Non Renewables Ecuador

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NON RENEWABLES ENERGY

The role of non renewable energy in Ecuadors future supply

Felipe Saldaa1Walter Dutn1

William Bernal1

Abstract

Ecuador has been oil-endowed. Ecuador is one of Latin Americas largest oil exporters. The

oil sector accounts for about 50 percent of Ecuadors export earnings and its contribution to

the GDP is around 20%. Despite being an oil exporter, Ecuador must still import refined

petroleum products due to the lack of sufficient refining capacity to meet local demand.

The hydrocarbons law, its reforms and contractual arrangements, have achieved - in Ecuador -

the discovery of new reserves, the development of new oil fields, the extraction of oil and

natural gas for domestic consumption and for export.

The oil reservations will not allow more than 30 years of exports, still assuming new

discoveries. Moreover, in term of 15 years, Ecuador could stop to be a country of exportation

of hydrocarbons. Therefore the structuring of a plan of energy development should be looked

for that includes: electricity, efficiency and energy saving; education and formation of the

users; alternative sources of energy; exploitation of local energy resources; decrease of the

contamination; manpower use and engineering local, to meet the future energy requirements.

Introduction

The most important source in the economy of Ecuador is the export of oil and its products.

From the discovery of the locations of the Amazon region, in 1967, Ecuador is one of Latin

Americas largest oil exporters. This country occupies the sixth regional range at the moment

for the production of oil and the third for the proven reserves.

1 Universidad Estatal de Cuenca. Maestra en Planificacin y Gestin Energtica. 2011


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Certainly, the oil activity is a necessary source of revenues and a condition for the economic

development of the countries of the Amazon region; however, Ecuador is subjected to a

strong dependence of the oil.

Concerning to the distribution of the GDP, the oil sector is of crucial importance. Its

contribution to the GDP is around 20%, its contribution to the exports is of 54% and its

participation in the general government budget accounts to 30%. However, the revenues

coming from the petroleum have not been dedicated to increase the refinement capacity,

causing that the Ecuador, despite being an oil exporter, it must still import refined petroleum

products.

The decrease of the oil reserves and the increment of the demand of oil products and natural

gas, added to both social and environmental problems, outline the urgency of the development

of alternatives to ensure the supply energy.

1. Nonrenewable energy resources of the EcuadorEcuador is located in the northwest of South America. It is limited in the north with

Colombia, in the south and the east with Peru and in the west with the Ocean Pacific.

Ecuador has an extension of 256,370 km2, and it is divided in four regions: Costa, Sierra,

Amazon and Galapagos.

The energy sector is one of the most important inside the economy of the Ecuador; this is

divided in two big groups: the subsector of nonrenewable natural resources that include the

hydrocarbon and mining, and the electric subsector.

The hydrocarbon field, represented by oil and gas, contributes more than 85% of the

production of primary energy in Ecuador, and it is an important exporter of oil of the region.


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1.1.CoalCoal is not used in Ecuador. The coal that we use to cook comes from the burnt wood. The

coal reserves, mostly lignite and sub-bituminous coal are considered in 26 million metric tons

(Napolen Saltos, Lola Vzquez, 2009).

In the future this energy type won't be part of the country energy resource.

1.2.Nuclear EnergyIn the Ecuador there are not nuclear plants of generation neither there will be them in the

future.

1.3.Mining resourcesIn the mining resources the most important is the gold, with an annual production of 4.8

million grams in the year 2003, located mainly in the south region of the country, with

Portovelo and Nambija like main locations. The gold represents the second line in mineral

exploitation after the petroleum. (Napolen Saltos, Lola Vzquez, 2009).

Also, important reserves of copper have been discovered.

2. OilThe petroleum is the main energy source in Ecuador.

2.1.History of the oil extraction in EcuadorThe first oil well was perforated in the Costa region in 1911.

In 1967 Texaco it perforated the first commercial well in the Amazonia. In the next years, the

biggest oil infrastructures were the Pipeline System (Sistema de Oleoducto Transecuatoriano

SOTE) and the Coca road.

In 1971 Ecuador joined the Organization of the Petroleum Exporting Countries (OPEC).

Indeed, in June of 1972 the State Ecuadorian Oil Company (Corporacin Estatal Petrolera

Ecuatoriana CEPE) was created (Montesdeoca).


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In September of 1989 PETROECUADOR was conformed in substitution of CEPE. It has

three filial: PETROPRODUCCION, PETROINDUSTRIAL y PETROCOMERCIAL.

