The Ecopetrol Group announces Proved (1P), Probable (2P), Possible (3P) Reserves and Contingent Resources
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The Ecopetrol Group announces Proved (1P), Probable (2P), Possible (3P) Reserves and Contingent Resources
Dec 24, 2022
- Ecopetrol Group's reserves in the 3P scenario (Proved + Probable + Possible) amount to 2,866 million barrels of oil equivalent (MBOE).
- The Company's contingent resources in the 3C scenario (high uncertainty range) amount to 2,305 MBOE.
Ecopetrol SA (BVC: ECOPETROL, NYSE: EC) reported today its proven crude oil, condensate, and natural gas reserves (1P reserves according to the standard international denomination), which include the results of Ecopetrol S.A. and its subsidiaries, as of December 31, 2022. For more information on the Ecopetrol Group's reserves, please refer to our website: www.ecopetrol.com.co.
In addition to that information, the probable1 and possible2 reserves of the Ecopetrol Group in millions of barrels equivalent are presented below:
| Balance (MBPE) | Year 2022 |
|---|---|
| Proven Reserves | 2.011 |
| Probable Reserves | 486 |
| 2P Scenario (Proven + Probable) | 2.497 |
| Possible reserves | 369 |
| 3P Scenario (Proven + Probable + Possible) | 2.866 |
99.7% of these reserves were audited by three recognized independent specialized firms (Ryder Scott Company, DeGolyer and MacNaughton, y Gaffney, Cline & Associates).
Moreover, Ecopetrol carried out an independent audit of 86% of its contingent resources3 with the three specialized firms that certified the reserves, and the remaining 14% of the volume was verified by Ecopetrol’s Corporate Resources and Reserves team. Contingent resources were estimated using the guidelines set by the Society of Petroleum Engineers - PRMS. The Ecopetrol Group’s net contingent resources are classified using the uncertainty range (1C: Low, 2C: Medium and 3C: High).
| 1C (Low) | 2C (Medium) | 3C (High) | |
|---|---|---|---|
| Contingent Resources (MBOE) | 601 | 1.169 | 2.305 |
Of the total 3C's contingent resources, 86% are located in Colombia and the remainder in assets located in the United States and Brazil. Within Colombia, 10% corresponds to offshore projects and the remaining is mainly in the Chichimene, Castilla, Akacias, Gibraltar and Pauto fields. Contingent resources do not include prospective resources.
Regarding the 2022 reserves balance, the organic contribution was due to the execution of drilling and workover campaigns in fields such as Rubiales, Caño Sureste and Castilla, together with the maturation of projects in the main fields.
The main efforts regarding the incorporation of reserves in the medium and long term of the Ecopetrol Group are focused on: (i) the gas potential of the Colombian Caribbean Offshore, the Piedemonte Llanero and the North Caribbean Onshore basin, which will contribute to the country's energy safety and the supply of the natural gas market, (ii) the crude potential of the Llanos Orientales and the Middle Magdalena Valley, leveraged mainly on primary recovery (in-fill drilling) and the enhanced recovery program and, (iii) internationally, the Permian basin in the United States and the Brazilian Pre-Salt where Ecopetrol has participation.
The maximization of reserves and production are aligned with the 2040 Strategy, where the pillar of Growing with the Energy Transition seeks to maintain competitiveness in the integrated hydrocarbon chain and increase gas supply, seeking resilience and competitiveness.
Bogota, February 24, 2023
