December 6, 2019 / 7:00 PM / 2 months ago

Ecuador awards 20.2 million barrel oil supply contract to Shell unit

FILE PHOTO: A view shows the Ecuador's state-run Esmeraldas refinery complex in Esmeraldas, Ecuador, August 15, 2017, REUTERS/Daniel Tapia

QUITO (Reuters) - Ecuador’s state-run oil company Petroecuador said on Friday it had awarded a unit of Royal Dutch Shell a contract to lift some 20.2 million barrels of Oriente-grade crude between 2020 and 2023.

Shell Western Supply and Trading beat out the other two bidders, Trafigura and Mitsubishi , by offering to pay a premium of 71 cents per barrel above the reference price for West Texas Intermediate crude.

Petroecuador expects the deal to bring in some $950 million. The Andean country produces some 545,000 barrels per day of crude.

Reporting by Alexandra Valencia; Writing by Luc Cohen

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