Starting from 1982, due to pressures of the multilateral organisms and of the own companies,

the oil politics has been overturned toward the opening to the transnational ones.

In 1993, for decision of the Government of Sixto Durn Balln, the Ecuador retired of the

OPEC, being rejoined in the year 2007.

For ends of the 2002, it finishes building the Pipeline of Heavy Oil (Oleoducto de Crudos

Pesados OCP) like part of the strategy of expansion of the oil boundary. From 2003 the

government announces the tenth beat oil company for the concession of areas in the territories

of Napo, Pastaza and Zamora Chinchipe, besides the continuation of the project ITT

(Ishpingo, Tambococha, and Tiputini) that is located in the Yasun National Park and the

Fauna Reservation of Cuyabeno.

To beginnings of the 2007 the new government announces the construction of a new refinery

in the county of Manab with a capacity of refinement of 300.000 daily barrels. In this year

the exchange also begins with Venezuela (around 1.5-1.6 barrels of oil from Ecuador for 1

barrel of oil products from Venezuela).

In this same year the oil contracts were renegotiated with the Hispanic - Argentina Repsol, the

French Perenco, the Brazilian Petrobras, the Chinese Andes Petroleum and the company of

american capital settled down in Panama City Oriente.

The exploitation has been characterized by the investment lack in the growth of Petroecuador,

situation that constitutes one of the fundamental reasons that caused the crisis and the

deterioration in the oil production of the state area.

The last reformation to the Law of Hydrocarbons was introduced in July of 2010, in effect in

this reformation three important aspects of the industry were modified substantially:


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Figure 2: 1984 1995 Ecuador National Oil Production (Graphic Data inThousands Barrels) (Ortiz, Year 2 - No. 2 - October 2010).

The production averages yearly of oil of the decade 1993 - 2002 had arrived to 139 millionbarrels.


The oil production in Ecuador between 2003 and 2008 has a notorious influence of the

pipeline of heavy oil, OCP, from October of 2003. During this period, again the production of

petroleum is increased to reach an annual average of 181.99 million barrels.


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At the moment a total of 93 blocks and fields exist in production in Ecuador distributed in

different areas managed by the public companies and private operators. Petroecuador

executes exploration works, production, development and reinjection in 5 blocks: Cuyabeno,

Liberator, Shushufindi, Auca and Lago Agrio that are in the Amazon region of the country. In

these areas, Petroecuador operated a total of 27 producing fields between January and July of

2010. On the other hand, Petroamazonas operated 12 fields between January and July of2010. Additionally, we find the following private companies that operate in Ecuador

(operated fields): Repsol-YPF (8), Perenco (6), Andes Petroleum (9) and Petroriental (5),

among others.

Starting from the 2004 the production of oil in Ecuador showed an increase until arriving at

its maximum level in 2006, 536 thousands of daily barrels of oil. However, after 2007 the

production diminished up to 486 thousands of daily barrels of oil in 2010.


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Figure 5: Total oil production (public companies and private operators)(Graphic Data in Thousands Barrels). Source: Petroecuador.

The oil production during the year 2010 had risen and fallen, concluding the year with anupward production of approximately 140,000 daily barrels on the part of the state company

Petroecuador and a similar figure on the part of Petroamazonas. The remaining value to arrive

to the annual average of 486,000 daily barrels of oil produced came from the activity of

private operators, sensibly altered by the process of renegotiation of oil contracts that

concluded in January of 2011.

Figure 6: Paticipation in the production in 2010 of each one of the companiesthat operate in Ecuador. (J. Villarreal, J. Snchez, 2011).


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For the year 2011 51 million barrels of oil will be incorporated in proven reservations

sustained with projects of seismic in execution, processing and interpretation.

2.3.RefiningAt present, Ecuador has a capacity of oil processing of 176,000 barrels per day. The most

important products are the gasoline and the diesel, fuels of majority use in the transport. The

sector of hydrocarbons contributes with 71% of the national requirement of energy, being

distributed the remaining percentage among sources of the biomass and hydroelectric.

Ecuador has three oil refineries: (Napolen Saltos, Lola Vzquez, 2009):

Esmeraldas, with a capacity of 110,000 barrels of oil per day. La Libertad, with a capacity of 45,000 barrels of oil per day. Shushufindi, with a capacity of 20,000 barrels of oil per day. It is integrated by the plant

of gas and the Amazonas refinery.

