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Ecopetrol issued a brief press release with its year-end 2012 reserve figures. After rising 10% in each of the previous two years, Ecopetrol only managed a 1% increase in reserves in 2012. Revisions played an important role, representing 45Mboe or 17.5% of the additions. Enhanced recovery contributed 26% leaving new discoveries and extensions with 57% of the additions. In this early release of the numbers, the company did not separate Colombian from non-Colombian reserves. It only said that 95% came from the “mothership” versus 5% for subsidiaries which include Colombian subsidiaries like Hocol and Equion. Considering the importance the government puts on reserves and the importance of Ecopetrol to overall statistics, this result has to be a disappointment.

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