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Natural and environmental resources | 12 Months Ended
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Dec. 31, 2023
Natural and environmental resources. |
Natural and environmental resources | 14. Natural and environmental resources ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Exploration |  | ​
​ | ​ | Oil | ​ | Asset retirement | ​ | and | ​ | ​
​ | ​ | investments | ​ | cost | ​ | evaluation | ​ | Total
Cost |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | 88,338,471 |  | 7,104,903 |  | 10,480,025 |  | 105,923,399
Additions/capitalizations (1) |  | 11,899,832 |  | 3,197 |  | 2,061,406 |  | 13,964,435
Abandonment cost update (Note 22) |  | — |  | 3,262,348 |  | (67,112) |  | 3,195,236
Disposals |  | (503,017) |  | — |  | — |  | (503,017)
Write off exploratory assets and dry wells (2) |  | — |  | — |  | (1,472,397) |  | (1,472,397)
Capitalized financial interests (3) |  | 256,382 |  | — |  | 89,952 |  | 346,334
Exchange differences capitalized |  | 1,158 |  | — |  | 404 |  | 1,562
Foreign currency translation |  | (6,179,993) |  | (220,433) |  | (875,454) |  | (7,275,880)
Transfers/reclassifications |  | 363,009 |  | (3,472) |  | (498,093) |  | (138,556)
Balance as of December 31, 2023 |  | 94,175,842 |  | 10,146,543 |  | 9,718,731 |  | 114,041,116
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depletion and impairment losses |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | (58,382,473) |  | (5,088,086) |  | (129,230) |  | (63,599,789)
Depletion expense |  | (6,098,607) |  | (507,651) |  | — |  | (6,606,258)
Loss of impairment (Note 17) |  | (1,898,824) |  | — |  | (254,708) |  | (2,153,532)
Disposals |  | 79,824 |  | — |  | — |  | 79,824
Foreign currency translation |  | 3,249,017 |  | 117,626 |  | — |  | 3,366,643
Transfers/reclassifications |  | 41,224 |  | — |  | 46,905 |  | 88,129
Balance as of December 31, 2023 |  | (63,009,839) |  | (5,478,111) |  | (337,033) |  | (68,824,983)
Net balance as of December 31, 2022 |  | 29,955,998 |  | 2,016,817 |  | 10,350,795 |  | 42,323,610
Net balance as of December 31, 2023 |  | 31,166,003 |  | 4,668,432 |  | 9,381,698 |  | 45,216,133
(1) | Mainly includes a) Ecopetrol Permian for investments made in the drilling of wells and construction of facilities in RODEO, b) Ecopetrol S.A. mainly Caño Sur, Castilla, Chichimene, Floreña, and Rubiales fields, c) Hocol S.A. mainly to the execution of projects in Ocelote, Llanos 87 (Koala, Picabuey, Zorzal), Llanos 123 (Saltador and Toritos), SSNN, VIM 8, SN-18, and d) Ecopetrol America mainly on Gunflint, Dalmatian, and K2.
(2) | Mainly includes: a) Ecopetrol S.A. mainly Cupiagua XD45, Cusiana Subthrust, Cusiana Profundo, Turupe, La Luna, Kale and Kinacú, b) Hocol S.A. mainly in Sabanales wells, the failure of wells LLa-87.2 A3, (Koala), LLan-87-3-a3 (Picabuey), LLan- 124 (Cucarachero), Merecumbé, Bullerengue, Yd-SN1 pozo Yoda B, and exploratory expenses in LLan-104- SSJN1, VIM8.
