It will not be official until May 2016 but with Ecopetrol’s reserves announcement this week, it seems to us that Colombian oil reserves will drop over 10% to something under 2,100 mmbl.
Discussions between OPEC and Russia on reducing production have borne some fruit. The graph shows weekly closing prices for Brent and WTI during the past year.
Ecopetrol (NYSE:EC) announced an 11% reduction in its 1P reserves of crude and natural gas in 2015, confirming a reserves/production ratio of 7.4 years.
Ecopetrol (NYSE:EC) has received permission from the National Hydrocarbons Agency (ANH) to suspend the Akacías field in the CPO-9 block in Meta, the second such shut in it has announced in as many weeks.
Julian Garcia Salcedo has been designated as the new president of TGI, the natural gas distributor owned by The Bogotá Energy Company (EEB) with one of the largest urban gas networks in the country.
Geopark (NYSE:GPK) updated its 2015 reserves count in Colombia, Chile, Brazil and Peru, reporting a net proven developed producing (PDP) reserve replacement ration of 150% for 2015. Its total net P1 reserve count increased 13% to reach 71.1mmboe.
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