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Ecopetrol oil reserves rise 3.8 pct in 2017

By Reuters

Petroleumworld 02 20 2018

Colombian state oil company Ecopetrol on Monday said its net proven reserves rose 3.8 percent at the end of 2017 compared with the previous year as new sources of oil came into production.

Reserves rose to 1.7 million barrels of oil equivalent, up from 1.6 million barrels at the end of 2016, the company said in a statement. The average life of the reserves rose to 7.1 years from 6.8 years at the close of 2016.

The price used for the valuation of reserves in 2017 was $59.93 a barrel versus $44.49 a barrel in 2016.

Ecopetrol has said it plans to invest between $3.5 billion and $4.0 billion this year, the majority in exploration and production, to pump at least 715,000 barrels of oil equivalent a day.

Ecopetrol is the largest company in Colombia, generating most of the oil production of the South American nation. It owns the two main refineries and most of the network of pipelines.


Reporting by Luis Jaime Acosta; Writing by Helen Murphy; Editing by Leslie Adler from Reuters. 02 19 2018

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