79%
share of oil in the total energy consumption
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This analysis includes a comprehensive Ecuador energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2020 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
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Highlights
79%
share of oil in the total energy consumption
5th
largest proven oil reserves in South America
70%
of hydro in the power mix
Abstract
Institutions & Energy Policy
The Ministry of Energy and Natural Non-Renewable Resources (MERNNR) is in charge of the country's energy policy. It was created following the 2018 merger of the Ministry of Electricity and Renewables, the Ministry of Hydrocarbons, and the Ministry of Mining.
Energy Companies
Gas:
Petroecuador took control of the Amistad gas field in 2010 after the refusal of Noble Energy Inc. (NBL) to change its production-sharing contract to a new service agreement.
Energy Supply
Gas:
The country's marketed gas production is low (0.5 bcm in 2020) and it has one of the highest venting and flaring rates in South America (50% of gross production in 2020). It is produced from the Amistad field in the Golf of Guayaquil.
Energy Prices
Oil:
The price of oil products is still controlled by the Government as the plan for removing fuel subsidies in 2019 was cancelled due to social unrest. In April 2020, the government announced its plan to again remove subsidies, which represent a heavy burden on the state budget: around US$1.2bn in 2021 and estimated at around US$3bn in 2022 due to soaring international oil products prices.
Energy Consumption
Per capita energy consumption is around 0.76 toe, a level 36% below the South American average (2020). Per capita electricity consumption is approximately 1 400 kWh.
Energy consumption fell by 12% in 2020 (13.5 Mtoe). Previously, it had been roughly stable from 2015 to 2019 as a result of low economic growth, after a rapid increase between 2009 and 2015 (around 8%/year).
Issues & Prospects
Electricity:
In its Electricity Master Plan 2018-2027, Ecuador estimated that its power capacity should increase by 4 GW by 2027 to face a 7%/year increase in electricity demand. These figures could reach 5 GW and 10%/year, respectively, in the prospective scenario of basic industrialisation (aluminium, copper, petrochemical).
Below is a list of the Ecuador energy market report graphs:
In the Ecuador energy market report you will find the following tables:
The Ecuador energy market data since 1990 and up to 2020 is included in the Excel file accompanying the Ecuador country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
The Ecuador country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
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