Petroecuador Gets Revenue From Old Occidental Petroleum Company Fields

Look at this report, because it shows just how much of an impact the seisure of Occidential Petroleum oil production facilities had on Petroecuador's overall revenues.  Moreover, one has to ask how the company is maintaining those facilities given its past failures. 

Dow Jones International News, October 15, 2008

QUITO (Dow Jones)--Petroecuador reported Tuesday oil export revenue of $526.33 million in September, a 20% decrease from the $656.12 million registered in the previous month.

According to Petroecuador data, the company exported 5.91 million barrels of crude oil in September, down 10% from 6.56 million barrels registered in August.

Petroecuador's exports include Napo crude from former Occidental Petroleum Company fields that were seized May 15, 2006. Ecuador claims Occidental broke the terms of its operating contract.

Exports of Oriente crude in September were 4.47 million barrels, while exports of Napo crude were 1.44 million barrels.

The average price of Oriente in September fell 11% to $90.24 a barrel from $100.86 in August. The price of Napo crude was $85.15 per barrel, a 13% decrease against $97.68 registered one month before.

Figures have been rounded.

Petroecuador is Ecuador's state oil company.