Petroecuador Awards $644.8 Million in Crude Oil Export Contracts for 14.4 Million Barrels to Unipec, Shell, and PetroChina, Plus $128 Million Spot Sale
$644.8 Million in Tender Awards Plus $128 Million Spot Sale
EP Petroecuador — Ecuador's state oil company — awarded the export of 14.4 million barrels of crude oil through two international public tenders held on February 5, 2026, expected to generate approximately $644.8 million in state revenue.
Contract awards went to three major international traders:
| Company | Crude Grade | Role |
|---|---|---|
| Unipec America Inc. | Oriente / Napo | Tender winner |
| Shell Western Supply and Trading | Oriente / Napo | Tender winner |
| PetroChina International Co. Ltd. | Oriente / Napo | Tender winner |
In a separate spot sale, Petroecuador awarded 1.44 million barrels of Oriente crude to PetroChina International at a WTI differential of -$3.91 per barrel, expected to generate approximately $128 million. The crude will be delivered in four shipments of 360,000 barrels each during February.
Competitive Bidding Process
The February spot sale attracted robust international participation:
| Metric | Value |
|---|---|
| Qualified companies in supplier registry | 36 |
| Offers received | 6 |
| Winning bidder | PetroChina International |
| Winning differential | WTI -$3.91/barrel |
| Benchmark | West Texas Intermediate (WTI) |
The six bidders included PetroChina (winner), Equinor ASA, Glencore Ltd., Shell Western Supply and Trading, Trafigura Pte. Ltd., and Unipec America Inc. — representing a cross-section of major commodity trading houses, national oil companies, and integrated majors.
Spot-Market Strategy Delivers Results
Petroecuador has aggressively shifted toward spot-market crude placement, with 78% of production now designated for spot sales rather than long-term offtake agreements. The strategy has delivered dramatic revenue growth:
| Year | Spot Revenue | Change |
|---|---|---|
| 2023 | $3.244 billion | Baseline |
| 2024 | ~$6.558 billion | +102% |
| 2026 YTD | $772.8 million (tenders + spot) | Second operation of year |
The near-doubling of spot revenues from 2023 to 2024 reflects both higher oil prices and improved marketing of Ecuador's crude grades to a diversified buyer base.
Ecuador's Crude Grades
Ecuador markets two primary crude grades on international markets:
| Grade | API Gravity | Sulfur | Production |
|---|---|---|---|
| Oriente | ~24° (medium) | ~1.4% (sour) | Primary export grade |
| Napo | ~19° (heavy) | ~2.0% (sour) | Secondary, heavier grade |
Both grades are benchmarked against WTI with negative differentials reflecting their heavier, more sulfurous characteristics relative to light sweet US crude.
Production Context
Ecuador's oil production has stabilized at approximately 480,000-500,000 barrels per day, positioning the country as a mid-tier OPEC-adjacent producer (Ecuador left OPEC in 2020). Key production infrastructure:
| Asset | Capacity/Status |
|---|---|
| SOTE pipeline | 360,000 bbl/d; also transits Colombian crude |
| OCP pipeline | 450,000 bbl/d; privately operated |
| ITT Block (Yasuní) | ~55,000 bbl/d; politically contested |
| Petroecuador operated fields | ~340,000 bbl/d |
| Private/service contract fields | ~140,000 bbl/d |
The Southeast oil bidding round planned for H1 2026 could add production from blocks in Pastaza and Morona Santiago provinces not currently in production.
Fiscal Impact
Crude oil exports remain Ecuador's single largest revenue source, despite diversification into mining and agriculture. The $772.8 million in February tender and spot revenue contributes to the state's fiscal position at a time when the government faces:
- A $5.3 billion fiscal deficit that remains unresolved
- Ongoing IMF Extended Fund Facility obligations
- The cost of military deployments under the state of emergency
- The $2.43 billion power expansion plan requiring co-financing
What to Watch
Track subsequent tender results throughout 2026 — the pace of spot sales will indicate whether the $6.6 billion 2024 revenue level is sustainable. Monitor buyer diversification — PetroChina's presence in both the tender and spot sale reinforces Chinese demand for Ecuadorian crude, paralleling Beijing's mining investments. Watch for the Southeast oil block round — new production from Pastaza and Morona Santiago would increase exportable volumes. Track the Colombia pipeline dispute — the 900% SOTE fee hike from $3 to $30/barrel may reduce Colombian crude transit, affecting pipeline utilization and revenue.
Sources: El Universo, AmericaEconomia, Petroecuador
Source
AmericaEconomia / El Universo — “PetroChina se adjudica exportación spot de crudo Oriente de Ecuador”
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