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Supplemental information on oil and gas activities | 12 Months Ended
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Dec. 31, 2022
Supplemental information on oil and gas activities |
Supplemental information on oil and gas activities | Note 38 Supplemental information on oil and gas activities (unaudited) The following information is presented in accordance with ASC No. 932 “Extractive Activities- Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by FASB in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the SEC final rules and interpretations, published on December 31, 2008. This information includes the Group’s oil and gas production activities carried out in each country. Table 1 - Costs incurred in exploration, property acquisitions and development The following table presents those costs capitalized as well as expensed that were incurred during each of the years ended December 31, 2022, 2021 and 2020. The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include geological and geophysical costs, costs necessary for retaining undeveloped properties, drilling costs and exploratory wells equipment. Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Ecuador | ​ | Total
Year ended December 31, 2022 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Acquisition of properties | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Proved | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Unproved | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Total property acquisition | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Exploration | ​ | 48,771 | ​ | 116 | ​ | — | ​ | 779 | ​ | 26,521 | ​ | 76,187
Development (a) | ​ | 89,231 | ​ | 9,952 | ​ | (212) | ​ | — | ​ | 648 | ​ | 99,619
Total costs incurred | ​ | 138,002 | ​ | 10,068 | ​ | (212) | ​ | 779 | ​ | 27,169 | ​ | 175,806
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | ​ | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
Year ended December 31, 2021 | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Acquisition of properties | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Proved | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Unproved | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Total property acquisition | ​ | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Exploration | ​ | ​ | ​ | 40,828 | ​ | 3,940 | ​ | 3 | ​ | 998 | ​ | 45,769
Development (a) | ​ | ​ | ​ | 81,310 | ​ | 1,900 | ​ | (2,212) | ​ | 2 | ​ | 81,000
Total costs incurred | ​ | ​ | ​ | 122,138 | ​ | 5,840 | ​ | (2,209) | ​ | 1,000 | ​ | 126,769
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | ​ | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
Year ended December 31, 2020 | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Acquisition of properties | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Proved | ​ | ​ | ​ | 202,913 | ​ | — | ​ | — | ​ | — | ​ | 202,913
Unproved | ​ | ​ | ​ | 73,310 | ​ | — | ​ | — | ​ | — | ​ | 73,310
Total property acquisition | ​ | ​ | ​ | 276,223 | ​ | — | ​ | — | ​ | — | ​ | 276,223
Exploration | ​ | ​ | ​ | 19,142 | ​ | 9,447 | ​ | 668 | ​ | 694 | ​ | 29,951
Development (a) | ​ | ​ | ​ | 51,793 | ​ | 3,580 | ​ | 412 | ​ | (3,855) | ​ | 51,930
Total costs incurred | ​ | ​ | ​ | 70,935 | ​ | 13,027 | ​ | 1,080 | ​ | (3,161) | ​ | 81,881
(a) | Includes the effect of change in estimate of assets retirement obligations.
Table 2 - Capitalized costs related to oil and gas producing activities ​ The following table presents the capitalized costs as of December 31, 2022, 2021 and 2020, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Ecuador | ​ | Total
As of December 31, 2022 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Proved properties (a) | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Equipment, camps and other facilities | ​ | 144,672 | ​ | 74,490 | ​ | 3,565 | ​ | — | ​ | 222,727
Mineral interest and wells | ​ | 672,424 | ​ | 343,926 | ​ | 44,716 | ​ | 18,191 | ​ | 1,079,257
Other uncompleted projects | ​ | 16,099 | ​ | 113 | ​ | 268 | ​ | — | ​ | 16,480
Unproved properties | ​ | 102,760 | ​ | — | ​ | 290 | ​ | 9,991 | ​ | 113,041
Gross capitalized costs | ​ | 935,955 | ​ | 418,529 | ​ | 48,839 | ​ | 28,182 | ​ | 1,431,505
Accumulated depreciation | ​ | (354,981) | ​ | (371,171) | ​ | (42,885) | ​ | (2,316) | ​ | (771,353)
Total net capitalized costs | ​ | 580,974 | ​ | 47,358 | ​ | 5,954 | ​ | 25,866 | ​ | 660,152
(a) | Includes capitalized amounts related to asset retirement obligations.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
As of December 31, 2021 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Proved properties (a) | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Equipment, camps and other facilities | ​ | 125,078 | ​ | 72,766 | ​ | 3,333 | ​ | — | ​ | 201,177
Mineral interest and wells | ​ | 580,931 | ​ | 334,993 | ​ | 42,008 | ​ | — | ​ | 957,932
Other uncompleted projects | ​ | 26,136 | ​ | 818 | ​ | 250 | ​ | — | ​ | 27,204
Unproved properties (b) | ​ | 94,419 | ​ | — | ​ | 271 | ​ | — | ​ | 94,690
Gross capitalized costs | ​ | 826,564 | ​ | 408,577 | ​ | 45,862 | ​ | — | ​ | 1,281,003
Accumulated depreciation | ​ | (282,616) | ​ | (358,417) | ​ | (38,741) | ​ | — | ​ | (679,774)
Total net capitalized costs | ​ | 543,948 | ​ | 50,160 | ​ | 7,121 | ​ | — | ​ | 601,229
(a) | Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000.
