Low crude prices hurt Ecopetrol reserves valuation
Colombian national oil company Ecopetrol reported 1P hydrocarbon reserves of 1.598Bboe as of end-2016, down 14% year-on-year.
In a statement Tuesday, the NOC cited lower crude prices as driving the decline. This effect was partially offset by efficiency measures and cost reductions.
Auditing of Ecopetrol's reserves was carried out by independent firms Ryder Scott Company and DeGloyer and MacNaughton, using the standards and methodology of the US Securities & Exchange Commission.
The SEC crude valuation price for 2016 was US$44.49/b, down from US$55.57/b in 2015.
Without considering the impact of the price drop, Ecopetrol's reserves replacement ratio was 79%. Factoring in the price effect, the ratio was -7%.
Ecopetrol has set an exploration budget of US$650mn for 2017, up from US$270mn in 2016.
The firm has said it expects oil and gas output to reach 760,000boe/d by 2020, up 6% on 2016 production. This forecast assumes an average oil price of US$50/b during the span.
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