Ecopetrol has announced a substantial increase in its proven oil, condensates and natural gas reserves as of 31 December 2024.

The reserves, certified by independent organisations, reached 1,893 million barrels of oil equivalent (mboe).

The company added 260mboe of proven reserves in 2024, the highest increase in three years.

This growth aligns with Ecopetrol's strategy to ensure long-term sustainability in the energy sector.

The 2024 reserves were evaluated using the Brent reference price of $79.7 per barrel (bbl), compared with $82.8/bbl in 2023.

Ecopetrol's proven balance reserves consist of 80% liquids and 20% gas.

The reserve replacement ratio stood at 104%, with an average reserve life of 7.6 years, which includes 7.8 years for liquids and 6.7 years for gas.

Organically, 231mboe were added through new projects and enhanced recovery efforts in fields such as Caño Sur, Rubiales and Castilla.

Inorganically, 29mboe were added, including a 45% stake acquisition from Repsol Colombia Oil & Gas in the CPO-09 block.

On the gas front, 15mboe were incorporated due to new development wells and infrastructure optimisation in the Piedemonte Llanero, Permian activities and the commerciality of Arrecife.

Ecopetrol Permian added 22mboe through drilling optimisations in the Midland and Delaware sub-basins in Texas, US.

The company continues to focus on enhancing its reserves through both organic and inorganic growth, ensuring a stable future in the energy market.

Ecopetrol finalised the acquisition of the remaining 45% stake in Block CPO-09 from Repsol Colombia Oil & Gas earlier this month for $452m (1.89trn pesos).

Through this transaction, which was announced in December last year, Ecopetrol has gained full ownership of this “crucial” asset in the Piedemonte Llanero region.

The acquisition is expected to add around 41 million barrels to Ecopetrol’s reserves and boost its daily production by approximately 7,000 barrels of oil.