Ecuador National Oil Company

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name: Ecuador National Oil Company

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Petroecuador is the national oil company of Ecuador. It is a member of the Organization of Petroleum Exporting Countries, with a daily output of 526,000 barrels of crude oil in 2012.

The National Petroleum Corporation of Ecuador is the main pillar of Ecuador’s economy. Ecuador’s National Petroleum Corporation’s business has expanded to produce finished goods such as gasoline, liquefied petroleum gas and jet fuel. The Ecuadorian government relies heavily on energy sector revenue to support its budget and financial projects.

The National Petroleum Corporation of Ecuador is a wholly state-owned enterprise established on September 26, 1989. Its predecessor was Corporación Estatal Petrolera Ecuatoriana, which was established in 1972.

In 1973, the Ecuadorian government granted the Shell Oil Company drilling rights. In 1964, Texaco was also invited in. In 1977, Texaco became the major shareholder (62.5%) of Ecuador’s National Petroleum Corporation. After that, the ownership of the company was transferred to the Ecuadorian government in 1992, and only 37.5% of the equity was retained.

The National Petroleum Corporation of Ecuador is engaged in exploration, production, storage, crude oil refining and retail petroleum products. Subsidiaries include Petroproduccion (exploration and production), Petroindustrial (refining) and Petrocomercial (transportation and product marketing).

The National Petroleum Corporation of Ecuador operates several oil fields, including Shushufindi, Sasha, AUCA, Lago Agrio and Liberator. The company also operates the Sistema de Oleoducto Transecuatoriano, a trans-Ecuadorian oil pipeline network, which was founded in Texaco Bay in 1972. Ecuador is the fifth largest oil producer in Latin America.

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