Page 14 - LatAmOil Week 06 2022

LatAmOil NEWS IN BRIEF LatAmOil

With the help of 10H and PetroTal’s robust well others. The remaining volumes correspond pri- Brazil, Chile, Peru, and Bolivia, road concessions
portfolio, the Company set a new daily record marily to the favorable effect of the recovery of in Chile, and the telecommunications sector.
production level of 20,891 bpd on February 1, international oil prices during 2021. Ecopetrol, February 7 2022
2022, surpassing the mark set in mid-December As a result of Ecopetrol’s sale of Savia Peru
2021 when 9H was brought onstream. With the effective as of January 2021, a disincorporation
Company’s central processing facility (CPF-2) of said company’s reserves was carried out for PROJECTS & COMPANIES
fully commissioned, the Company is awaiting 3.5mn boe.
final ministry approval expected around Febru- 83% of the proven reserves are owned by Petrobras adds Shearwater
ary 15, 2022, to be able to operate to its maxi- Ecopetrol, while the other Ecopetrol Group
mum capacity of approximately 24,000 bpd to companies contributed with 17% of the 2.002bn Reveal to its portfolio of
26,000 bpd, from current constrained produc- boe, mainly due to the operation of Ecopetrol
tion of around 20,000 bpd. Permian and Ecopetrol America in the United geophysical tools
Manuel Pablo Zuniga-Pflucker, President States.
and CEO, commented: “We have set additional The 13% increase achieved in reserves in Shearwater GeoServices has announced a sig-
production records with 10H’s early production 2021 demonstrates the strength of the Ecopetrol nificant licensing contract for its Shearwater
rates. We are extremely pleased from a technical Group’s hydrocarbon portfolio, which supports Reveal geophysical software with Petrobras. The
standpoint at what this could mean for the future the company’s sustainable growth path within its agreement includes the provision of associated
performance of PetroTal’s drilling inventory and energy transition strategy. training and support services.
are pleased to deliver a strong start to 2022 for Ecopetrol Group’s 1P Proved Reserves 2021: Petrobras’ world-leading geophysical pro-
shareholders.” Proven Reserves as of Dec 31, 2020, 1.770bn boe; cessing team will have access to a full range of
PetroTal, February 10 2022 Revisions, 315mn boe; Mineral Purchases, 0; geophysical processing tools, including time,
Enhanced Recovery, 139mn boe; Extensions and depth, multicomponent, time-lapse 4D process-
Ecopetrol achieves Discoveries, 12mn boe; Mineral Sales, -3.5mn ing and advanced imaging offered by the Shear-
boe; Production, -231mn boe; Proven Reserves water Reveal software platform.
reserve-replacement as of Dec 31, 2021: 2.002bn boe. “We are pleased to see Petrobras joining a
Ecopetrol is the largest company in Colombia growing number of major energy companies
ratio of 200% in 2021 and one of the main integrated energy compa- licensing Shearwater Reveal for their geophysical
nies in the American continent, with more than processing work,” said Simon Telfer, Software,
Ecopetrol announced today its consolidated 17,000 employees. Processing and Imaging SVP at Shearwater. “It
proven oil, condensate, and natural gas reserves In Colombia, it is responsible for more than is a validation of the value-adding capabilities of
(1P reserves, according to the standard interna- 60% of the hydrocarbon production of most the Reveal software and underlines the impor-
tional denomination), which include the results transportation, logistics, and hydrocarbon refin- tance of high-quality geophysical data process-
of Ecopetrol and its subsidiaries, as of December ing systems, and it holds leading positions in the ing and imaging to the success of subsurface
31, 2021. petrochemicals and gas distribution segments. projects.”
Reserves were estimated based on the United With the acquisition of 51.4% of ISA’s shares, the Shearwater leads the industry with its Reveal
States Securities and Exchange Commission company participates in energy transmission, seismic processing software. It provides process-
(SEC) standards and methodology. 99.5% of the management of real-time systems (XM), ing and imaging for towed streamer, ocean-bot-
the reserves were certified by four independent and the Barranquilla-Cartagena coastal highway tom and land seismic surveys from within a
specialised firms (Ryder Scott Co., DeGolyer and concession. single user interface. Shearwater uses and devel-
MacNaughton, Gaffney, Cline & Associates, and At the international level, Ecopetrol has a ops Reveal for its processing and imaging ser-
Sproule International Ltd). stake in strategic basins in the American conti- vices and collaborates with clients to advance
The SEC-defined price used for the 2021 val- nent, with Drilling and Exploration operations technology in Reveal. The software is licensed
uation of reserves was $69.2 per barrel of Brent in the United States (Permian basin and the Gulf to energy companies, contractors, consultants
versus $43.4 per barrel of Brent in 2020. of Mexico), Brazil, and Mexico, and, through and is used by academia for both teaching and
At the end of 2021, the net proven reserves ISA and its subsidiaries, Ecopetrol holds leading research.
of the Ecopetrol Group were 2.002bn boe. The positions in the power transmission business in Shearwater GeoServices, February 8 2022
Reserve-Replacement Ratio was 200% and the
average reserve life was equivalent to 8.7 years.
In 2021, the Ecopetrol Group incorporated
462mn boe of proven reserves and the total accu-
mulated production was 231mn boe. Of the total
balance of reserves, 72% are liquid reserves, with
an average life of 8.2 years, while the remaining
28% are gas reserves, with an average life of 10.4
years.
Of the 462mn boe incorporated, 61%
(282mn boe) was primarily a result of perfor-
mance within development fields, optimal and
timely maturity of new projects, and greater
capacity to execute and implement enhanced
recovery expansion projects in fields such as
Chichimene, Castilla, and Akacias, among

P14 www. NEWSBASE .com Week 06 10•February•2022