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Ecopetrol reported 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, 2014 .
Reserves were calculated based on U.S. Securities and Exchange Commission (SEC) standards and methodology, and 99% were audited by two different independent reserve engineering firms (Ryder Scott Company and DeGolyer and MacNaughton).
Proven net hydrocarbon reserves owned by Ecopetrol, including its interest in affiliates and subsidiaries, as of December 2014 , were 2,084 million barrels of oil equivalent (mmboe), a 5.7% increase compared to 1,972 mmboe in 2013.
In 2014, Ecopetrol added 355 mmboe to its proven reserves, an increase over the 340 mmboe reported in 2013. Production for the year 2014 was 243 mmboe.
The reserve replacement ratio in 2014 was 146%, up from the 139% reported in 2013.. The reserves/production ratio increased to 8.6 years.
The increase in proven reserves is mainly the product of revisions at existing fields, and increased gas reserves.
94% of our proven reserves as of December 2014 (2,084 mmboe), comes from Ecopetrol S.A., while Hocol, Ecopetrol America and the participation in Equion and Savia Peru , contribute with 6%.
During the last 5 years, Ecopetrol increased its net reserves by 22% and achieved an average reserve replacement ratio of 150%.
Reserves as of December 31 of 2014:
