The Ecuador oil & gas downstream market size is projected to expand at a CAGR of 1% during the forecast period, 2021-2028. The growth of the market is attributed to increasing demand for refined petroleum products.
Ecuador's refining sector is expected to grow significantly in the market during the forecast period owing to increasing demand for refined products from end-users. In 2018, Ecuador had a refining capacity of approximately 175 thousand barrels per day (b/d) of oil. Oil dominates Ecuador's energy mix.
The oil industry accounts for more than half of Ecuador's export earnings, and the US is one of the country's largest crude oil importers. Ecuador had 2.8 thousand billion barrels of proven oil reserves as of 2018. The majority of Ecuador's oil reserves are in the Amazon's Oriente Basin.
With increasing investments and rising competition, Ecuador's refining throughput increased by 2.1 percent in 2018, reaching 159 thousand barrels per day. The Government of Ecuador is looking for private companies that are interested in building a new refinery. Rising pollution has led the state-owned PetroEcuador to decommission its aging 110,000 b/d Esmeraldas refinery in 2019 and launch an international tender to build a new one for USD 6 billion. As a result, increased production is expected to propel the Ecuador oil and gas refining market during the forecast period.
The most uncertain factors influencing the market growth are technological advancements and environmental concerns that encourage EV adoption. Government policies that encourage or require the use of EVs or other alternatives are likely to reduce oil demand. Ecuador opened its largest electric charging station for electric cars, taxis, and buses in 2019, which is built by China's BYD. Various policies and incentives, lower vehicle prices, increased driving range, faster charging times, and zero-emission vehicles are expected to boost the EV market, negatively influencing the market growth. In 2019, the country sold a total of 103 units. In comparison to the previous year, this indicated a reduction of roughly 21% in the number of electric vehicles sold in the country.
The report on the Ecuador oil & gas downstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Ecuador Oil & Gas Downstream Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Refineries and Petrochemical Plants) |
Country Scope |
Ecuador |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
EP Petroecuador, Petroamazonas EP, Eni SpA, Total S.A., and Royal Dutch Shell Plc. |
Based on types, the Ecuador oil & gas downstream market is segregated into refineries and petrochemical plants. A refinery is a manufacturing facility that consists of a collection of chemical processing unit that refinish certain materials or convert raw materials into valuable products. Petrochemical plants convert natural resources such as crude oil, natural gas, ores, and minerals into a variety of products. They manufacture a variety of crucial building blocks for industrial processes, such as ethylene, propylene, butadiene, and aromatics.
The Ecuador oil & gas downstream market is segmented on the basis of
The major players in the Ecuador oil & gas downstream market include EP Petroecuador, Petroamazonas EP, Eni SpA, Total S.A., and Royal Dutch Shell Plc.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. PetroEcuador is expecting a proposal from a consortium led by Hyundai of South Korea and US contractor KBR to manage its 110,000 b/d Esmeraldas refinery. Ecuador, which departed Opec in early 2020, is presently producing roughly 505,000 barrels per day of crude, with PetroEcuador accounting for 80% of the total production. The rest comes from private companies such as Andes Petroleum and PetroOriental, two joint ventures between state-owned companies CNPC and Sinopec in China, which accounted for around 7% of total Ecuador's oil & gas output.
The Ecuador oil & gas downstream market is segmented on the basis of
The major players in the Ecuador oil & gas downstream market include EP Petroecuador, Petroamazonas EP, Eni SpA, Total S.A., and Royal Dutch Shell Plc.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. PetroEcuador is expecting a proposal from a consortium led by Hyundai of South Korea and US contractor KBR to manage its 110,000 b/d Esmeraldas refinery. Ecuador, which departed Opec in early 2020, is presently producing roughly 505,000 barrels per day of crude, with PetroEcuador accounting for 80% of the total production. The rest comes from private companies such as Andes Petroleum and PetroOriental, two joint ventures between state-owned companies CNPC and Sinopec in China, which accounted for around 7% of total Ecuador's oil & gas output.
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