PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 20.Feb.2025) — Bogotá-based Ecopetrol SA boosted its net proven crude oil, natural gas and condensates reserves (1P reserves) to 1,893 million barrels of oil equivalent (MMboe) at year end 2024, up 10 MMboe compared to 2023. The company’s reserve replacement ratio was 104%, and the average reserve life was 7.6 years — 7.8 years for liquids and 6.7 years for gas.
89% of the reserves originated from fields in Colombia and the remaining 11% in the US, Ecopetrol announced on 20 Feb. 2025 in an official statement.
In Colombia, Ecopetrol’s operations boasted a reserve replacement ratio of 109%.
Ecopetrol said 99.2% of the reserves were estimated and certified based on the standards and methodology of the US Securities and Exchange Commission (SEC) by 3 recognized, specialized, and independent firms (Ryder Scott Company, DeGolyer and MacNaughton, and Gaffney, Cline & Associates). The remaining 0.8%, were certified by Ecopetrol’s Resources and Reserves Management.
Ecopetrol said its 2024 reserves were valued using a Brent reference price of $79.70/bbl compared to $82.80/bbl used in 2023.
In 2024, Ecopetrol incorporated 260 MMboe, the highest in the last 3 years, of which 244.3 MMboe were oil and 15.3 MMboe gas. In 2024, production averaged 250 MMboe, the highest in the last 9 years. Of the total balance of proven reserves, 80% are liquids reserves and 20% are gas reserves.
Organically, 231 MMboe were incorporated — including changes in revisions, enhanced recovery, and extensions and discoveries — through the timely maturation of new projects and the execution and implementation of primary development and enhanced recovery expansion projects in fields like Caño Sur, Rubiales, Castilla, Chichimene, Akacias, Pauto-Floreña, La Cira-Infantas, Apiay-Suria, Palogrande, among others, Ecopetrol said.
Inorganically, net of acquisitions and divestments, 29 MMboe were incorporated, including the successful acquisition of the 45% stake from Repsol Colombia Oil & Gas in the CPO-09 block, located in the Meta department, consolidating 100% ownership of this strategic asset in the Piedemonte Llanero, by adding 32 MMboe.
RELATED: Ecopetrol Closes Purchase of Repsol’s 45% Interest in Block CPO-09 for $452mn
The increase in reserves achieved in 2024 is 1 of the pillars of Ecopetrol’s strategy to ensure its long-term sustainability, the state-owned company said.
| Ecopetrol Group 1P Reserves 2024 | |||
| (MMboe) | |||
| 2024 | 2023 | 2022 | |
| Initial Reserves (1 Jan.) | 1,883 | 2,011 | 2,002 |
| Revisions | 84.4 | 9 | 63 |
| Enhanced Recovery | 97 | 93 | 81 |
| Extensions and Discoveries | 49.2 | 17 | 57 |
| Minerals Sales | -6 | 0 | 0 |
| Minerals Purchases | 35 | 0 | 48 |
| Production | -250 | -247 | -240 |
| Year-end Proved Reserves | 1,893 | 1,883 | 2,011 |
In the gas space, Ecopetrol said the net incorporation of 15 MMboe stands out owing to projects related with new development wells and infrastructure optimization with pressure reduction in the Piedemonte Llanero in the Pauto and Floreña fields, the execution plan of activities in Permian in the US, and commerciality of Arrecife, which partially offset the impacts of water intrusion in the Cupiagua, Cusiana, Guajira, and Gibraltar fields.
Ecopetrol Permian LLC incorporated 22 MMboe — organic incorporation (+29 MMboe), economic factors (-4 MMboe), acquisitions and divestments (-3 MMboe) — mainly as a result of optimizations made in drilling campaigns in the Midland and Delaware sub-basins in Texas, US.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
