- An organic incorporation of +307 MBPE was achieved, that is,
43% more compared to 2022 due to management in the development
fields, new projects and better prospects in enhance recovery
projects.
- Net incorporation was positive at 119 MBPE.
- The Reserve-Replacement Ratio (RRR) was 48% in 2023 and
remains at an average of 117% for the last 3 years.
- The ratio of reserves to production or average reserve life
of the Ecopetrol Group is 7.6 years.
- 89% of the reserves are located in Colombia and 11% in the United States.
BOGOTA,
Colombia, Feb. 29, 2024 /PRNewswire/ -- Ecopetrol
(BVC: ECOPETROL; NYSE: EC) reported today its proven crude oil,
condensate and natural gas (1P reserves, according to the standard
international denomination), which include the results of Ecopetrol
S.A., its affiliates and subsidiaries, as of December 31 2023.
Reserves were estimated based on the
United States and Exchange Commission (SEC) standards and
methodology. 99% of the reserves were audited by three recognized
independent specialized firms (Ryder Scott Company, DeGolyer and
MacNaughton and Gaffney, Cline & Associates).
At year-end 2023, the net proven reserves of the Ecopetrol Group
amounted to 1,883 million barrels of oil equivalent, maintaining
the average levels of the last 9 years. The 2023 reserves were
valued based on a Brent reference price of 82.80 USD/Bl, a 15.5% decrease in price, as
compared to a Brent of 97.95 USD/Bl
in 2022.
An organic incorporation of 307 MBPE was achieved in 2023, which
represented a 43% increase as compared to the organic incorporation
in 2022, mainly as a result of new projects, better forecasts of
production fields, increased prospects for enhanced recovery,
extensions and discoveries. However, the incorporation of reserves
decreased by 188 MBPE, as a result of economic factors such as the
fall in the Brent crude oil price and inflationary effects, as well
as changes in technical conditions, mainly, water intrusion, in
fields such as Ballena, Cupiagua and Recetor. The above resulted in
a positive net incorporation of 119 MBPE.
Additionally, during 2023, production discounted 247 MBPE.
The Reserve Replacement Ratio (RRR) was 48%, which includes the
increase in production for the period 2023. The average reserve
life was equivalent to 7.6 years.
Of the 119 MBPE incorporated in 2023, 93 MBPE were the result of
the better capacity for execution and implementation of improved
recovery expansion projects in fields such as Chichimene, Castilla
and Akacias, among others. In addition, fields such as Cano Sur and Rubiales presented positive reserve
revisions due to good production performance and new drilling
projects to implement in the future.
In 2023, proven developed reserves grew around 4% compared to
2022, evidencing an improvement in the Company's execution
capacity.
Ecopetrol Group Proven Reserves as of December 31, 2023
Proven Reserves
(1P)
|
Million barrels of
oil equivalent (Mboe)
|
Proven
Reserves as of Dic 31, 2022
|
2,011
|
Revisions
|
9
|
Purchases
|
0
|
Enhance
recovery
|
93
|
Extensions and
discoveries
|
17
|
Sales
|
0
|
Production
|
(247)
|
Proven
Reserves as of Dic. 31 de 2023
|
1,883
|
Of the total 1P reserves, 78% are liquid reserves, and 22% are
gas reserves.
-----------------------------------------
Ecopetrol is the largest company in Colombia and one of the main integrated energy
companies in the American continent with more than 18,000
employees. In Colombia, it is
responsible for more than 60% of the hydrocarbon production of most
transportation, logistics, and hydrocarbon refining systems, and it
holds leading positions in the petrochemicals and gas distribution
segments. With the acquisition of 51.4% of ISA's shares, the
company participates in energy transmission, the management of
real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the
international level, Ecopetrol has a stake in strategic basins in
the American continent, with Drilling and Exploration operations in
the United States (Permian basin
and the Gulf of Mexico),
Brazil, and Mexico, and, through ISA and its subsidiaries,
Ecopetrol holds leading positions in the power transmission
business in Brazil, Chile, Peru,
and Bolivia, road concessions in Chile, and the telecommunications
sector.
This press release contains forward-looking statements which
are based on current expectations and assumptions about future
events and which can be identified by the use of forward-looking
terminology such as "may", "will", "should", "expect",
"anticipate", "estimate", "intend", "continue", or "believe" or
other words of similar import, and which forward-looking statements
also include certain projections, forecasts, budgets and other
estimates. These forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements.
Many of these risks and uncertainties relate to factors that are
beyond the Ecopetrol's control. Ecopetrol does not undertake any
obligation to provide any additional information or to update this
press release or to correct any inaccuracies that may become
apparent, whether as a result of new information, future events or
otherwise. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this press
release.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.