Figure 7: Ecuador oil refineries. (J. Villarreal, J. Snchez, 2011)


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The national production of fuels in the refineries is insufficient to supply the total demand.

Despite its status as a crude oil exporter, Ecuador is a net importer of refined oil products. In

general, Ecuador exports heavy refined products, like fuel oil, and imports lighter products,

such as gasoline, diesel, and liquefied petroleum gas (LPG) that for the period 98-2007 (to

September), they overcame 166 million barrels, for a total cost for the country of US$ 8,167

million. It can be understood if it is considered that the Ecuadorian foreign debt for July of the

2007 was of US $17,319 million; that is to say that the country in a decade of import of fuels

spent an equivalent to 50% of its foreign debt. (Lpez, 2009).

2.4.Pipelines2.4.1. Sistema del oleoducto transecuatoriano (SOTE)

It is the main system of transport of the oil in the Ecuador. It crosses the country from Lago

Agrio until the port of Emeralds, with a longitude of 503 km and a diameter of 55 cm. During

36 years of their operation it has received and transported 3,600 million barrels in

uninterrupted form.

2.4.2. Oleoducto transandino (OTA)It is property of Colombia, but it transports petroleum of property of Petroecuador from Lago

Agrio (in Ecuador) until Orito (in Colombia), from there it is transported to the port of

Tumaco in Colombia, then for coastal traffic to be taken until la Pennsula de Santa Elena in

Ecuador. It has an extension of 26 km and it transports between 45 and 60 thousand barrels

per day of light oil to the refinery La Libertad.

2.4.3. Oleoducto de crudos pesados (OCP)It has a longitude of 485 km, from Nueva Loja until Esmeraldas, following a parallel route to

the SOTE. Also, it is buried in 99%. The diameters are of 24, 32, 34 and 36, depending

on the land. Its capacity of transport is of 450,000 daily barrels, but it transports a lot less than

its capacity (150,000 barrels) (OCP ECUADOR S.A.).


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Figure 8: Pipelines, refineries and terminals (red circles) (J. Villarreal, J.Snchez, 2011).

2.5.Oil pricesThe price of the barrel of petroleum had a considerable increment when being located in July

of 2008 in US$ 145.29, to descend in August from the same year to US$ 126.76. Then it

suffered a fall to US$ 30 in April of 2009. It recovered to US$ 71.33 at June 10 2009.


2.6.Refined oil products Emeralds: gasoline, diesel, liquefied gas of petroleum, jet fuel, fuel oil 4 and 6,

asphalts AP-3 and RC-2, butane, propane and sulfur.

La Libertad: gasoline base, diesel 1 and 2, jet fuel, Rubber Solvent, Mineral Turpentine(for elaboration of paintings), Spray Oil (fumigation of banana), Absorber Oil (chemical)

and Fuel Oil for the electric sector and ships.

Shushufindi: liquefied gas of petroleum, extra gasoline, diesel 1, jet fuel, diesel 2,residual.


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Both the proven and probable reserves of oil in the ITT are calculated in 412 and 920 million

barrels, respectively, that which represents more than 20% of the total reserves of the

Ecuador. The direct and indirect impacts of the extraction of the petroleum could include,

among others: degradation of the forest ecosystems, spill of toxic waters, colonization after

the construction of roads, illegal pruning, hunt and dysfunction of the tribal isolation

(Silvestrum VoF, 2009).

2.9.Hydrocarbons lawIn the Constitution of 2008 the paper of the State was redefined in the exploitation of the

nonrenewable natural resources. Mainly in the articles 313 at 318 the strategic sectors,

services and public corporations are approached. (Acosta, febrero-marzo del 2011).

With the government of Rafael Correa the constitutional disposition is claimed (Chapter V:

Articles 313 at the 318) relative to that the State has the command, the obligation to explode

and to administer the resources (strategic) oil guaranteeing the equal redistribution of the rent.

It insists in the oil normative reformation and in that the government enterprise should be

negotiated with exclusively technical, economic-financial approaches and delimiting the

intermediation of the interested groups in obtaining big utilities for its investments. (Narvaez,

2009).

