BOGOTÁ, Colombia, Feb. 19, 2018 /CNW/ -- Ecopetrol (BVC: ECOPETROL;
NYSE: EC) today announced its proven reserves of oil, condensate
and natural gas (1P reserves), including its share in affiliates
and subsidiaries, as of December 31,
2017.
Reserves were estimated based on US Securities and Exchange
Commission (SEC) standards and methodologies. 99% of the reserves
were audited by two well-known, independent, specialized firms
(Ryder Scott Company and Degolyer and MacNaughton).
At the 2017 close, the Ecopetrol Group's net proven reserves
were 1,659 million barrels of oil-equivalent. The reserve
replacement index was 126%, with average reserve life equivalent to
7.1 years.
95% of the proven reserves are owned by Ecopetrol S.A., while
Hocol, Ecopetrol America and the Equión and Savia Perú interests
contributed 5%. Ecopetrol S.A. has an average reserve life of 7.4
years.
In 2017, the Ecopetrol Group incorporated 295 million barrels of
oil-equivalent of proven reserves, representing a positive change
in the reserves incorporation trend in recent years. The year's
total accumulated production was 234 million barrels of
oil-equivalent.
The SEC price used for valuation of the 2017 reserves was
USD 54.93 per Brent barrel, versus
USD 44.49 per Brent barrel in 2016. Ecopetrol estimates that
94 million barrels of oil equivalent were recovered as a result of
the higher price effect due to the extension of the fields'
economic limit and the incorporation of new projects. It is further
estimated that the company's technical management and financial
optimization of assets contributed 201 million barrels of oil
equivalent.
We note that much of the increase in proven reserves (73 MBOE)
is due to the results of the Recovery Factor Increase program, the
principal gains of which occurred in fields such as Chichimene,
Castilla, Casabe and Tibú. This result is very satisfactory, as it
is one of the pillars of the company's growth in reserves and
production.
Ecopetrol Group
Proven Reserves 2015 - 2017
|
|
|
2015
|
2016
|
2017
|
Proven
|
2.084
|
1.849
|
1.598
|
Revisions
|
-25
|
-54
|
175
|
Enhanced
Recovery
|
16
|
11
|
73
|
Mineral
Purchases
|
0
|
0
|
4
|
Extensions and
discoveries
|
24
|
27
|
44
|
Sales
|
0.0
|
0.0
|
0.0
|
Production
|
-251
|
-235
|
-234
|
Net proven
reserves Dec 17
|
1.849
|
1.598
|
1.659
|
Bogotá D.C., February 19,
2018
--------------------------------------
This release contains statements that may be considered
forward looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. All forward-looking statements, whether made
in this release or in future filings or press releases or orally,
address matters that involve risks and uncertainties, including in
respect of the Company's prospects for growth and its ongoing
access to capital to fund the Company's business plan, among
others. Consequently, changes in the following factors, among
others, could cause actual results to differ materially from those
included in the forward-looking statements: market prices of oil
& gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, the
Company's competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information contact:
Capital Markets
Manager
María Catalina
Escobar
Telephone: +571-234-5190
Email: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: +571-234-4329
Email: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.