(b) | Do not include Ecuador capitalized costs.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
As of December 31, 2020 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Proved properties (a) | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Equipment, camps and other facilities | ​ | 115,577 | ​ | 74,363 | ​ | 3,580 | ​ | 4,309 | ​ | 197,829
Mineral interest and wells | ​ | 511,040 | ​ | 348,366 | ​ | 47,729 | ​ | 61,482 | ​ | 968,617
Other uncompleted projects (b) | ​ | 13,048 | ​ | 2,158 | ​ | 245 | ​ | 26 | ​ | 15,477
Unproved properties (c) | ​ | 77,388 | ​ | — | ​ | 432 | ​ | — | ​ | 77,820
Gross capitalized costs | ​ | 717,053 | ​ | 424,887 | ​ | 51,986 | ​ | 65,817 | ​ | 1,259,743
Accumulated depreciation | ​ | (228,929) | ​ | (345,611) | ​ | (38,273) | ​ | (45,619) | ​ | (658,432)
Total net capitalized costs | ​ | 488,124 | ​ | 79,276 | ​ | 13,713 | ​ | 20,198 | ​ | 601,311
(a) | Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000, US$ 16,205,000 and US$ 1,717,000, respectively.
(b) | Do not include Peru capitalized costs.
(c) | Do not include Ecuador capitalized costs.
Table 3 - Results of operations for oil and gas producing activities The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2022, 2021 and 2020. Income tax for the years presented was calculated utilizing the statutory tax rates. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Ecuador | ​ | Total
Year ended December 31, 2022 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Revenue | ​ | 978,423 | ​ | 29,196 | ​ | 19,873 | ​ | 1,962 | ​ | 10,671 | ​ | 1,040,125
Production costs, excluding depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs | ​ | (78,323) | ​ | (12,961) | ​ | (3,753) | ​ | (1,306) | ​ | (3,220) | ​ | (99,563)
Royalties and economic rights | ​ | (249,303) | ​ | (1,165) | ​ | (1,546) | ​ | (273) | ​ | — | ​ | (252,287)
Total production costs | ​ | (327,626) | ​ | (14,126) | ​ | (5,299) | ​ | (1,579) | ​ | (3,220) | ​ | (351,850)
Exploration expenses (a) | ​ | (28,424) | ​ | (116) | ​ | — | ​ | (779) | ​ | (4,768) | ​ | (34,087)
Accretion expense (b) | ​ | (621) | ​ | (1,516) | ​ | (504) | ​ | — | ​ | — | ​ | (2,641)
Depreciation, depletion and amortization | ​ | (72,386) | ​ | (12,754) | ​ | (1,509) | ​ | — | ​ | (2,315) | ​ | (88,964)
Results of operations before income tax | ​ | 549,366 | ​ | 684 | ​ | 12,561 | ​ | (396) | ​ | 368 | ​ | 562,583
Income tax (expense) benefit | ​ | (192,278) | ​ | (103) | ​ | (4,271) | ​ | — | ​ | (92) | ​ | (196,744)
Results of oil and gas operations | ​ | 357,088 | ​ | 581 | ​ | 8,290 | ​ | (396) | ​ | 276 | ​ | 365,839
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | ​ | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
