Colombian Ecopetrol reserves exceed 2,000 million barrels of oil equivalent in 2021

February 7, 2022

BOGOTÁ, Feb 7 (Reuters) – Colombia’s Ecopetrol’s net proven reserves in 2021 rose 13.1% year-on-year to 2,002 million barrels of oil equivalent, the highest in the last seven years, due to maturity and better execution of projects amid rising crude prices, the company said on Monday.

In 2020, the company’s reserves stood at 1,770 million barrels of oil equivalent.

This is the level of Ecopetrol’s highest net proven reserves since 2014 when they stood at 2,084 million barrels of oil equivalent.

“The 13% increase in reserves achieved in 2021 demonstrates the strength of the Ecopetrol Group’s hydrocarbon portfolio, which supports the company’s sustainable growth within the framework of the energy transition,” the company said in a statement.

The defined price used for the valuation of the 2021 reserves was $69.2 per barrel of Brent compared to $43.4 per barrel in 2020, the energy company said in a statement.

During 2021, Ecopetrol incorporated 462 million barrels of oil equivalent, of which 282 million BPE were enabled due to the outstanding management in the development fields, the optimal and timely maturation of new projects, and the greater capacity for execution and implementation of projects. improved recovery expansion.

The average life of Ecopetrol’s reserves increased to 8.7 years, exceeding that reached in 2014 of 8.6 years.

Of the total balance of reserves, 72% are liquid, with an average life of 8.2 years, while the remaining 28% are gas, with an average life of 10.4 years.

Ecopetrol plans to invest between 4.8 billion and 5.8 billion dollars during 2022, focused on exploration and production, as well as its energy transition strategy through the ISA conglomerate. (Reporting by Luis Jaime Acosta)