Investor Presentaiton
1 Energy transition continued with 2024 investment plan
Production and reserves results
Production
Production Recovery
Reserves Location
ecoPETROL
GROUP
Reserves
Volume (mmboe)
2019
2020
2021
2022
2,002
2,011
1,893
Total Average Daily Crude Oil Production, prior to deducting royalties
1,770
Ecopetrol in
547.9
516.0
485.9
492.8
89%
Colombia
Reserves
Replacement
Ratio
Colombia (mbpd)
Subsidiaries in
28.6
21.3
18.1
17.1
Colombia (mbpd)
117%
Internationally (mbpd)
14.9
17.3
23.1
31.9
Total gross production Ecopetrol Group
11%
USA
Last 3 year
average
Oil and gas
724.8
696.8
679.0
709.5
production (mboed)
2019
2020
2021
2022
2024 Investment Plan: Ecopetrol Group plans to invest between 23 and 27 trillion pesos
Oil & Gas
Exploration and
Production
Investment
US$3.52 BN US$4.13 BN to support our
-
commitment to profitable production
Exploration & Production
~360 development and -15 exploration wells
725 to 730 mboed in production
Energy Transition
US$2.27 BN - US$2.66 BN
Low-emission solutions, natural gas supply,
decarbonization, electrical transmission, and
infrastructure
~US$1.46 BN
ISA
Transportation
Primarily focus on integrity and reliability projects >1
million daily barrels
Refining
Focus on ensuring the reliability, availability, and
sustainability of operations at the Barrancabermeja
and Cartagena refineries between 420 and 430 mbpd
TESG
expansion of the network by approximately
2,500 kilometers by 2026
US$ 913 MM
Territorial development, climate change,
science, technology, and innovation
Source: Form 3Q'23 6-K. 2022 20-F form, Prospectus Supplement
Note: Business plan reflects estimated Brent prices of US$ 63/BI in 2022, and US$ 60/BI in 2023 and 2024. As of 2022, Brent price averaged US$99/BI.
Note: Amounts stated in USD have been translated for the convenience of the reader at the rate of COP$4,053.76 to US$1.00 as of September 30, 2023
Note: mbpd defined as thousand barrels per day
7View entire presentation