- Ecuador, the fifth-largest oil producer in South America, produced 505,000 bbl/d of liquid fuels in 2012, of which almost all was crude oil and the remainder condensate and natural gas liquids.
- Historically, Ecuador has exported most (roughly 70%) of the crude oil it produces. The United States is Ecuador's largest crude oil importer.
- 1989 - Special Act No. 45, establishing the State Petroleum Company Petroecuador
- 2006 - Petroecuador took over the production assets of Occidental Petroleum after contracts expired
- 2009 - Following a tax dispute, the government also appropriated two blocks assigned to Perenco
- On September 26, 1989 by Special Act No. 45, establishing the State Petroleum Company Petroecuador of Ecuador was created under a system of associated companies or holding company formed by a matrix and six subsidiaries:
- Hydrocarbon resources are exclusively owned by the state. Ecuador limits foreign investment in the sector. Foreign oil and gas companies are allowed to enter into service contracts that offer a fixed per-barrel fee for their exploration and production activities.
- As of January 2013, Ecuador had more than 8 billion barrels of proven crude oil reserves, which is a year-over-year increase of 14%. Ecuador has the third largest oil reserves in South America, following Venezuela and Brazil. Most of Ecuador's oil reserves are in the Oriente Basin, which is located under the Amazon.
- Ecuador's most productive oil blocks are located in the northeastern part of the country. According to PFC Energy, Shushufindi and Auca (two of the most prolific fields) together produced an average of 31,000 bbl/d in 2010. Crude oil production increased sizably in 2003 with the opening of the Oleoducto De Crudos Pesados Oil Pipeline, which removed a chokepoint on heavy crude oil transportation in the country.
- In 2012, national oil companies (NOCs) Petroecuador, Petroamazonas, and Operaciones Rio Napo, a joint venture between Petroecuador and Petroleos de Venezuela, accounted for roughly 73% of total production in Ecuador, with the remainder attributed to fields operated by private companies.
- Ecuador exported 354,000 bbl/d of crude oil in 2012, according to statistics from Banco Central del Ecuador. It markets two grades of oil: Oriente, which accounts for two-thirds of total exports, and Napo, which is a heavier grade.
- Ecuador has two major oil pipeline systems.
- The largest pipeline in the country is the Sistema Oleducto Trans-Ecuatoriano Sote Oil Pipeline otherwise known as the Trans-Ecuadorian Oil Pipeline
- The 310 mile, 400,000 bbl/d SOTE runs from Lago Agrio to the Balao oil terminal on the Pacific coast and to the Esmeraldas Refinery
- Ecuador's second oil pipeline is the Oleoducto De Crudos Pesados Oil Pipeline (OCP).
- The 300 mile, 450,000 bbl/d OCP mostly parallels the route of the SOTE.
- The OCP began operations in September 2003, and its completion immediately doubled Ecuador's oil pipeline capacity and facilitated increased production.
- Approximately 70% of the country's crude travels through SOTE, with the remainder transported through OCP.
- Ecuador uses one international pipeline, the TransAndino. The 50,000 bbl/d pipeline connects Ecuador's oil fields with the Colombian port of Tumaco.
- There are no LNG terminals in Ecuador
- There are three refineries in Ecuador, the largest and most complex is Esmeraldas Refinery with 110,000 bpd capacity, whilst La Libertad Refinery is much smaller and simple and finally Amazonas Shushufindi Refinery is a small topping refinery but is being expanded and upgraded: See Amazonas Shushufindi Refinery Expansion Project
- Petroecuador and PDVSA also plan to construct a large greenfield refinery, The Pacific Refinery with 300,000 bpd capacity