Ecopetrol released its report on proven reserves of oil, condensates and natural gas (1P reserves), including its participation in affiliates and subsidiaries, as of December 31, 2022.
At the end of 2022, the net proven reserves of the Ecopetrol Group were 2,011 million barrels of oil equivalent (mbe). The reserve replacement rate was 104 percent.
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Regarding those held at the end of 2021, the company’s hydrocarbon reserves only increased 0.4 percentsince in that year they reached 2,002 mbe following increasing 13 percent.
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The bad news for Colombia comes from the side of the useful life of the reserves, since before they reached 8.7 years and now 8.4 years. This is due to the increase in the demand for fuels and natural gas in the country and for oil abroad.
Despite this, Ecopetrol highlighted that the balance presented as of December 31, 2022 is the highest in the last eight years. 89 percent of the reserves are in fields in Colombiaand 11 percent in the United States.
The Ecopetrol Group incorporated 249 mboe of proven reserves and total production
for the year was 240 mbpe. Of the total balance of reserves, 75 percent are liquid and 25 percent correspond to gas.
The price (Brent marker) used for the valuation of the 2022 reserves was $97.9 per barrel compared to $69.2 in 2021.
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In total, 215 mbe were incorporated by management in the development fields, reflected in the optimal and timely maturation of new projects, better execution capacity and implementation of improved recovery expansion projects in fields such as Chichimene, Castile and Akacíasamong others.
In purchases, there is the incorporation of reserves for acquisition and qualitative selection of areas in the Permian basin in the United States (48 mbe).