Press Release

Ecopetrol Group increased its proven hydrocarbon reserves to 1,893 million barrels of oil equivalent at 2019 close

Bnamericas Published: Friday, February 21, 2020

Ecopetrol release

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today its crude oil, condensates and natural gas proven reserves (1P reserves), including its share in affiliates and subsidiaries, as of December 31, 2019.

Reserves were estimated based on US Securities and Exchange Commission (SEC) standards and methods. 99% of reserves were certified by five recognized independent specialty firms (Ryder Scott Company, DeGolyer and MacNaughton, Gaffney, Cline & Associates, Sproule International Limited y Neatherland Sewell & Associates). The SEC price used for the 2019 valuation of reserves was US$ 63 per Brent barrel, versus US$72.2 for 2018.

By the end of 2019, Ecopetrol Group’s net proven reserves totaled 1,893 million barrels of oil equivalent (mboe). The reserve replacement ratio was 169%, with an average reserve life equivalent to 7.8 years.

89% of the total proven reserves balance is located in Colombia, with a significant share in assets located in the United States (10%).

During 2019, Ecopetrol Group added 408 mboe of proven reserves, which represented a 33% growth compared to the 2018 reserve’s incorporation. Total cumulative production for the year amounted to 242 million barrels of oil equivalent. Of the total reserves balance, 73% is crude and 27% is gas.

As a result of the Joint Venture between Ecopetrol and Occidental Petroleum Corp., 164 mboe of proven reserves were incorporated in 2019.

Likewise, 264 million barrels of oil equivalent are the result of technical management and economic optimization of assets, of which 67 mboe corresponds to extensions and discoveries, the largest addition in this item in the last 6 years.

The increase in reserves obtained during 2019 is an essential pillar of the Ecopetrol Group’s strategy to ensure long term sustainability.

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