Changes in methodology may have influenced Ecopetrol's 2025 reserve results
Total 1P reserves reached 1.940 million barrels of oil equivalent (boe). Photo: Courtesy: Istock
TL;DR
- Ecopetrol's total 1P reserves reached 1.940 billion barrels of oil equivalent (boe) in 2025, a 2.7% increase year-on-year.
- The reserve replacement ratio (RRR) was 121%, exceeding market expectations.
- Approximately 100 million boe of reserves were added due to a regulatory change in royalty payments (from in-kind to cash).
- Excluding this regulatory impact, the RRR would have been approximately 80%, and total 1P reserves would have been 1.844 billion boe, a 2.5% decrease.
- The average Brent oil price decreased by 13.9% to $68.64 per barrel in 2025 compared to the previous year.
- Enhanced recovery and revisions were the main drivers of reserve additions, contributing 47.5% and 46.9% respectively.
- The report omitted a breakdown of liquids versus gas reserves, a key concern given Colombia's net gas importer status.
- Concerns were raised regarding the governance and reputational risk associated with Ecopetrol's CEO, Ricardo Roa, who faces legal charges.
- Ecopetrol is reviewing its joint venture with Occidental Petroleum in the Permian Basin.
- The Sirius offshore gas discovery is estimated to contain approximately 1.050 billion barrels of oil equivalent of in-situ gas.