Table of Contents
Executive Summary — 6 Ecuador Energy Market
Overview — 8 Global Oil Market
Outlook — 12 Storing Up Trouble — 12
Revised Forecasts — 14 Global Oil Market
Review — 16 One-Way Traffic — 16
Table: Global Oil Consumption (000b/d) — 19 12-Month
Demand Outlook — 19 Table: Global Oil Production
(000b/d) — 20 12-Month Supply
Outlook — 21 Longer-Term Supply And
Demand — 21 Oil Price Assumptions — 22
Table: Crude Price Assumptions 2008/2009 — 23 Table: Oil
Price Forecasts — 23 Global Oil Products Price
Outlook — 24 Table: Oil Product Price Assumptions 2009
(US$/bbl) — 27 Table: Oil Product Price Forecasts
(US$/bbl) — 28 Global Oil Products Market
Review — 29 Regional Energy Market
Overview — 34 Oil Supply And
Demand — 34 Table: Latin America Oil Consumption
(000b/d) — 35 Table: Latin America Oil Production
(000b/d) — 36 Oil: Downstream — 37
Table: Latin America Oil Refining Capacity (000b/d) — 37
Gas Supply And Demand — 38 Table: Latin America Gas
Consumption (bcm) — 38 Table: Latin America Gas Production
(bcm) — 38 Liquefied Natural Gas — 39
Table: Latin America LNG Exports/(Imports) (bcm) — 39
Business Environment Ranking — 40 Latin America
Region — 40 Composite Scores — 40
Table: Regional Upstream Business Environment Rating — 41
Table: Regional Downstream Business Environment
Rating — 42 Upstream Scores — 42
Downstream Scores — 42 Ecuador Upstream Rating –
Overview — 43 Ecuador Upstream Rating – Potential
Returns — 43 Ecuador Upstream Rating – Risks to
Potential Returns — 43 Ecuador Downstream Rating –
Overview — 43 Ecuador Downstream Rating – Potential
Returns — 44 Ecuador Downstream Rating – Risks to
Potential Returns — 44 Risk
Summary — 45 Political — 45
Economic — 45 Business
Environment — 45 Industry Forecast
Scenario — 46 Oil And Gas
Reserves — 46 Oil Supply And
Demand — 46 Gas Supply And Demand — 47
Refining And Oil Products Trade — 47 Revenues/Import
Costs — 48 Table: Ecuador Oil & Gas – Historical
Data & Forecasts — 49 Other
Energy — 50 Table: Ecuador Other Energy – Historical
Data & Forecasts — 50 Key Risks To BMI’s Forecast
Scenario — 50 Long-Term Oil & Gas
Outlook — 51 Macroeconomic
Outlook — 52 Table: Ecuador – Macroeconomic
Forecast — 53 Competitive
Landscape — 54 Table: Key Domestic And Foreign
Companies — 55 Overview/State
Role — 55 Table: Key Upstream
Players — 58 Table: Key Downstream
Players — 58 Company Monitor — 59
Petroecuador — 59 Eni Ecuador — 63
Petrobras de Ecuador — 65 Perenco Ecuador
Ltd — 68 Andes Petroleum –
Summary — 70 Occidental –
Summary — 70 Teikoku Oil –
Summary — 71 Repsol YPF –
Summary — 71 Sinopec –
Summary — 72 ConocoPhillips –
Summary — 72 Noble –
Summary — 72 Others –
Summary — 72 Glossary of Terms — 74
Oil & Gas Ratings: Revised Methodology — 75
Introduction — 75 Ratings
Overview — 75 Table: BMI Oil & Gas Business Environment
Ratings: Structure — 76
Indicators — 77 Table: BMI Oil & Gas Business Environment
Upstream Ratings: Methodology — 77 Table: BMI Oil & Gas
Business Environment Downstream Ratings: Methodology — 78
Oil & Gas Outlook: Long-Term Forecasts — 80 Global Oil
Demand — 80 Table: Global Oil Demand
(000b/d) — 80 Table: Global Oil Production
(000b/d) — 81 Global Oil Supply — 81
Global Gas Demand — 82 Table: Global Gas Demand
(bcm) — 82 Global Gas Supply — 82
Table: Global Gas Production (bcm) — 83 Regional Oil
Demand — 84 Table: Latin America Oil Consumption
(000b/d) — 84 Regional Oil Supply — 85
Table: Latin America Oil Production (000b/d) — 85 Regional
Refining Capacity — 86 Table: Latin America Oil Refining
Capacity (000b/d) — 86 Regional Gas
Demand — 87 Table: Latin America Gas Consumption
(bcm) — 87 Regional Gas Supply — 88
Table: Latin America Gas Production (bcm) — 88 Ecuador
Country Overview — 88 Methodology & Risks To
Forecasts — 89 BMI Forecast
Modelling — 90 How We Generate Our Industry
Forecasts — 90 Energy Industry — 91
Cross checks — 91 Sources — 91
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