 28

Recent Contracts 29

Recent M&A Activity 30

Figures

Ecuador, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Ecuador, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Ecuador by 2020 Crude Oil Production 10

Top 10 Fields in Ecuador by 2020 Natural Gas Production 13

Top 10 Companies in Ecuador by 2020 Crude Oil and Condensate Production 16

Top 10 Companies in Ecuador by 2020 Natural Gas Production 18

Ecuador, Active and Upcoming Oil and Gas Assets by Production Start Year 19

Ecuador, Number of Oil and Gas Discoveries, 2017 – 2021 27

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