Market Impact: Negative. Ecopetrol reported that 1P reserves decreased 11% to approximately 1.85 billion boe at year-end 2015. Negative reserve revisions due to the lower crude oil price could not be offset by cost optimization and improved efficiencies achieved by the Company. For 2015, total net reserve additions were approximately 15 mmboe, which results in a reserve replacement ratio of 6%. We estimate upstream capital expenditures at approximately US$3.0 billion in 2015e, which implies a ve ....
01 Mar 2016
REPORTS YEAR-END 2015 RESERVES
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REPORTS YEAR-END 2015 RESERVES
Market Impact: Negative. Ecopetrol reported that 1P reserves decreased 11% to approximately 1.85 billion boe at year-end 2015. Negative reserve revisions due to the lower crude oil price could not be offset by cost optimization and improved efficiencies achieved by the Company. For 2015, total net reserve additions were approximately 15 mmboe, which results in a reserve replacement ratio of 6%. We estimate upstream capital expenditures at approximately US$3.0 billion in 2015e, which implies a ve ....