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News Breaks | | | | February 17, 2013 | | 13:04 EDT |  | EC | Ecopetrol reports proven net reserves for 2012
Proven net hydrocarbon reserves owned by Ecopetrol, including its interest in affiliates and subsidiaries, at the close of 2012 were 1,877 million barrels of oil equivalent (mmboe), a 1.1% increase compared to the 1,857 mmboe in 2011. During 2012, proven reserves increased by 252 mmboe and net production was 232 mmboe. The reserves replacement ratio in 2012 was 109%, which means that for each barrel of oil equivalent produced, 1.09 barrels were added to the proven reserves. The reserves/production ratio (average life of reserves) is 8.1 years, assuming production levels as in 2012. Over the past three years (2010-2012), Ecopetrol has increased its net reserves by 22%, from 1,538 mmboe at the end of 2009 to the current 1,877 mmboe at December 31, 2012. During this same period, net production increased from 160 mmboe in 2009 to 232 mmboe in 2012, up by 45%. The average reserves replacement ratio for the period was 155%. | |
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News For EC From The Last 14 Days Check below for free stories on EC the last two weeks. |
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| May 15, 2013 | | 18:31 EDT | | EC | Ecopetrol submits highest bids for three exploratory blocks in Brazil
Ecopetrol (EC) announces that it submitted the highest bids for three exploratory blocks in the 11th bidding round carried out yesterday by the ANP of Brazil in Rio de Janeiro. Ecopetrol has a 100% interest in the highest bids for the POT-M-567 and FZA-M-320 blocks and a 50% interest in the highest bid for the CE-M-715 block, which it submitted with Chevron (CVX) Brasil Ventures. The three blocks comprise an area of approximately 1,862 sq kilometers in the Potiguar, Foz de Amazonas and Ceara offshore basins. | | | May 10, 2013 | | 05:32 EDT | | EC | Ecopetrol approves $502M additional funding to Cartagena Refinery modernization
Ecopetrol announces that its board approved the allocation of an extra $502M for the modernization project of its Cartagena Refinery in 2013. The decision was made after the management team of Reficar asked for the additional funds based on an estimated budget of $6.47B. The modernization of the refinery is expected to make the refinery a strategic asset for the energy security of Colombia. The project is expected to bring benefits that should boost the development of the Colombian Caribbean Coast region and the local manufacturing sector. The modernization project is entering its final stage. The working pace doubled in 2013, compared to last year's, and the overall progress is at 80.7%. | | | May 5, 2013 | | 11:55 EDT |  | EC | Ecopetrol reports Q1 EPS COP85 vs. COP105.63
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