Table Of Contents
1 Table Of Contents 2
1.1 List of Tables 7
1.2 List of Figures 9
2 Ecuador Energy Sector 10
2.1 Ecuador Energy Sector, Market Overview 10
2.2 Ecuador Energy Sector, Crude Oil 10
2.2.1 Ecuador Crude Oil, Overview 10
2.2.2 Ecuador Crude Oil, Supply and Demand Balance 11
2.2.3 Ecuador Crude Oil, Regulatory Structure 16
2.2.4 Ecuador Crude Oil, Infrastructure 16
3 Ecuador Oil Upstream Investment Environment Benchmarking 18
3.1 Introduction 18
3.2 The Overall Ranking 18
3.3 Upstream Fiscal Attractiveness 19
3.3.1 Maximum Government Take Index 20
3.3.2 Maximum State Participation Index 20
3.3.3 Domestic Market Obligation Index 20
3.4 Oil Sector Performance 21
3.4.1 Exploration Activity 23
3.4.2 Oil Production 24
3.4.3 Oil Reserves 24
3.4.4 Oil Consumption 25
3.4.5 Refining Industry 25
3.5 Economic Performance 25
3.5.1 GDP Growth Index 27
3.5.2 FDI Confidence Index 27
3.5.3 Balance of Trade Index 27
3.6 Socio-Political Performance 27
3.6.1 Democracy Index 29
3.6.2 Governance Index 29
4 Ecuador Exploration and Production Sector 30
4.1 Ecuador Exploration and Production Sector, Country Snapshot 30
4.1.1 Ecuador Exploration and Production Sector, Key Data 30
4.1.2 Ecuador Exploration And Production Sector, Crude Oil Assets Map 30
4.2 Ecuador Exploration and Production Sector, Gross Crude Oil Production 31
4.2.1 Ecuador Exploration and Production Sector, Total Gross Crude Oil Production 31
4.2.2 Ecuador Exploration and Production Sector, Gross Crude Oil Production by Type 32
4.2.3 Ecuador Exploration and Production Sector, Gross Crude Oil Production by Assets 33
4.2.4 Ecuador Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 35
4.2.5 Ecuador Exploration and Production Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 36
4.3 Ecuador Exploration and Production Sector, Gross Crude Oil Forecasts 38
4.3.1 Ecuador Exploration and Production Sector, Gross Crude Oil Forecasted Production 38
4.4 Ecuador Exploration And Production Sector, Active Crude Oil Asset Details 40
4.4.1 Ecuador Exploration And Production Sector, Active Crude Oil Asset Details 40
4.4.2 Ecuador Exploration And Production Sector, Planned Crude Oil Asset Details 43
4.5 Ecuador Exploration and Production Sector, Major Oil Discoveries 44
4.5.1 Ecuador Exploration and Production Sector, Number of Oil Discoveries 44
4.5.2 Ecuador Exploration and Production Sector, Oil Discovery Details 44
4.6 Ecuador Exploration and Production Sector,Drilling and Production Updates 45
4.6.1 Oct 28, 2010: Ivanhoe Energy Produces Oil From Its Second Appraisal Well In Ecuador 45
4.6.2 Jul 08, 2010: Enap Sipetrol Achieves Production Of 40 Million Barrels In Ecuador 46
4.6.3 Jul 07, 2010: Ivanhoe Energy Reaches Total Depth On IP-5b Well At Pungarayacu Field In Block 20, Ecuador 46
5 Ecuador Pipeline Sector 47
5.1 Ecuador Pipeline Sector, Key Data 47
5.2 Ecuador Pipeline Sector, An Overview 47
5.3 Ecuador Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 47
5.4 Ecuador Pipeline Sector, Petroleum Product Pipeline Companies 48
5.5 Ecuador Pipeline Sector, Crude Oil Pipelines 49
5.6 Ecuador Pipeline Sector, Petroleum Product Pipelines 50
6 Ecuador Refining Sector 51
6.1 Ecuador Refining Sector, Key Data 51
6.2 Ecuador Refining Sector, An Overview 51
6.2.1 Ecuador Refining Sector, Total Refining Capacity 51
6.3 Ecuador Refining Sector, Capacity- Wise Market Share by Company 52
6.4 Ecuador Refining Sector, Crude Distillation Unit Capacity 53
6.5 Ecuador Refining Sector, Fluid Catalytic Cracking Capacity 53
7 Ecuador Oil and Chemicals Storage Sector 54
7.1 Ecuador Oil and Chemicals Storage Sector, Key Data 54
7.2 Ecuador Oil and Chemicals Storage Sector, An Overview 54
7.2.1 Ecuador Oil and Chemicals Storage Sector, Total Storage Capacity 54
7.2.2 Ecuador Oil and Chemicals Storage Sector, Storage Capacity Share Area 55
7.3 Ecuador Oil and Chemicals Storage Sector, Capacity- Wise Market Share by Company 56
7.4 Ecuador Oil and Chemicals Storage Sector, Storage Capacity 57
8 Profile of PetroEcuador 58
8.1 PetroEcuador, Key Information 58
8.2 PetroEcuador, Company Overview 58
