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Ecopetrol Increased its Proven Reserves to 1,727 Million Barrels

Ecopetrol reported the consolidated proven reserves of oil, condensate and natural gas at the end of December 2018, a key indicator of the future of the country’s energy self-sufficiency.

The net proved reserves were 1,727 million barrels of oil. The company highlights that 307 million barrels of crude oil were incorporated, continuing with the positive trend that has been coming since 2017.

“Of the total reserves balance, 70% is crude and 30% corresponds to gas. On the other hand, the average life of oil and gas reserves is equivalent to 6.3 years and 11.1 years, respectively, “explained the state oil company.

The previous report of crude reserves was 5.8 years, so there was a growth of almost 9 %. It also stands out that 109% of the 2018 production was replaced by organic additions.

These data mean that the average life of the total reserves of crude oil and gas increased from 7.1 to 7.2 years.

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Mason Sharpe

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