Petroecuador exports 43.3Mb of crude through Oct

Thursday, November 10, 2005

Ecuador's state oil firm Petroecuador exported a total of 43.3 million barrels (Mb) of crude from January-October, the company said in a statement.

Petroecuador exported 1.6Mb more during the period this year than last despite lost opportunities due to a series of strikes in the country's Sucumbíos and Orellana provinces that affected production.

Crude exports over the 10-month period brought in US$1.86bn in revenues at an average of US$42.75/b, the statement said.

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Revenues from oil exports go to the state, which then distributes them according the country's national budget.

Operating costs incurred by Petroecuador are compensated by the domestic sale of hydrocarbons. However, the company imported 17Mb of oil derivatives through September at 30% over the price Ecuadorian crude is sold at, the statement said.