Year ended December 31, 2021 | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Revenue | ​ | ​ | ​ | 618,268 | ​ | 21,471 | ​ | 20,109 | ​ | 28,695 | ​ | 688,543
Production costs, excluding depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs | ​ | ​ | ​ | (72,043) | ​ | (10,280) | ​ | (2,954) | ​ | (14,490) | ​ | (99,767)
Royalties and economic rights | ​ | ​ | ​ | (106,341) | ​ | (770) | ​ | (1,642) | ​ | (4,270) | ​ | (113,023)
Total production costs | ​ | ​ | ​ | (178,384) | ​ | (11,050) | ​ | (4,596) | ​ | (18,760) | ​ | (212,790)
Exploration expenses (a) | ​ | ​ | ​ | (11,276) | ​ | (4,509) | ​ | — | ​ | (998) | ​ | (16,783)
Accretion expense (b) | ​ | ​ | ​ | (576) | ​ | (1,319) | ​ | (535) | ​ | (710) | ​ | (3,140)
Impairment loss for non-financial assets | ​ | ​ | ​ | — | ​ | (17,641) | ​ | — | ​ | 13,307 | ​ | (4,334)
Depreciation, depletion and amortization | ​ | ​ | ​ | (54,588) | ​ | (12,806) | ​ | (2,933) | ​ | (8,152) | ​ | (78,479)
Results of operations before income tax | ​ | ​ | ​ | 373,444 | ​ | (25,854) | ​ | 12,045 | ​ | 13,382 | ​ | 373,017
Income tax (expense) benefit | ​ | ​ | ​ | (115,768) | ​ | 3,878 | ​ | (4,095) | ​ | (4,684) | ​ | (120,669)
Results of oil and gas operations | ​ | ​ | ​ | 257,676 | ​ | (21,976) | ​ | 7,950 | ​ | 8,698 | ​ | 252,348
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | ​ | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
Year ended December 31, 2020 | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Revenue | ​ | ​ | ​ | 334,606 | ​ | 21,704 | ​ | 12,783 | ​ | 24,599 | ​ | 393,692
Production costs, excluding depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs | ​ | ​ | ​ | (61,866) | ​ | (9,491) | ​ | (2,827) | ​ | (15,013) | ​ | (89,197)
Royalties and economic rights | ​ | ​ | ​ | (30,453) | ​ | (753) | ​ | (1,049) | ​ | (3,620) | ​ | (35,875)
Total production costs | ​ | ​ | ​ | (92,319) | ​ | (10,244) | ​ | (3,876) | ​ | (18,633) | ​ | (125,072)
Exploration expenses (a) | ​ | ​ | ​ | (12,493) | ​ | (50,301) | ​ | (1,000) | ​ | (694) | ​ | (64,488)
Accretion expense (b) | ​ | ​ | ​ | (670) | ​ | (1,358) | ​ | (867) | ​ | (1,381) | ​ | (4,276)
Impairment loss for non-financial assets | ​ | ​ | ​ | — | ​ | (81,967) | ​ | (1,717) | ​ | (16,205) | ​ | (99,889)
Depreciation, depletion and amortization | ​ | ​ | ​ | (56,720) | ​ | (32,233) | ​ | (2,488) | ​ | (14,723) | ​ | (106,164)
Results of operations before income tax | ​ | ​ | ​ | 172,404 | ​ | (154,399) | ​ | 2,835 | ​ | (27,037) | ​ | (6,197)
Income tax (expense) benefit | ​ | ​ | ​ | (55,169) | ​ | 23,160 | ​ | (964) | ​ | 8,111 | ​ | (24,862)
Results of oil and gas operations | ​ | ​ | ​ | 117,235 | ​ | (131,239) | ​ | 1,871 | ​ | (18,926) | ​ | (31,059)
(a) | Do not include Peru and Ecuador costs.
