The International Resource Journal: Colombia’s Ecopetrol raised oil reserves by 8.3pc in 2011

Colombia’s Ecopetrol raised oil reserves by 8.3pc in 2011
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Nuala  Gallagher on 01 February, 2012 03:40:00
 
IRJ – February 1 –Colombia’s national oil company Ecopetrol
S.A announced that its proven net reserves rose by 8.3 per cent in 2011 to total
1,857 million barrels of oil equivalent (MMBOE), Wednesday.
Updating the figure significantly from the 1,714 MMBOE total recorded at the end
of 2010, Ecopetrol stated that the reserve replacement ratio in 2011 was 164 per
cent; signifying that 1.64 barrels in proven reserves were added to every barrel
of oil equivalent (boe) produced. The company also explained that while 2011 net
production grew by 17 per cent, the reserves-to-production ratio stands at 8.4
years on the basis that future production will match that of 2011.
The increase stems largely from acquisitions, increased reserves at existing
projects and revised reserves for a number of fields. The biggest contributing
areas are said to be Castilla, Cupiagua and Chichimene fields, operated directly
by Ecopetrol, partnership operations Rubiales and Quifa, and the acquisition of
Equion.
Just hours previous, the company announced a joint venture with Spanish oil
multinational Repsol, to acquire a 30 per cent stake in Lot 109 in the Santiago
and Huallaga basins, Peru. The partners plan to explore for crude at the phase
three exploration play, which spans 357,200 hectares (881,975 acres), and the
deal raises Ecopetrol’s exploration rights in the locale to 2.5 million
hectares.
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