Ecuador Oil And Gas Downstream Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 1.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ecuador Oil And Gas Downstream Market Analysis
The Ecuador oil & gas downstream market is expected to register a CAGR of more than 1% during the forecast period.
The COVID-19 pandemic had a significant impact on the market because demand for hydrocarbons and hydrocarbon derivatives in the nation fell.However, the market has rebounded and is expected to reach pre-pandemic levels during the forecast period.
- Over the long term, the increasing demand for refined petroleum products, coupled with the rise in population, urbanization, and industrialization in Ecuador, is expected to drive the oil & gas downstream market during the forecast period.
- On the other hand, the growing share of fuel-efficient vehicles and the increasing penetration of electric vehicles, coupled with the high volatility of crude oil prices, are expected to hinder market growth during the forecast period.
- Nevertheless, with the increasing demand for petroleum products, the country is planning to increase its market share by creating an impact with its oil and oil-based products. The country is also planning the expansion of its downstream markets, such as oil refining and others. This, in turn, is expected to create a significant opportunity for the payers involved in the market in the near future.
Ecuador Oil And Gas Downstream Market Trends
Refining sector is Expected to Witness a Significant Growth
- Ecuador had a refining capacity of about 175 thousand barrels per day (b/d) of oil in 2021. Oil is the main component of Ecuador's energy mix.The oil sector accounts for more than half of the country's export earnings in Ecuador; the United States is one of Ecuador's largest crude oil importers. Despite having significant oil and gas reserves, Ecuador is primarily a crude exporter, due to which the country imports most of its refined hydrocarbon requirements.
- Ecuador's refining capacity comes from three refineries that are old and need to be modernized. Due to their age, refinery utilization rates remain well below 85% despite high demand. In 2021, the average refinery throughput stood at 146 thousand barrels per day, with a refinery utilization factor of 83.66%.
- In June 2022, Ecuador's state-owned oil and gas utility Petroecuador launched a new tender inviting proposals from companies interested in becoming strategic partners and investors in the rehabilitation, modernization, and integral operation of its 110,000 b/d Esmeraldas refinery on the Pacific Coast.
- As Ecuador looks to invest and modernize its refinery sector, this is expected to increase the growth of the Ecuador oil and gas refining market during the forecast period.
Growing Fleet of EVs is Likely to Hinder the Market
- Technology change and environmental concerns to encourage EV adoption are the most uncertain factors affecting the market's growth. Government policies incentivizing or mandating EVs or other alternatives are likely to reduce oil demand. Various policies and incentives, lower vehicle prices, increased driving range, faster charging times, and zero-emission vehicles paving the way for a cleaner future are expected to boost the EV market.
- In 2022, according to the Asociación De Empresas Automotrices Del Ecuador, electric vehicle sales in Ecuador reached 405, up by more than three times from both 2021 and 2020. This highlighted the fact that the Ecuadorian EV market is expanding rapidly.
- In December 2020, the Inter-American Development Bank (IDB) announced a USD 43 million credit line to increase public transport electric vehicles (EVs) rollout and encourage private participation in the country's EV sector in Ecuador. The first operation of the credit line is aimed at promoting the financing of private investment in EVs and encouraging the replacement of internal combustion vehicles.
- As a part of its electromobility policy, Ecuador expects to have some 10,000 electric vehicles by 2025, including public transport buses, taxis, light cargo trucks, and other light vehicles. By 2030, it aims to reach 100,000 vehicles, and by 2040, in the massification stage, there are expected to be more than 750,000 electric vehicles in circulation.
- The above factors are expected to hinder the growth of the conventional IC engine-based vehicle market. This, in turn, is expected to directly impact petroleum products such as diesel and gasoline.
Ecuador Oil And Gas Downstream Industry Overview
The Ecuador oil and gas downstream market is moderately consolidated. Some of the key players in the market (in no particular order) include EP Petroecuador, Petroamazonas EP, Eni SpA, Total S.A., and Royal Dutch Shell Plc, among others.
Ecuador Oil And Gas Downstream Market Leaders
EP Petroecuador
Petroamazonas EP
Eni SpA
Total S.A.
Royal Dutch Shell Plc
*Disclaimer: Major Players sorted in no particular order
Ecuador Oil And Gas Downstream Market News
- October 2022: Ecuador launched a tender inviting investment in the modernisation and upgradation of its largest refinery, the 110,000 bbl/day capacity Esmeraldas refinery.
- February 2022: Ecuador’s national oil company Petroecuador signed a 15-year contract for the receipt, storage, transport, and dispatch of petroleum products with Abastecedora Ecuatoriana de Combustibles. All fuels were expected to be handled by Petroecuador's infrastructure, which included pipelines, terminals, refineries, and the oil docks of Esmeraldas, La Libertad, and Tres Bocas.
Ecuador Oil & Gas Downstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Refining Capacity and Forecasts in million barrels per day, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION & ANALYSIS
5.1 Process Type
5.1.1 Refineries
5.1.2 Petrochemical Plants
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 EP Petroecuador
6.3.2 Petroamazonas EP
6.3.3 Eni SpA
6.3.4 Total S.A.
6.3.5 Royal Dutch Shell Plc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ecuador Oil And Gas Downstream Industry Segmentation
Downstream operations are oil and gas processes that occur after the production phase until the point of sale. These processes are the final step in the path that oil and gas take from being in the ground to being in the hands of consumers.
The Ecuador oil and gas downstream market is segmented by type. By type, the market is segmented into refineries and petrochemical plants. The market sizing and forecasts have been done based on refining capacity (million barrels per day).
| Process Type | |
| Refineries | |
| Petrochemical Plants |
Ecuador Oil & Gas Downstream Market Research FAQs
What is the current Ecuador Oil And Gas Downstream Market size?
The Ecuador Oil And Gas Downstream Market is projected to register a CAGR of greater than 1% during the forecast period (2023-2028).
Who are the key players in Ecuador Oil And Gas Downstream Market?
EP Petroecuador, Petroamazonas EP, Eni SpA, Total S.A. and Royal Dutch Shell Plc are the major companies operating in the Ecuador Oil And Gas Downstream Market.
Ecuador Oil And Gas Downstream Industry Report
Statistics for the 2023 Ecuador Oil And Gas Downstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ecuador Oil And Gas Downstream analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
