Colombia's state-owned energy company Ecopetrol has announced an increase on its proven reserves of oil, condensates, and natural gas to 1.89 Gboe as of 31 December 2024. The Group's net proven reserves registered a 10 Mboe increase from 2023 levels, incorporating 260 Mboe of proven reserves, of which 244.3 Mboe were crude oil and 15.3 Mboe gas, for a total accumulated production for the year of 250 Mboe, the highest in the last nine years. Of the total balance of proven reserves, 80% are liquids reserves and 20% are gas reserves.
About 260 Mboe were incorporated through new projects and development of fields (Caño Sur, Rubiales, Castilla, Chichimene, among others) and the acquisition of the 45% stake from Repsol Colombia Oil & Gas in the CPO-09 block. The development of wells and infrastructure optimization in the Piedemonte Llanero in the Pauto and Floreña fields, the execution of activities in the Permian field and the commerciality of Arrecife added about 15 Mboe of gas. The optimization on the drilling campaigns in the Midland and Delaware sub-basins in Texas (US) added about 22 Mboe. The 2024 reserves were valued based on the Brent reference price of US$79.7/bbl compared to US$82.8/bbl used in 2023.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia.