Exactly. They just kicked out their primary source of income. The problem is that their own national oil company is incapable of making any money. It has first pick of the prime oil fields, and still they can't even maintain production, or pay their contractors.
You will note in the article that their refineries don't even produce enough gasoline for the country, so they spend the money they make selling crude to buy gasoline. This is the national oil company for you.
The only way they make money, and the only way they are able to increase production, is through concessions to private oil companies, who are only allowed to exploit the lower quality oil fields. And now they've kicked out the main one, no one in their right mind is going to invest any more money trying to increase production in fields that may be taken from them at any time. And no international bank is going to loan them any money until the dispute with Oxy is resolved, if then.
Since they are starved for investment, this will force them into the arms of Chavez, who has gallantly offered to take over Oxy's assets. All the leftists agree that private oil companies that pay their way represent slavery for Ecuador, while Chavez, who will put up nothing, represents freedom.
Trying to build a country when its full of leftists is like trying to swim with an anchor tied around your neck.