Ecopetrol Group reports a 104% reserve replacement ratio for 2024, doubling its proven reserve incorporation and marking significant growth in oil and gas assets.
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| Ecopetrol boosts reserves to 1,893 MBOE with 104% replacement ratio, driven by strong organic and inorganic growth, including acquisitions in key oil and gas fields. Image: ChicHue |
Bogotá, Colombia — Date: February 21, 2025:
Ecopetrol S.A. has announced impressive results for 2024, reporting a 104% reserve replacement ratio, with net proven reserves of oil, condensates, and natural gas (1P reserves) reaching 1,893 million barrels of oil equivalent (MBOE). This marks a 10 MBOE increase compared to 2023, doubling the company’s proven reserves incorporation from the previous year.
The Ecopetrol Group successfully incorporated 260 MBOE of proven reserves in 2024, the largest volume in the last three years. Of this, 244.3 MBOE were crude oil reserves, and 15.3 MBOE were gas reserves. The company’s performance in 2024 highlights the effectiveness of both organic and inorganic growth strategies.
Organically, Ecopetrol added 231 MBOE through the maturation of new projects and the execution of enhanced recovery initiatives in fields such as Caño Sur, Rubiales, Castilla, and Akacias. The company also experienced strong inorganic growth, with 29 MBOE incorporated through acquisitions. Notably, Ecopetrol acquired a 45% stake from Repsol Colombia Oil & Gas in the CPO-09 block, located in the Piedemonte Llanero region, increasing its ownership to 100% in this key asset.
In the gas sector, Ecopetrol added 15 MBOE through ongoing development projects and infrastructure optimization in the Pauto and Floreña fields. Furthermore, Ecopetrol Permian LLC, operating in the Permian Basin in Texas, incorporated 22 MBOE due to improved drilling campaigns in the Midland and Delaware sub-basins.
The Ecopetrol Group's success in 2024 demonstrates its commitment to growth and innovation in the oil and gas industry. As the largest company in Colombia, Ecopetrol continues to lead the country’s hydrocarbon production and is well-positioned to expand its influence both domestically and internationally. With a robust portfolio of assets and ongoing investments in energy infrastructure, Ecopetrol is on track to maintain its leadership role in the global energy market.