Petroecuador watch: Exports, contract award, spill
Ecuador's state-owned oil company Petroecuador posted revenues of US$3.24bn in H1 from the sale of Oriente and Napo crude.
Of the total, US$2.24bn came from long-term contracts and US$1bn from spot sales.
According to Petroecuador, revenues were boosted by the increase in the price of Western Texas Intermediate (WTI), a benchmark for Ecuadoran crude, which rose from US$52.12/b in January to US$71.35/b in June, and by a new sales strategy.
In the first six months of the year, Ecuador exported 55.4Mb (million barrels) of Oriente and Napo crude, and held six tenders for spot sales.
***
With a differential of -US$1.28/b, EP Petroecuador awarded Petrochina the export of 1.9Mb of fuel oil No. 6.
EP Petroecuador CEO Pablo Luna said the award will provide export revenues of US$102mn for the state between September and November.
The sale of fuel oil will be governed by the USGC HSFO international benchmark.
***
Petroecuador reported that on August 16 there was a wastewater spill of approximately 2b of crude oil in block 57-Shushufindi, in Sucumbíos province.
The company provided medical attention to the seven affected families and continues to monitor their health and is holding dialogue with community leaders.
The company reported 100% progress with contingency work and 60% with cleaning up.
Petroecuador said it is investigating the causes of the incident.
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