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February 17, 2013
13:04 EDTECEcopetrol 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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July 16, 2014
09:41 EDTECEcopetrol upgraded to Neutral from Sell at Citigroup
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