(b) | Represents accretion of ARO and other environmental liabilities.
Table 4 - Reserve quantity information Estimated oil and gas reserves Proved reserves represent estimated quantities of oil (including crude oil and condensate) and natural gas, which available geological and engineering data demonstrates with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The choice of method or combination of methods employed in the analysis of each reservoir was determined by the stage of development, quality and reliability of basic data, and production history. The Group believes that its estimates of remaining proved recoverable oil and gas reserve volumes are reasonable and such estimates have been prepared in accordance with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The Group estimates its reserves at least once a year. The Group’s reserves estimation as of December 31, 2022, 2021, 2020 and 2019 was based on the DeGolyer and MacNaughton Reserves Report (the “D&M Reserves Report”). DeGolyer and MacNaughton Corp. prepared its proved oil and natural gas reserve estimates in accordance with Rule 4-10 of Regulation S–X, promulgated by the SEC, and in accordance with the oil and gas reserves disclosure provisions of ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities - Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities). Reserves engineering is a subjective process of estimation of hydrocarbon accumulation, which cannot be exactly measured, and the reserve estimation depends on the quality of available information and the interpretation and judgement of the engineers and geologists. Therefore, the reserves estimations, as well as future production profiles, are often different than the quantities of hydrocarbons which are finally recovered. The accuracy of such estimations depends, in general, on the assumptions on which they are based. The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2022, 2021, 2020 and 2019 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022 | ​ | As of December 31, 2021 | ​ | As of December 31, 2020 | ​ | As of December 31, 2019
​ | ​ | Oil and | ​ | ​ | ​ | Oil and | ​ | ​ | ​ | Oil and | ​ | ​ | ​ | Oil and | ​ | ​
​ | ​ | condensate | ​ | Natural gas | ​ | condensate | ​ | Natural gas | ​ | condensate | ​ | Natural gas | ​ | condensate | ​ | Natural gas
​ | ​ | (Mbbl) | ​ | (MMcf) | ​ | (Mbbl) | ​ | (MMcf) | ​ | (Mbbl) | ​ | (MMcf) | ​ | (Mbbl) | ​ | (MMcf)
Net proved developed | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Colombia (a) | ​ | 46,623 | ​ | 1,065 | ​ | 47,766 | ​ | 1,207 | ​ | 43,817 | ​ | 1,695 | ​ | 39,397 | ​ | 2,319
Chile (b) | ​ | 1,115 | ​ | 14,103 | ​ | 755 | ​ | 15,196 | ​ | 798 | ​ | 19,054 | ​ | 898 | ​ | 14,406
Brazil (c) | ​ | 8 | ​ | 9,443 | ​ | 43 | ​ | 13,601 | ​ | 34 | ​ | 13,927 | ​ | 48 | ​ | 14,872
Argentina (d) | ​ | — | ​ | — | ​ | 1,186 | ​ | 3,379 | ​ | 1,685 | ​ | 5,599 | ​ | 1,658 | ​ | 5,785
Ecuador (e) | ​ | 322 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Total consolidated | ​ | 48,068 | ​ | 24,611 | ​ | 49,750 | ​ | 33,383 | ​ | 46,334 | ​ | 40,275 | ​ | 42,001 | ​ | 37,382
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net proved undeveloped | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Colombia (f) | ​ | 17,765 | ​ | — | ​ | 31,019 | ​ | — | ​ | 45,240 | ​ | — | ​ | 51,212 | ​ | —
Chile (b) | ​ | 476 | ​ | — | ​ | 575 | ​ | 1,563 | ​ | 1,229 | ​ | 5,661 | ​ | 2,809 | ​ | 6,413
Argentina (g) | ​ | — | ​ | — | ​ | 603 | ​ | — | ​ | 104 | ​ | — | ​ | 1,370 | ​ | 450
Peru (h) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 19,210 | ​ | —
Total consolidated | ​ | 18,241 | ​ | — | ​ | 32,197 | ​ | 1,563 | ​ | 46,573 | ​ | 5,661 | ​ | 74,601 | ​ | 6,863
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total proved reserves | ​ | 66,309 | ​ | 24,611 | ​ | 81,947 | ​ | 34,946 | ​ | 92,907 | ​ | 45,936 | ​ | 116,602 | ​ | 44,245
| (a) | Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 84%, 11%, 1% and 4% (Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 88%, 8%, 2% and 2% in 2021, Llanos 34
|  | Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86%, 8%, 3% and 3% in 2020, and Llanos 34 Block and Llanos 32 Block account for 97% and 3% in 2019) of the proved developed reserves, respectively.
