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Latino Daily News

Sunday September 16, 2012

Oil Production in Ecuador Over 500,000 Barrels Per Day

Crude production in Ecuador rose in July to 508,000 barrels per day, its highest level since February 2011, the Central Bank said.

The Andean nation, the smallest member of the Organization of the Petroleum Exporting Countries, produced a total of 15.7 million barrels that month, 11.5 million from fields managed by state-run companies and the rest by private firms, Friday’s report said.

Accumulated output between January and July came in at 106.9 million barrels.

In July, Ecuador exported nearly 10.2 million barrels of crude valued at some $914 million, or an average price of $89.78 per barrel.

Its accumulated oil exports between January and July totaled approximately 76 million barrels and generated $7.6 billion in revenue.

The report also said 5.9 million barrels of petroleum derivatives were produced in July and 41.6 million barrels in the first seven months of the year.

Ecuador’s oil mainly comes from the northern part of its Amazon region and it is transported to the Pacific coast via the SOTE and OCP pipelines.

Oil is Ecuador’s main export product and also a key source of government revenue.