3. Natural Gas

The use of natural gas in Ecuador was born following the discovery of this fuel in the

peninsula of Santa Elena (1957); to exhausted this field, most projects natural gas extraction

in the country were on hold, while in fields oil as Shushufindi, Aguarico and Libertador, the

natural gas was considered a waste of production. Ecuador is a relatively small producer of

natural gas into the market, currently in the production stations Petroecuador has been keen

interest in the associated gas by using it as fuel in turbines for power generation, for

maintenance of injection pressure, as motive fluid in artificial lift systems, among other uses.


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Consumption of natural gas for electricity production and for use in industrial processes has

increased dramatically in recent years.

3.1.Natural gas reservesEcuador has reserves that currently are not adequately exploited. Ecuador has a production

capacity of magnitudes less gas and not an exporter of natural gas, however, the idea of

diversifying the energy matrix by the Government to generated a series of exploration

projects and exploration of this combustible.

Figure 10. Proven reserves of natural gas (IndexMundi).

020,000,000,00040,000,000,00060,000,000,00080,000,000,000

100,000,000,000120,000,000,000

2003 2004 2005 2006 2007 2008 2009

Cubicmeters

Year

Natural gas - proved reserves

Ecuador does not have a definite market for the exploitation of these resources, nor account

with the neither optimal technology nor industrialization to create a market based on the use

of natural gas. The lack of this combustible initiative from the authorities in power, along

with inefficient energy policies and regulations to provoked stagnation in the use of this

hydrocarbon.

4. The change in the energy matrix of EcuadorThe situation of the energy matrix in our country is not the most appropriate, due to our high

dependence on fossil fuels for locomotion, power generation, heating and other purposes, the

smuggling of combustible due to the subsidies that make them attractive to the people of


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Figure 12. Prospect of change of the energy mix by 2020. (MEER - ECUADOR, 2008)

To obtain a change in the energy matrix the State should allocate sufficient resources for oil

exploration and exploitation with the objective of reduce the share of oil in energy supply and

increasing the share of renewable energies.

5. The role of renewable energies in Ecuador5.1.Oil

With the current rate of exploitation, of 470 thousand barrels per day, we have horizon oil

would not reach age 30. If we consider that the Yasuni-ITT Initiative involves leaving some

900 million barrels of oil underground, the oil extraction horizon is smaller. (Acosta, febrero-

marzo del 2011).

Ecuador extracts oil, oil exports and imports petroleum derivatives; they do not have enough

refining capacity. These expensive derivatives like diesel are burned to generate electricity in

thermal plants pollutants. Additionally, we must recognize what it means to sell such

derivatives with huge subsidies, which benefit wealthier groups of the population and is also

leaking across borders. (Acosta, febrero-marzo del 2011).


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In the National Budget such imports are estimated in least U.S. $ 3,700 million for 2011.

By 2010 subsidies were estimated at 3 billion dollars, for 2011 could approach 4,000 million.

The amount of contraband is estimated to be approximately 800 million dollars.

With the approval of the new Constitution in 2008 and the reform that was carried to the

Hydrocarbons Law, the Ecuadorian government poses a different oil politics which was

applied in previous governments. The main points that focus on the new oil politics are:

1. Return the steering role of the State Oil.2. Regain sovereignty over natural resources.3. New model of management, regulation and control of the sector.4. Institutional strengthening.5. State investment and attracting private investment.6. Infrastructure modernization and automation industry.7. Improve efficiency in supply and refining.8. Tools to implement real-time control of all phases of the industry.9. Sovereign sustainable development and an efficient use of non-renewable natural

resources and socially responsible.

10.Implement the use of new technologies.As national oil production, it emphasizes the strengthening of public companies, as EP

Petroamazonas and EP Petroecuador, so that the Ecuadorian State is the lead manager of the

operation of the oil industry and there is evidence of an efficient administration sector.

During the second half of 2010 took forward the process of renegotiation of oil contracts, as

mandated by the Law Reformatory the Hydrocarbon Law, aimed at eliminating the contract of

participation and switch to the delivery of services. Several companies accepted the new

model and negotiated a fee for their services, while other companies decided to terminate their

contracts.


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Table 1. Negotiation of oil contracts. (J. Villarreal, J. Snchez, 2011)

Most field operations and production blocks to been assumed by public companies in

Ecuador. Non-operating fields will bid for the operation of third-party companies during the

second half of 2011.

