Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years

Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024.

In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas.

Chief Executive Ricardo Roa stated that the total 1P reserves for 2024 is equivalent to 1.88 billion barrels oil equivalent at the end of 2023.

Roa told a press conference that "signing new projects and putting them into operation has been one of the factors in this improvement."

Roa said that almost 90% of the reserves were in Colombian fields and 11% in operations conducted by the company in the U.S.

Roa stated that one-fifth was gas and the remainder oil. Reporting by Nelson Bocanegra, Writing by Oliver Griffin and Editing by SonaliPaul

(source: Reuters)