(3) | Financial interest is capitalized based on the weighted average rate of borrowing costs.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Asset |  | Exploration |  | ​
​ | ​ | Oil | ​ | retirement | ​ | and | ​ | ​
​ | ​ | investments | ​ | cost | ​ | evaluation | ​ | Total
Cost |  |  |  |  |  |  |  |
Balance as of December 31, 2021 |  | 76,229,481 |  | 8,172,698 |  | 7,212,305 |  | 91,614,484
Additions/capitalizations (1) |  | 8,368,195 |  | — |  | 3,594,349 |  | 11,962,544
Abandonment cost update (Note 22) | ​ | — | ​ | (1,130,363) | ​ | 21,524 | ​ | (1,108,839)
Disposals (2) |  | (759,178) |  | (114,899) |  | (6,084) |  | (880,161)
Write off exploratory assets and dry wells (3) |  | (223,058) |  | — |  | (809,106) |  | (1,032,164)
Capitalized financial interests (4) |  | 136,696 |  | — |  | 60,570 |  | 197,266
Exchange differences capitalized |  | 798 |  | — |  | 353 |  | 1,151
Effect of adopting new standards (5) | ​ | — | ​ | — | ​ | 48,173 | ​ | 48,173
Foreign currency translation |  | 4,431,851 |  | 127,871 |  | 533,347 |  | 5,093,069
Transfers/reclassifications |  | 153,686 |  | 49,596 |  | (175,406) |  | 27,876
Balance as of December 31, 2022 |  | 88,338,471 |  | 7,104,903 |  | 10,480,025 |  | 105,923,399
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depletion and impairment losses |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  | (51,316,344) |  | (4,230,674) |  | (157,622) |  | (55,704,640)
Depletion expense |  | (4,536,052) |  | (800,139) |  | — |  | (5,336,191)
(Loss) reversal of impairment (Note 17) |  | (632,179) |  | — |  | 9,105 |  | (623,074)
Disposals |  | 421,036 |  | 96,489 |  | 11,793 |  | 529,318
Foreign currency translation |  | (2,354,611) |  | (82,927) |  | — |  | (2,437,538)
Transfers/reclassifications |  | 35,677 |  | (70,835) |  | 7,494 |  | (27,664)
Balance as of December 31, 2023 |  | (58,382,473) |  | (5,088,086) |  | (129,230) |  | (63,599,789)
Net balance as of December 31, 2021 |  | 24,913,137 |  | 3,942,024 |  | 7,054,683 |  | 35,909,844
Net balance as of December 31, 2022 |  | 29,955,998 |  | 2,016,817 |  | 10,350,795 |  | 42,323,610
(1) | Mainly includes a) Ecopetrol Permian, for investments in drilling of wells and construction of facilities executed in Rodeo, b) Ecopetrol S.A., mainly in Caño Sur, Casabe, Castilla, Chichimene, Floreña, Rubiales fields, and Cupiagua and Uchuva exploratory wells, and c) Hocol S.A., mainly in Guarrojo, Cicuco, SSJN1, Guajira, VIM-8, SN15, YDSN-1, LLA-87 blocks.
(2) | Corresponds mainly to the withdrawal of Rygberg’s association contract in Ecopetrol América.
(3) | Mainly includes a) Saturno block in Ecopetrol Brazil related to the entry bond, b) dry wells in Hocol S.A.: Bololó, Pilonera, Pollera, and Chinchorro and unsuccessfulness of the Sinuano and Yoda B wells, c) Ecopetrol S.A., Boranda Norte 1 well, and d) Ecopetrol América, Starman well.
(4) | Financial interest is capitalized based on the weighted average rate of borrowing costs.
(5) | Corresponds to the effect of adopting the IAS 16 amendment.
Accounting for suspended exploratory wells The following table shows the classification by age, from the completion date, of the exploratory wells that are suspended as of December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Between 1 and 3 years (a) |  | — |  | 48,206 |  | —
More than 5 years (b) |  | — |  | 650,767 |  | 651,040
Total suspended exploratory Wells |  | — |  | 698,973 |  | 651,040
Number of projects exceeding 1 year |  | — |  | 8 |  | 6
Projects under 1 year of suspended (c) |  | 230,376 |  | 990 |  | 20,863
a) | For 2022, the balance mainly corresponds to Hocol: Bullerengue South West-1 and Merecumbe 1, which were under evaluation.
​
b) | For 2022 and 2021, it mainly corresponds to i) Ecopetrol S.A.: Orca 1, Purple Angel, and Gordon.
​
c) | For 2023, it corresponds mainly to 1) Ecopetrol: Kale and Gibraltar, 2) Hocol: SSJN1 BO5, Pollera Norte A3 and YDSN-1 Yoda A. For 2022, the balance corresponds to Ecopetrol: Magallanes. For 2021, the balance corresponds to Hocol: Merecumbe 1 -SSJN1.

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