The Oil Industry in Ecuador: History, Current Situation and Challenges

Abstract

Etymologically, the word petroleum comes from the Latin words petro (rock) and oleum (oil): rock oil. Petroleum is a complex natural mixture of hydrocarbon compounds found in a rock. It originated from the decomposition of organic matter over long periods, when the Earth was very unstable and was populated by dinosaurs, dinosaurs populated by dinosaurs, plants and trees that were buried and transformed into hydrocarbon by pressure and heat. In more detail, hydrocarbon reservoirs are generally found in sands, sandstones, conglomerates, limestones and porous dolomites. The compaction of the sediments where the oil originates is in a sedimentary rock called source rock. After its formation, the migration of hydrocarbons takes place. This is a slow process, not known until now, where fluids seek lower pressures and migrate to the surface. For a reservoir to form, it is necessary for the oil to encounter some obstacle, formed by source rocks, which prevent it from continuing to migrate to the surface. The structures that fulfill this purpose are called oil traps and the rock where the oil finally accumulates is called reservoir rock and must have an adequate porosity to contain it. The largest oil reserves are concentrated in a few countries, while the largest consumers are almost devoid of the resource. This makes access to reserves an important factor in geopolitical terms. important factor in geopolitical terms. The oil exploration and production industry face numerous challenges as it addresses the world's growing demand for energy. Especially now, when there is a huge need for sustainable operations, declining production from older fields and the discovery of new resources in demanding environmental settings. In this sense, this study analyzed the history, current situation and challenges of the oil industry in Ecuador.