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UPDATE 1-Petroecuador repairs pipeline, restarts pumping

Mon Mar 3, 2008 7:15am EST
 
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QUITO, March 3 (Reuters) - Ecuador's state oil firm Petroecuador said Monday it finished repairs to the OPEC nation's 360,000 barrel-per-day SOTE pipeline and restarted pumping.

"Its fixed and we have restarted pumping," said Petroecuador spokesman Miguel Vasquez.

Ecuador delayed exports of its Oriente crude after the SOTE pipeline was shut on Thursday due to a mudslide.

Vasquez said Petroecuador's daily output was not disrupted during the time the pipeline was damaged.

News of the pipeline disruption helped send oil to a record high above $103 per barrel last week, though prices later retreated.

Petroecuador exports an average of 180,000 bpd, of which 120,000 barrels are Oriente crude. The SOTE carries most of the oil Petroecuador produces and crude extracted by private oil companies and awarded to the state as part of their payment in contracts. (Reporting by Alonso Soto; Editing by John Picinich)

 

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