Another issue of vital importance in the oil sector is the ITT Yasuni. The Ecuadorian

government has proposed to maintain underground Yasuni reserves, provided they have the

support of the international community. The estimated number of barrels that will be left in

the ground is 980 million, and whose value must be provided by 50% by the international

community, an amount estimated at approximately USD 3.500 million. President Rafael

Correa said that if by December 2011 does not raise that amount, consider alternatives to

conservation, and may even block the exploitation of this oil.

Therefore, business opportunities focus in the following points (J. Villarreal, J. Snchez,

2011):

1. Provision of goods and services industry to the Ecuadorian state-owned enterprises. Thereare even financing options for foreign companies operating in Ecuador.


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2. Generation of strategic alliances with the Ecuadorian State companies providingcomprehensive services for operating in certain areas or blocks.

3. Provide services to private operators in Ecuador, who have committed substantial amountsof investment over the next five years, because of the contracts were renegotiated a few

months ago.

Given the output of some oil companies to avoid the collapse of the industry for the drop in

investment, the government of Ecuador will spend about five billion dollars over the next five

years in the area.

The State plans to have more resources, allowing you to recover lost investment to stabilize

the industry that brings more foreign currency and also use the surplus to the neglected

sectors, such as health, education and indigenous peoples living in isolation. In addition, with

the renegotiation of oil contracts sets the stage for similar action with multinational mining

companies in early 2011. (Osuna)

The Petroecuador production target for 2011 is 181 million barrels annually, for which the

company will contribute to increased production from their fields, to 51 million in the same

period. Petroecuador, which drew 61% of the 481,000 barrels per day (b / d) which produced

the country between January and October 2010, will have a budget of 3,974 million dollars in

2011. The production is rising, there has been exploration and drilling, which gave successful

results since 2010, which ended with an average production of 144,000 barrels per day and an

average of 142.000, when the goal was 136,000.

Within the heading of investment, spending most representative projects will be in oil

exploration and production where it plans to put a total of 549.7 million dollars. In refining

programs, by contrast, spent $ 340 million in them are considered integral rehabilitation

Esmeraldas refinery and building a new refinery in Manta, this will allocate a total of 391.6

million.


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Companies will work in a process called secondary recovery or enhanced recovery, which

involves activities such as injecting carbon dioxide or water vapour in a reservoir, to facilitate

the extraction of oil. Is expected to increase field production by 7% to 15%.

Brazil's Petrobras, China's CNPC, the U.S. subsidiary Nobel Energy and the consortium

Developer Ecuadorian Canada Grande left the country and became their fields operated by

Petroecuador and Petroamazonas public companies. In the country continue to operate the

Spanish Repsol-YPF, the Chinese consortium Andes Petroleum and PetroOriental, Enap

Chilean state and the Italian Eni. (Pacheco, 2011).

Petroecuador and PDVSA of Venezuela have agreed to build the refinery in the Pacific. The

complex will be operational in about five years and when it does become the largest refining

plant in Ecuador with a capacity to process 300,000 barrels of crude oil and produce gasoline,

naphtha, jet fuel, oils, lubricants, reducing the 3 billion dollars spent each year in fuel imports


5.2.Natural GasFor Ecuador, investment in alternative energy projects, such as natural gas extraction, is not

only an option to remove the high dependence of the energy mix with oil, but also be a

possible way to reduce gas imports (that October 2010 represented a cost of $ 0.10 million),

avoiding to burn and will generate a new source of revenue for the country. Today is one of

the new options in the global energy market and is expected to mean the country would save

U.S. $ 35 million a year.

The natural gas is likely of be used mainly by the following potential markets:

Electricity generation.

The industry sector, to replace fuel.


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The electricity sector can be regarded as the most future natural gas use (PACIFIC CREDIT

RATING, 2011).

6. ConclusionsOil is a resource that has become the main source of funding of the country's economy. When

compared in relation to PIB, it skirts around 23 to 24%, almost a quarter of PIB. In recent

years the country's economy is sustained by oil. In terms of exports, over 50% (amounts for

2010) from oil exports and in terms of financing the general budget of the State, we are

talking about in recent years, around 35%.

The oil reserves will allow no more than 30 years of exports, even taking on new discoveries.

Figure 13. The future of oil in Ecuador.(Larrea)

More importantly, in about 15 years, Ecuador might not be an exporter of oil. On the one

hand stocks are finite. And secondly, the growth in demand for petroleum products increased

steadily. That said the timely construction of a post-oil economy, even post-extractive is an

urgent necessity. (Acosta, febrero-marzo del 2011).

