Petroecuador's Oil Production Dips in 2024 as Closes Key Block

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Ecuador's state-owned energy company Petroecuador (Quito, Ecuador) reported total production of 390,000 barrels of oil equivalent per day (BOE/d) for all of 2024, which was 1.3% below 2023. The company's volumes were maintained, despite the closure of one of its largest assets.

In 2023, Ecuadorians voted to shut down the Ishpingo-Tiputini-Tambococha block, known as the ITT, to protect the Amazon rainforest and indigenous communities living nearby. The asset is one of the largest producing blocks for Ecuador.

In 2024, the ITT block produced some 48,000 barrels of oil per day (BBL/d), about 11.2% less than in 2023. In August, Petroecuador began the progressive closure of the asset, which could take up to five years.

Throughout 2024, the Ecuadorian company registered US$6.5 billion in spot hydrocarbon exports, generating a trade surplus of US$1.58 billion.

Overall, Petroecuador's crude exports averaged 310,000 BBL/d in 2024, accounting for an increase of 12% over that of 2023. Heavy-sour Oriente grade represented 59% of the company's exports, while the remaining was Napo, also another low viscosity-sour grade.

On the downstream front, Petroecuador refined 146,000 BBL/d of oil, a drop of 15% when compared with 2023. This was the result of lower runs at the 110,000-BBL/d Esmeraldas Refinery, which averaged a crude processing rate of 68,000 BBL/d in 2024, compared with 92,000 BBL/d in 2023.

Esmeraldas is Ecuador's largest refinery. However, last year, the asset faced a long programmed stoppage of its Crude 1, Visbreaker 1 and other units that extended from September 4 until December 31, leading to lower runs and fuel production. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Plant Database can learn more from a detailed plant profile.

Petroecuador's Shushufindi and La Libertad refineries recorded higher operational rates in 2024 than in the previous year. Subscribers can read detailed profiles of the Shushufindi and La Libertad refineries.

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