| (b) | Fell Block accounts for 100% of the reserves.
| (c) | BCAM-40 Block accounts for 100% of the reserves.
| (d) | Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 45%, 21% and 33% in 2021 (50%, 26% and 24% in 2020, and 49%, 30% and 21% in 2019) of the proved developed reserves, respectively.
| (e) | Perico Block and Espejo Block account for 85% and 15% of the reserves, respectively.
| (f) | Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 85%, 7%, 3% and 5% (Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 88%, 5%, 5% and 3% in 2021, Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91%, 5% and 4% in 2020, and Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019) of the proved undeveloped reserves, respectively.
| (g) | Aguada Baguales Block accounts for 100% of the proved undeveloped reserves.
| (h) | Morona Block accounted for 100% of the reserves.
​ Table 5 - Net proved reserves of oil, condensate and natural gas Net proved reserves (developed and undeveloped) of oil and condensate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Thousands of barrels | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Peru | ​ | Ecuador | ​ | Total
Reserves as of December 31, 2019 | ​ | 90,609 | ​ | 3,707 | ​ | 48 | ​ | 3,028 | ​ | 19,210 | ​ | — | ​ | 116,602
Increase (decrease) attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revisions (a) | ​ | (1,964) | ​ | (1,825) | ​ | (7) | ​ | (734) | ​ | — | ​ | — | ​ | (4,530)
Extensions and discoveries (b) | ​ | 4,545 | ​ | 279 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 4,824
Purchase or (Disposal) of Minerals in place (c) | ​ | 6,853 | ​ | — | ​ | — | ​ | — | ​ | (19,210) | ​ | — | ​ | (12,357)
Production | ​ | (10,986) | ​ | (134) | ​ | (7) | ​ | (505) | ​ | — | ​ | — | ​ | (11,632)
Reserves as of December 31, 2020 | ​ | 89,057 | ​ | 2,027 | ​ | 34 | ​ | 1,789 | ​ | — | ​ | — | ​ | 92,907
Increase (decrease) attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revisions (d) | ​ | (3,207) | ​ | (597) | ​ | 18 | ​ | (169) | ​ | — | ​ | — | ​ | (3,955)
Extensions and discoveries (e) | ​ | 3,375 | ​ | — | ​ | — | ​ | 603 | ​ | — | ​ | — | ​ | 3,978
Production | ​ | (10,440) | ​ | (100) | ​ | (9) | ​ | (434) | ​ | — | ​ | — | ​ | (10,983)
Reserves as of December 31, 2021 | ​ | 78,785 | ​ | 1,330 | ​ | 43 | ​ | 1,789 | ​ | — | ​ | — | ​ | 81,947
Increase (decrease) attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revisions (f) | ​ | (2,677) | ​ | 422 | ​ | (27) | ​ | — | ​ | — | ​ | — | ​ | (2,282)
Extensions and discoveries (g) | ​ | 204 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 632 | ​ | 836
Disposal of Minerals in place (h) | ​ | — | ​ | — | ​ | — | ​ | (1,760) | ​ | — | ​ | — | ​ | (1,760)
Production | ​ | (11,924) | ​ | (161) | ​ | (8) | ​ | (29) | ​ | — | ​ | (310) | ​ | (12,432)
Reserves as of December 31, 2022 | ​ | 64,388 | ​ | 1,591 | ​ | 8 | ​ | — | ​ | — | ​ | 322 | ​ | 66,309
| (a) | For the year ended December 31, 2020, the Group’s oil and condensate proved reserves were revised downward by 4.5 mmbbl. The primary factors leading to the above were:
- Lower average oil prices resulted in a 4.2 mmbbl, 1.1 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia, Argentina and Chile, respectively. - A reduction of 1.6 mmbbl in Chile due to the revision of the type well in the Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl associated to the revision of the type of well in the Aguada Baguales fields. - Lower than expected performance from the existing wells in Colombia that reduced the proved developed reserves from the Jacana, Tigana and Tigui fields (2.8 mmbbl). - Such decrease was partially offset by a better performance of proved undeveloped reserves in Colombia (5.1 mmbbl) originated by a new estimation of original oil in place and better type wells considered in the Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and the Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells.
