Petroecuador is a state-owned enterprise, founded on September 26, 1989. In its conception, Petroecuador began as a fiscal agent; however, in time, it came to manage and operate most of the country's oil sector.[3] It is the successor to Corporación Estatal Petrolera Ecuatoriana (CEPE) which was formed in 1972.[4] In 1973 Ecuador granted Shell Oil drilling concessions.