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