Ecopetrol reserves rise 13% in 2021, company says

(Reuters) – The proven oil and gas reserves of Colombia’s majority state-owned oil company Ecopetrol (ECO.CN) rose 13% last year, the company said on Monday, thanks partially to an improved international price for Brent.

Ecopetrol’s proven reserves – also known as 1P reserves – finished last year at 2 billion barrels of oil equivalent (boe), compared with 1.77 billion boe at the end of 2020.

“The increase of 13% achieved in reserves in 2021 shows the strength of the hydrocarbon portfolio of Grupo Ecopetrol, which supports the sustainable growth of the company amid the energy transition,” Ecopetrol said in a statement.

The Brent price used for valuation in 2021 was $69.20 per barrel, compared with $43.40 per barrel in 2020, the company said.

Last year Ecopetrol incorporated 462 million boe to its proven reserves and its accumulated production totaled 231 million boe, it added.

The company said crude made up 72% of its total proven reserves, equivalent to some 8.2 years of production, with gas accounting for the remaining 28% of reserves, or 10.4 years.