Ecopetrol reports 1.1% increase in proved reserves

Colombia’s state Ecopetrol said its audited proved reserves were up 1.1% for the year ended Dec. 31, 2012, to 1.877 billion bbl of oil equivalent.

The company said it added 143 million boe from extensions and discoveries, 44 million boe of upward revisions, and 65 million boe from improved recovery projects. It produced and sold 232 million boe in 2012.

The main contributors of new reserves volumes were Casabe, Tibu, and Castilla fields operated by Ecopetrol and Cupiagua, Pauto, Cano Limon, and Quifa in which Ecopetrol is in partnership with other companies.

Of the 2012 yearend proved reserves, 95% come from Ecopetrol SA and the rest are from Hocol, Ecopetrol America, and the company’s interests in Equion and Savia Peru.

The reserves do not include volumes associate with discoveries announced in 2011 and 2012 in Colombia and abroad, as some were undergoing appraisal and development planning.

Ecopetrol said it has increased its reserves 22% in the past 3 years.

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