8.3 PetroEcuador, Business Description 58
8.3.1 Business Overview 58
8.4 PetroEcuador, SWOT Analysis 59
8.4.1 Overview 59
8.4.2 PetroEcuador Strengths 60
8.4.3 PetroEcuador Weaknesses 61
8.4.4 PetroEcuador Opportunities 61
8.4.5 PetroEcuador Threats 62
9 Profile of Eni S.p.A 63
9.1 Eni S.p.A Key Information 63
9.2 Eni S.p.A, Company Overview 63
9.3 Eni S.p.A, Business Description 63
9.3.1 Business Overview 63
9.3.2 Engineering and Construction 64
9.3.3 Exploration & Production 64
9.3.4 Gas & Power 65
9.3.5 Others 66
9.3.6 Petrochemicals 66
9.3.7 Refining and Marketing 67
9.4 Eni S.p.A SWOT Analysis 67
9.4.1 Overview 67
9.4.2 Eni S.p.A. Strengths 68
9.4.3 Eni S.p.A. Weaknesses 69
9.4.4 Eni S.p.A. Opportunities 70
9.4.5 Eni S.p.A. Threats 72
9.4.6 Downturn in the Refining Sector 72
10 Profile of Repsol YPF, S.A 74
10.1 Repsol YPF, S.A, Key Information 74
10.2 Repsol YPF, S.A, Company Overview 74
10.3 Repsol YPF, S.A, Business Description 74
10.3.1 Business Overview 74
10.3.2 Downstream 75
10.3.3 Gas Natural SDG 76
10.3.4 LNG 77
10.3.5 Upstream 77
10.3.6 Upstream 78
10.3.7 YPF 79
10.4 Repsol YPF, S.A, SWOT Analysis 80
10.4.1 Overview 80
10.4.2 Repsol YPF, S.A. Strengths 81
10.4.3 Repsol YPF, S.A. Weaknesses 82
10.4.4 Repsol YPF, S.A. Opportunities 83
10.4.5 Repsol YPF, S.A. Threats 84
11 Financial Deals Landscape 85
11.1 Detailed Deal Summary 85
11.1.1 Debt Offerings 85
11.1.2 Partnerships 86
11.1.3 Asset Transactions 87
12 Recent Developments 89
12.1 License Awards 89
12.1.1 Nov 24, 2010: Eni Signs New Service Contract With Ecuador For Villano Oil Field In Block 10 89
12.2 Strategy and Business Expansion 89
12.2.1 Nov 26, 2010: Noble Energy Receives Notice Of Termination Of PSC Offshore Ecuador 89
12.2.2 Jul 22, 2010: Ecuador Cancels Oil Licenses Of Perenco 89
12.3 Other Significant Developments 90
12.3.1 Apr 21, 2011: New Evidence Of Fraud Found In Text Of Ecuador Judgment: Chevron 90
12.3.2 Mar 11, 2011: Chevron Appeals Ecuador Judgment 91
12.3.3 Feb 14, 2011: Chevron Says Illegitimate Judgment In Ecuador Lawsuit 92
12.3.4 Feb 02, 2011: International Sovereign Announces Termination Of Charapa Concession, Ecuador 93
12.3.5 Dec 20, 2010: Chevron Submits Expert Analysis In Lawsuit Against Company In Ecuador 93
12.3.6 Nov 29, 2010: INPEX Rejects Ecuador Oil Contract 94
12.3.7 Nov 24, 2010: Petrobras Argentina Rejects Ecuador Oil Contracts 94
12.3.8 Sep 17, 2010: Chevron Issues Statement On Ecuador Court Filings 94
12.3.9 Aug 17, 2010: Ecuador To Take At Least 85% Of Revenues From New Round Of Oil Contracts 96
12.3.10 Aug 10, 2010: Ecuador's State Output To Reach 384,533 Bopd By 2013 97
12.3.11 Aug 06, 2010: Chevron Files Petition In Ecuador Seeking Dismissal Of Lawsuit 97
12.3.12 Aug 05, 2010: Ecuador To Invest $700 Million In Refinery Upgrade 97
12.3.13 Jul 30, 2010: Ecuador Asks Companies To Maintain 200,000 Bpd 97
12.3.14 Jul 07, 2010: Ivanhoe Energy Updates On IP-15 Well In Pungarayacu Field, Ecuador 98
12.3.15 Jun 03, 2010: Ecuador Oil Exports Increases By 7% In April 2010 98
13 Appendix 99
13.1 Abbreviations 99
13.2 Methodology 99
13.2.1 Coverage 99
13.2.2 Secondary Research 100
13.2.3 Primary Research 100
13.2.4 Expert Panel Validation 100
13.3 Contact Us 101
13.4 Disclaimer 101
List of Tables
Table 1: Ecuador, Historic and Forecast Production and Consumption of Crude Oil, Thousand Barrels Per Day, 2000-2020 11
Table 2: Ecuador, Historic and Forecast Imports and Exports of Crude Oil, Thousand Barrels Per Day, 2000-2020 13
Table 3: Ecuador, Historic Reserves of Crude Oil, Million Barrels, 2000-2010 15
Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, May 2011 18
Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, May 2011 19
Table 6: South and Central America, Investment Benchmarking, Oil Sector Performance, May 2011 21
Table 7: South and Central America, Investment Benchmarking, Economic Performance, May 2011 25
Table 8: South and Central America, Country Standings, Economic Performance, May 2011 26
Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, May 2011 28
Table 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 28
