Análisis del Impacto en la Producción Petrolera Ecuatoriana debido a la Pandemia del COVID-19 durante el año 2020

Abstract

This scientific article aimed to investigate the effect and impact of the of the COVID-19 pandemic on Ecuadorian oil production, during the year 2020. For this, the methodology used consisted of the review of secondary sources, including books, magazines, reports, statistics and official bulletins from the Central Bank of Ecuador, CELAC, OPEP, among others; in order to provide an overview of the impact of COVID-19 on the Ecuadorian oil sector.

The results of the documents consulted showed that the Ecuadorian State was affected by the decrease in oil production during the year 2020. This reduction was slight in the State Petroleum Petroamazonas EP, which had a variation of -8.6% in relation to the year 2019; This variation occurs almost entirely during the second quarter, and is directly associated with the damage to the Sistema de Oleoductos Transecuatoriano (SOTE) and the impact on the Oleoducto de Crudos Pesados (OCP) that occurred on April 7, 2020 in the sector of San Rafael.

On the other hand, private oil companies were also affected by the events in SOTE and OCP, however, it has been possible to show a much greater reduction in oil production in relation to each quarter of 2019, reaching a total of -12.8%.

From the analysis carried out, it has been possible to show that there was a slight affectation due to the COVID-19 pandemic, especially in private oil companies, however, the main cause of the reduction in oil production occurred in the second quarter of the year 2020, due to the suspension of crude oil pumping between April 7 and May 10, 2020.

The government had to adopt control measures in the discharges and make structural adjustments, although it is concluded that the damage in the SOTE and OCP, the COVID-19 pandemic, the confinement measures and mobility restrictions as a result of this, generated a decrease of oil production in Ecuador in 2020, causing national production to be 175.45 million barrels, and 479.37 thousand barrels per day, that is, 9.7% less than what was produced daily in 2019.

During the year 2020, 131.52 million barrels of oil were exported, which generated income for a value of USD 4'684.79 million, with a quarterly average price of USD 35.62 per barrel, this represented an income lower than that received during the year 2019 of - 39.4%.