Ecopetrol Boosts Reserves to 2,011 MMboe at YE:22, Highest in 8 Years

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(Ecopetrol, 24.Feb.2023) — Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) reported its proven crude oil, condensate, and natural gas reserves (1P reserves according to the standard international denomination), which include the results of Ecopetrol and its subsidiaries, as of 31 December 2022.

Highlights:

  • The reserves-to-production or average reserves life of the Ecopetrol Group remained at over 8 years (8.4 years).
  • The Reserve-Replacement Ratio (RRR) was 104%, fully replacing production with an additional 4%.
  • The Ecopetrol Group incorporated 249 million barrels of oil equivalent (MMboe) of proven reserves, of which 215 MMboe was due to the management of the development fields, reflecting the optimized and timely maturation of new projects, better execution capacity and implementation of improved recovery enhancement projects.
  • 89% of the reserves originate from fields in Colombia.

Reserves were estimated based on the United States Securities and Exchange Commission (SEC) standards and methodology. 99.8% of these reserves were audited by three recognized independent specialized firms (Ryder Scott Company, DeGolyer and MacNaughton, and Gaffney, Cline & Associates). The 2022 reserves were valued based on the Brent reference price of 97.9 USD/barrel versus 69.2 USD/barrel used in 2021.

At year-end 2022, the net proven reserves of the Ecopetrol Group amounted to 2,011 MMboe. The Reserve-Replacement Ratio was 104% and the average reserve life was equivalent to 8.4 years. The Ecopetrol Group incorporated 249 MBOE of proven reserves, and the total accumulated production for the year was 240 MMboe. Of the total balance of reserves, 75% are liquid reserves and 25% are gas reserves.

The management of the development fields, reflected in an optimized and timely maturation of new projects, better execution capacity, and implementation of improved recovery enhancement projects in fields such as Chichimene, Castilla, and Akacias, among others, provided 215 MMboe of the reserves.

Additional reserves were incorporated through the acquisition and qualitative selection in areas of the Permian basin in the United States (48 MMboe).

The increase in reserves achieved in 2022 reflects a pillar of the Ecopetrol Group’s strategy seeking to achieve the company’s long-term energy sustainability.

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