| (b) | In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to the Jauke Field discovery in the Fell Block.
| (c) | Purchase of Minerals in place refers to the CPO-5 and Platanillo Blocks acquisition during 2020 in Colombia. The reduction in Peru is due to the decision to retire from the Morona Block (see Note 36.4.1).
| (d) | For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were:
- Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl). - A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block. - Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively.
| (e) | In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field.
| (f) | For the year ended December 31, 2022, the Group’s oil and condensate proved reserves were revised downward by 2.3 mmbbl. The primary factors leading to the above were:
- A decrease of 3.6 mmbbl in Colombia due to a change in the royalties payment in certain fields from cash to kind. - Such decrease was partially offset by a higher average oil prices resulted in a 0.6 mmbbl and 0.1 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively. - Higher than expected performance from the existing wells that increase the proved reserves in Colombia (0.3 mmbbl) and in Chile (0.3 mmbbl).
| (g) | In Colombia, the extensions and discoveries are primary due to the Cante Flamenco new field in CPO-5 Block and in Ecuador are due to the Jandaya, Yin and Tui new fields in the Perico Block and the Pashuri field in the Espejo Block.
| (h) | The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1)..
​ Net proved reserves (developed and undeveloped) of natural gas: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Millions of cubic feet | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Total
Reserves as of December 31, 2019 | ​ | 2,319 | ​ | 20,819 | ​ | 14,872 | ​ | 6,235 | ​ | 44,245
Increase (decrease) attributable to: | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Revisions (a) | ​ | (211) | ​ | (385) | ​ | 1,840 | ​ | 889 | ​ | 2,133
Extensions and discoveries (b) | ​ | — | ​ | 10,456 | ​ | — | ​ | — | ​ | 10,456
Production | ​ | (413) | ​ | (6,175) | ​ | (2,785) | ​ | (1,525) | ​ | (10,898)
Reserves as of December 31, 2020 | ​ | 1,695 | ​ | 24,715 | ​ | 13,927 | ​ | 5,599 | ​ | 45,936
Increase (decrease) attributable to: | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Revisions (c) | ​ | 14 | ​ | (3,553) | ​ | 3,470 | ​ | (636) | ​ | (705)
Production | ​ | (502) | ​ | (4,403) | ​ | (3,796) | ​ | (1,584) | ​ | (10,285)
Reserves as of December 31, 2021 | ​ | 1,207 | ​ | 16,759 | ​ | 13,601 | ​ | 3,379 | ​ | 34,946
Increase (decrease) attributable to: | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ | ​
Revisions (d) | ​ | 141 | ​ | 1,501 | ​ | (886) | ​ | — | ​ | 756
Disposal of Minerals in place (e) | ​ | — | ​ | — | ​ | — | ​ | (3,227) | ​ | (3,227)
Production | ​ | (283) | ​ | (4,157) | ​ | (3,272) | ​ | (152) | ​ | (7,864)
Reserves as of December 31, 2022 | ​ | 1,065 | ​ | 14,103 | ​ | 9,443 | ​ | — | ​ | 24,611
| (a) | For the year ended December 31, 2020, the Group’s proved natural gas reserves were revised upwards by 2.1 billion cubic feet. This was the combined effect of:
- An increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to the Jauke and Ache Fields, in Brazil (3.0 billion cubic feet) associated to new gas sales plateau in 2021 and forward which leads to better-than-expected performance of the Manati Field and in Argentina (1.9 billion cubic feet) due to better performance of the Puesto Touquet and El Porvenir Blocks. - The above was partially offset by lower-than-expected performance of proved undeveloped reserves in Chile (5.8 billion cubic feet) due to revisions of the type of well in the Pampa Larga Field. - Lower average prices resulted in a decrease of 2.5 billion cubic feet, 1.2 billion cubic feet and 1.2 billion cubic feet reduction in gas reserves in Chile, Brazil and Argentina, respectively.
