Economic

Impact of the OCP in Ecuador’s development

After 12 years of operation reached on November 2015, several achievements have been reached:

  • Over 1.275 shiploads with crude oil for export.
  • More than 640 million barrels of crude oil transported and exported through our pipeline.
  • Over $40.000 million worth of Napo Crude reserves have been converted into currency.

The beginning of operations of OCP brought a substantial economic growth, one of the most important in the country. First of all because it´s one of the largest private investment of all time in Ecuador, since it was a direct investment of 1.400 million dollars, which caused Ecuador´s 2004 GDP to grow 8,2%, being this the most important growth in the last 15 years (Graph 1). This investment did not cost anything to the Government and in 2023 it will be property of the Ecuadorians for free.

Font: Central Bank of Ecuador / Made by: OCP Ecuador

Similarly, the average crude oil transport of Ecuador between 2001 and 2003 was 390.000 barrels per day, and after 2003, when the OCP starts to operate, the average bet 2004 and 2006 increased to 527.000 barrels per day, incrementing 33% of the oil transportation, which in case that the OCP didn´t exist it wouldn’t had been transported and exported. Nowadays, 30% of the crude oil production of Ecuador is transported through OCP, with an average of 48 million barrels per year. (Graph 2)

Font: EP Petroecuador / Made by: OCP Ecuador

Another important input that has generated economic value is to have generated over 10.000 job positions since the construction began until now. This includes direct workers and recurrent contractors. (Graph 3)

Font and Made by: OCP Ecuador

Since the beginning of our operations, on 2003 until 2015, the accumulated amount of legal obligations and payments to the Ecuadorian Government sums up over 378 million dollars. The Company has fully complied with all the legal obligations and tax duties.

Font and Made by: OCP Ecuador