Ecopetrol faces criticism over its 2025 reserve figures and defends the results
Criticism of Ecopetrol's 2025 reserve figures. Photo: Private archive
TL;DR
- Ecopetrol defended its 2025 reserve figures, reporting 1.94 billion barrels, a 2.7% year-on-year increase.
- The company stated that three independent international auditing firms certified these results.
- A regulatory change in royalty payments, shifting from in-kind to cash, reportedly added approximately 100 million barrels of 1P reserves.
- Operational efficiencies and project execution contributed over 53 million barrels from fields such as Castilla, Chichimene, Rubiales, Caño Sur, and Pauto.
- Analyses from Citi and BTG Pactual suggest reserve additions of 204 million barrels, a 23% decrease from 2024, with total reserves of 1,844 million barrels.