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March 27, 2008 |
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PETROECUADOR: Oil Export Revenues Jump to US$1.27B in Jan.-Feb. Petroecuador said that its oil export revenues increased to US$1.27 billion in the first two months of this year, compared to US$487 million in the same period of 2007, Dow Jones Newswires reports. Dow Jones relates that data from Petroecuador indicates that in terms of volume, the company's oil exports increased 42% to 16.1 million barrels of crude oil between January and February 2008, from 11.37 million barrels in the same months last year. According to Dow Jones, Petroecuador's total exports include Napo crude from fields the government confiscated from Occidental Petroleum Co. in May 2006 for allegedly breaching the terms of the operating contract. Oriente crude exports totaled 11.03 million barrels in the first two months of 2008, with the average price increasing to US$80.53 a barrel from US$45.24 a barrel in the same months last year, the report says. Napo crude exports were about 5.07 million barrels, with the average price increasing to US$75.81 per barrel in the first two months of this year from US$38.89 in the same period in 2007, Dow Jones states. Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec -- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * In previous years, Petroecuador, according to published reports, was faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much- needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. In 2008, a new management team was appointed to turn around the company's operations. |
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