| (b) | The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile.
| (c) | For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of:
- A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better-than-expected performance in the Manati Field in Brazil (2.5 billion cubic feet). - A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves. - A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block. -Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively.
| (d) | For the year ended December 31, 2022, the Group’s proved natural gas reserves were revised upwards by 0.8 billion cubic feet. This was the combined effect of:
- An increase of proved reserves due to better performance of existing wells in Chile (0.8 billion cubic feet) and the Llanos 32 block in Colombia (0.1 billion cubic feet). - Higher average prices resulted in an increase of 0.7 billion cubic feet and 0.8 billion cubic feet increase in gas reserves in Chile and Brazil, respectively. - The above was partially offset by lower-than-expected performance of Manati Field in Brazil (1.6 billion cubic feet).
| (e) | The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1).
​ Revisions refer to changes in interpretation of discovered accumulations and some technical and logistical needs in the area obliged to modify the timing and development plan of certain fields under appraisal and development phases. Table 6 - Standardized measure of discounted future net cash flows related to proved oil and gas reserves The following table discloses estimated future net cash flows from future production of proved developed and undeveloped reserves of crude oil, condensate and natural gas. As prescribed by SEC Modernization of Oil and Gas Reporting rules and ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities – Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities), such future net cash flows were estimated using the average first day-of-the-month price during the 12-month period for 2022, 2021 and 2020 and using a 10% annual discount factor. Future development and abandonment costs include estimated drilling costs, development and exploitation installations and abandonment costs. These future development costs were estimated based on evaluations made by the Group. The future income tax was calculated by applying the statutory tax rates in effect in the respective countries in which we have interests, as of the date this supplementary information was filed. This standardized measure is not intended to be and should not be interpreted as an estimate of the market value of the Group’s reserves. The purpose of this information is to give standardized data to help the users of the financial statements to compare different companies and make certain projections. It is important to point out that this information does not include, among other items, the effect of future changes in prices, costs and tax rates, which past experience indicates that are likely to occur, as well as the effect of future cash flows from reserves which have not yet been classified as proved reserves, of a discount factor more representative of the value of money over the lapse of time and of the risks inherent to the production of oil and gas. These future changes may have a significant impact on the future net cash flows disclosed below. For all these reasons, this information does not necessarily indicate the perception the Group has on the discounted future net cash flows derived from the reserves of hydrocarbons. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Ecuador | ​ | Total
As of December 31, 2022 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Future cash inflows | ​ | 5,229,599 | ​ | 190,449 | ​ | 65,002 | ​ | — | ​ | 26,553 | ​ | 5,511,603