Table 11: Ecuador, Crude Oil Key Statistics, 2010 30
Table 12: Ecuador, Total Gross Crude Oil Production (MMBBLs), 2003- 2010 31
Table 13: Ecuador, Gross Crude Oil Production by Type (MMBBLs), 2003- 2010 32
Table 14: Ecuador, Gross Crude Oil Production (MMBBLs), by Assets, 2003-2010 33
Table 15: Ecuador, Gross Equity Weighted Crude Oil Production by Company (MMBBLs), 2003- 2010 35
Table 16: Ecuador, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2003-2010 36
Table 17: Ecuador, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2011- 2015 38
Table 18: Ecuador, Active Oil Field Asset Details 40
Table 19: Ecuador, Planned Oil Field Asset Details 43
Table 20: Ecuador, Number of Oil Discoveries, 2005-2010 44
Table 21: Ecuador, Oil Discovery Details, 2005-2010 44
Table 22: Ecuador, Pipeline Key Statistics, May 2011 47
Table 23: Ecuador, Crude Oil Pipeline Length by Company (Km), May 2011 47
Table 24: Ecuador, Petroleum Product Pipeline Length by Company (Km), May 2011 48
Table 25: Ecuador, Crude Oil Pipelines, May 2011 49
Table 26: Ecuador, Petroleum Products Pipelines, May 2011 50
Table 27: Ecuador, Refinery Key Statistics, May 2011 51
Table 28: Ecuador, Total Refining Capacity (MMTPA), 2000- 2015 51
Table 29: Ecuador, Refining Capacity-Wise Market Share By Company, 2000-2015 52
Table 30: Ecuador, Crude Distillation Unit Capacity (MMTPA), 2000-2015 53
Table 31: Ecuador, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2015 53
Table 32: Ecuador, Oil Storage Key Statistics, May 2011 54
Table 33: Ecuador, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 54
Table 34: Ecuador, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2015 56
Table 35: Ecuador, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2015 57
Table 36: PetroEcuador, Key Facts 58
Table 37: PetroEcuador, SWOT Analysis 60
Table 38: Eni S.p.A., Key Facts 63
Table 39: Eni S.p.A., SWOT Analysis 68
Table 40: Repsol YPF, S.A., Key Facts 74
Table 41: Repsol YPF, S.A., SWOT Analysis 80
Table 42: BPZ Resources Completes Private Placement Of $161 Million 85
Table 43: Petroecuador To Form Joint Venture With Sinopec 86
Table 44: International Sovereign Energy To Sell Its Interest In Charapa Marginal Oil Field 87
Table 45: Murphy Oil Sells Oil Producing Properties In Ecuador To Repsol YPF Ecuador 88
List of Figures
Figure 1: Ecuador, Energy Consumption break-up (%), 2010 10
Figure 2: Ecuador, Historic and Forecast Production and Consumption of Crude Oil, Thousand Barrels Per Day, 2000-2020 12
Figure 3: Ecuador, Historic and Forecast Imports and Exports of Crude Oil, Thousand Barrels Per Day, 2000-2020 14
Figure 4: Ecuador, Historic Reserves of Crude Oil, Million Barrels, 2000-2010 16
Figure 5: South and Central America, Country Standings, Upstream Fiscal Attractiveness, May 2011 20
Figure 6: South and Central America, Country Standings, Oil Sector Performance by Reserves - Exploration & Production, May 2011 22
Figure 7: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, May 2011 23
Figure 8: South and Central America, Country Standings, Number of Exploration Blocks Awarded, May 2011 24
Figure 9: South and Central America, Country Standings, Economic Performance, May 2011 26
Figure 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 29
Figure 11: Ecuador, Crude Oil Assets Map, May 2011 30
Figure 12: Ecuador, Total Gross Crude Oil Production (MMBBLs), 2003- 2010 31
Figure 13: Ecuador, Gross Crude Oil Production by Type (MMBBLs), 2003- 2010 32
Figure 14: Ecuador, Gross Equity Weighted Crude Oil Production (MMBBLs) by Key Companies, 2003-2010 36
Figure 15: Ecuador, Market Share (%) of Key Companies based on Gross Equity Weighted Crude Oil Production, 2010 37
Figure 16: Ecuador, Number of Oil Discoveries, 2005-2010 44
Figure 17: Ecuador, Crude Oil Pipeline Length By Company (Km), May 2011 48
Figure 18: Ecuador, Total Refining Capacity (MMTPA), 2000- 2015 52
Figure 19: Ecuador, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 55
Figure 20: Ecuador, Oil and Chemicals Storage Capacity Share by Area (%), 2010 55
Figure 21: Ecuador, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2015 56