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Ecopetrol's reserves amount to 1,972 MMboe

28th February 2014

The hydrocarbon reserves, owned by Ecopetrol, as well as its interest in affiliates and subsidiaries, at the end of 2013 were 1,972 mmboe

In 2013, Ecopetrol added 340 mmboe to its reserves, which is an increase over the 252 mmboe reported in 2012

Ecopetrol S.A. has revealed its reserves of crude oil, condensate and natural gas owned by the company, including its interest in affiliates and subsidiaries, as of December 31, 2013.

The hydrocarbon reserves owned by Ecopetrol, as well as its interest in affiliates and subsidiaries, at the end of 2013 were 1,972 million barrels of oil equivalent (mmboe). This is a 5.1 per cent increase compared to the 1,877 mmboe in 2012 and the highest amount in the company's history. In the past five years (2008-2013), Ecopetrol has increased its reserves by 74 per cent.

In 2013, Ecopetrol added 340 mmboe to its reserves, which is an increase over the 252 mmboe reported in 2012. For 2013, production was around 245 mmboe.

The surge in Ecopetrol’s reserves is due to revisions at existing fields, including the contribution of projects showing progress in the recovery and exploratory results.

The fields making the most contributions to volumes were Castilla, Cupiagua and Yarigui, operated by Ecopetrol, as well as the commercial viabilities fields Akacias and Cano Sur. The contributions of the Rubiales and Quifa fields were the most significant. 

In 2013, the Entrerrios and El Dificil fields were divested, which represented a 3 mmboe decrease in reserves. The company acquired the Gunflint field, through its U.S. subsidiary Ecopetrol America, which led to a 9 mmboe rise in reserves.

From the 1,972 mmboe of proven reserves, 94 per cent come from Ecopetrol S.A. and the rest are from Hocol, Ecopetrol America as well as the company's interest in Equion and Savia Peru.

 

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