The Mineral Industry Of Other Areas Of South America - Ecuador

During 1981, Ecuador's gross domestic product (GDP) increased by a reported 4.8% in real terms, a slight improvement over that of 1980. In current prices, the CDP in 1981 was estimated at $13.7 billion.2 The inflation rate increased to 15.6% according to official figures, above that of 1980. Ecuador's production of petroleum increased 3% in 1981 compared with that of 1980. The consortium of Corporación Estat al Petrolera Ecuatoriana (CEPE), the state oil company, and Texaco, Inc., produced almost 98% of the total from their Putumayo Basin operations in Oriente, the eastern jungle region. In sharp contrast, output from the Santa Elena Peninsula Fields, where oil was first produced commercially in 1921, continued to decline, producing only 510,000 barrels, a decrease of almost 8% compared with that of 1980.