Ecopetrol S.A. (EC) Offers Update on Proven Reserves
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2016 Ecopetrol's Proven Reserves are 1,598 Million Barrels of Oil Equivalent. This valuation was made at a regulatory price of USD 44.5 / barrel, lower prices negatively impacted 202 million barrels
February 21, 2017 11:12 AM ESTBOGOTA, Colombia, Feb. 21, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announced today its proven reserves (1P, according to the international designation) of crude oil, condensate and natural gas owned by the company, including its interest in affiliates and subsidiaries, as of December 31, 2016. The reserves were estimated based on the U.S. Securities and Exchange Commission (SEC) standards and methodology. 99% of them were audited by two well-known specialized independent companies (Ryder Scott Company and DeGolyer and... More
