Ecuador's state-owned oil company, which returned to the spot market in 2017, offered its first for four tenders for spot crude cargoes for this year with plans to supply eight cargoes/month by 2024. The tender, for which bids will be due on Feb. 19, will be for three 360K-bbl cargoes of medium-sour Oriente for loading on March 14-16, March 18-20, and March 19-21. Last month, Ecuador left OPEC and is now trying to increase its market presence. State-owned Petroecuador is currently stuck in eight-oil back debt contracts, which will expire in 2024, with Asian firms state-owned PetroChina and Sinopec's trading arm Unipec of China and state-owned PTT of Thailand, the latter of which Petroecuador is hoping to reprogram supply. Additionally, the company is expected to increase sales of No. 6 fuel oil as it currently sells 190K b/month (6.24K b/d)
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