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SUPPLY
Ecuadorian oil output was flat for many years prior to
2004, limited by pipeline capacity out of the inland Oriente region
where the country’s main oil fields are located. A new line, opened in
late 2003, allowed production capacity to build up and it is projected
that Ecuador will be able to maintain plateau production for at least a
decade. However small declines in 2009 are projected as a result of
Ecuador adhering to OPEC output restrictions after Ecuador rejoined OPEC
in 2007.
Only small amounts of gas are produced due to lack of pipeline capacity
out of the Oriente. Nearly all the country’s marketed gas comes from the
Guayaquil basin on Santa Elena peninsula. There is no offshore oil
potential here but some gas is produced from one offshore field in the
same region. It is forecast that Ecuadorian gas production will grow
steadily as infrastructure is installed.
DEMAND
Ecuador saw declines in oil consumption through to 2000
but it is now rising steadily as production grows. Meanwhile exports
have declined although they should remain steady after 2010.
Gas consumption is minimal but should increase in line with indigenous
gas production.
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