Although the changes actually taking place, Ecuador will continue for a longer, depending on

oil as a mainstream energy source. (MEER - ECUADOR, 2008)


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Ecuador, despite being an oil producer, has seen an improvement in their situation due to lack

of design and implementation of a long-term energy policies. Call for structuring energy

development plan that includes: electricity, energy efficiency and savings, education and

training of users, alternative energy sources, and exploitation of local energy resources,

reducing pollution, use of labour and local engineering, among others.

We can say that under current conditions, the energy sector of Ecuador does not guarantee

self-sufficiency to meet demand growing each year, nor ensures sustainability in economic,

environmental or social.

The new Constitution affirms the strategic nature of energy as a resource of the state, which

gains the private sector may not exceed the public sector. With this concept, it recovers the

role of the State in promoting equity in access to energy. The rules are in the process of

adaptation to the new constitutional framework, with the assistance of specialized agencies

such as the Ministry for Coordination of strategic sectors, the Ministry of Finance, the

Ministry of Planning and Strategic Development, SENPLADES, the Ministry of Electricity

and Renewable Energy and the National Electrification CONELEC.

Under the approach of generating clean energy, the Ministry of Non-Renewable Natural

Resources looking for turn natural gas in a means of obtaining carbon credit certificates,

stating that the efficient use of oil-associated gas in the Amazon region prevents damage

environment thanks to its non-burning, and it is not wasted energy source that can be used to

generate electricity and reduce diesel consumption.

The improvement in living conditions of Ecuadorians may depend in the future, sustainable

alternatives.

What remains of oil, in particular, should serve to build the bases that allow us to transit to

another form of economy. The development is not achieved simply based on the extraction of

natural resources, much less the Good Life or Sumak Kawsay. Let us keep in mind that it is


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necessary to generate wealth on the basis of human effort. We simply cannot survive with the

income of Nature, which, moreover, with this foolish extractive, we are taking towards

collapse.(Acosta, febrero-marzo del 2011).

Bibliography

Acosta, A. (febrero-marzo del 2011). Ecuador: Unas reformas con muy poca reforma. LaTendencia, nmero 11 .

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Colombiana de Servicios Petroleros.

Larrea, C. Petrleo o Conservacin en el Yasun? Un dilema histrico para el Ecuador.Universidad Andina Simn Bolvar.

Lpez, V. (2009).Diagnstico 2008 de Energas Sostenibles en Ecuador. Quito.

MEER - ECUADOR. (2008).Polticas y Estrategias para el cambio de la Matriz Energticadel Ecuador. Quito: MEER - ECUADOR.

Napolen Saltos, Lola Vzquez. (2009). Ecudor: Su Realidad. Quito: Fundacin "JosPeralta".

Narvaez, I. (Febrero de 2009). EL PETRLEO EN EL ECUADOR. DOCUMENTO DETRABAJO NO 014 . Quito, Pichincha, Ecuador: FACULTAD LATINOAMERICANA DECIENCIAS SOCIALES.

Ortiz, R. G. (Year 2 - No. 2 - October 2010). Rewriting the History of Oil Contracts inEcuador.ENERLAC MAGAZINE, 74-80.

Pacheco, H. F. (2011). Perspectiva de la industria petrolera latinoamericana en 2011.

EnerDossier.

Web Bibliography

IndexMundi. (s.f.). IndexMundi. Recuperado el Abril de 2011, de

http://www.indexmundi.com/g/g.aspx?v=98&c=ec&l=en

Montesdeoca, L. C. (s.f.). SITUACIN Y PERSPECTIVAS DEL PETRLEO EN EL

ECUADOR. Recuperado el Abril de 2011, de Contrastes Grupo de Investigacin:


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http://contrastesinvestigacion.wordpress.com/2009/02/07/situacion-y-perspectivas-del-petroleo-en-el-ecuador/

OCP ECUADOR S.A. (s.f.). Recuperado el Abril de 2011, de OCP ECUADOR S.A.:http://ocpecuador.com/

Osuna, M. S. (s.f.). Ecuador: el desafo de nacionalizar el petrleo. Recuperado el 11 deAbril de 2011, de Observador Global: http://observadorglobal.com/ecuador-el-desafio-de-nacionalizar-el-petroleo-n13147.html

PACIFIC CREDIT RATING. (2011). PACIFIC CREDIT RATING. Recuperado el 2011, de

PACIFIC CREDIT RATING: http://www.ratingspcr.com

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