Future production costs | ​ | (1,633,818) | ​ | (72,411) | ​ | (29,519) | ​ | — | ​ | (8,094) | ​ | (1,743,842)
Future development costs | ​ | (182,701) | ​ | (40,659) | ​ | (1,955) | ​ | — | ​ | (297) | ​ | (225,612)
Future income taxes | ​ | (1,191,658) | ​ | — | ​ | (1,761) | ​ | — | ​ | — | ​ | (1,193,419)
Undiscounted future net cash flows | ​ | 2,221,422 | ​ | 77,379 | ​ | 31,767 | ​ | — | ​ | 18,162 | ​ | 2,348,730
10% annual discount | ​ | (839,621) | ​ | (13,094) | ​ | (8,856) | ​ | — | ​ | (2,504) | ​ | (864,075)
Standardized measure of discounted future net cash flows | ​ | 1,381,801 | ​ | 64,285 | ​ | 22,911 | ​ | — | ​ | 15,658 | ​ | 1,484,655
As of December 31, 2021 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Future cash inflows | ​ | 4,381,191 | ​ | 136,152 | ​ | 89,208 | ​ | 109,678 | ​ | — | ​ | 4,716,229
Future production costs | ​ | (1,715,554) | ​ | (69,067) | ​ | (34,930) | ​ | (61,660) | ​ | — | ​ | (1,881,211)
Future development costs | ​ | (197,461) | ​ | (40,339) | ​ | (1,955) | ​ | (49,200) | ​ | — | ​ | (288,955)
Future income taxes | ​ | (754,205) | ​ | — | ​ | (3,449) | ​ | (2,947) | ​ | — | ​ | (760,601)
Undiscounted future net cash flows | ​ | 1,713,971 | ​ | 26,746 | ​ | 48,874 | ​ | (4,129) | ​ | — | ​ | 1,785,462
10% annual discount | ​ | (496,150) | ​ | 6,121 | ​ | (7,171) | ​ | 4,471 | ​ | — | ​ | (492,729)
Standardized measure of discounted future net cash flows | ​ | 1,217,821 | ​ | 32,867 | ​ | 41,703 | ​ | 342 | ​ | — | ​ | 1,292,733
As of December 31, 2020 | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Future cash inflows | ​ | 2,561,947 | ​ | 130,200 | ​ | 68,857 | ​ | 83,125 | ​ | — | ​ | 2,844,129
Future production costs | ​ | (850,029) | ​ | (82,290) | ​ | (36,254) | ​ | (65,536) | ​ | — | ​ | (1,034,109)
Future development costs | ​ | (197,859) | ​ | (28,620) | ​ | (2,355) | ​ | (24,640) | ​ | — | ​ | (253,474)
Future income taxes | ​ | (409,276) | ​ | — | ​ | (327) | ​ | — | ​ | — | ​ | (409,603)
Undiscounted future net cash flows | ​ | 1,104,783 | ​ | 19,290 | ​ | 29,921 | ​ | (7,051) | ​ | — | ​ | 1,146,943
10% annual discount | ​ | (345,550) | ​ | (2,258) | ​ | (4,543) | ​ | 7,032 | ​ | — | ​ | (345,319)
Standardized measure of discounted future net cash flows | ​ | 759,233 | ​ | 17,032 | ​ | 25,378 | ​ | (19) | ​ | — | ​ | 801,624
​ Table 7 - Changes in the standardized measure of discounted future net cash flows from proved reserves ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Peru | ​ | Ecuador | ​ | Total
Present value as of December 31, 2019 | ​ | 1,313,572 | ​ | 104,223 | ​ | 43,382 | ​ | 11,341 | ​ | 121,217 | ​ | — | ​ | 1,593,735
Sales of hydrocarbon, net of production costs | ​ | (221,620) | ​ | (12,803) | ​ | 8,080 | ​ | (10,454) | ​ | — | ​ | — | ​ | (236,797)
Net changes in sales price and production costs | ​ | (975,716) | ​ | (117,895) | ​ | (14,580) | ​ | (113) | ​ | — | ​ | — | ​ | (1,108,304)
Changes in estimated future development costs | ​ | 514,317 | ​ | 20,870 | ​ | (19,606) | ​ | (2,587) | ​ | — | ​ | — | ​ | 512,994
Extensions and discoveries less related costs | ​ | 59,898 | ​ | 13,914 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 73,812
Development costs incurred | ​ | 69,694 | ​ | 10,743 | ​ | 394 | ​ | 445 | ​ | — | ​ | — | ​ | 81,276
Revisions of previous quantity estimates | ​ | (27,190) | ​ | (13,002) | ​ | 3,519 | ​ | (10) | ​ | — | ​ | — | ​ | (36,683)
Purchase or (Disposal) of Minerals in place | ​ | 90,315 | ​ | — | ​ | — | ​ | — | ​ | (121,217) | ​ | — | ​ | (30,902)
Net changes in income taxes | ​ | (281,264) | ​ | — | ​ | (290) | ​ | — | ​ | — | ​ | — | ​ | (281,554)
Accretion of discount | ​ | 217,227 | ​ | 10,982 | ​ | 4,479 | ​ | 1,359 | ​ | — | ​ | — | ​ | 234,047
Present value as of December 31, 2020 | ​ | 759,233 | ​ | 17,032 | ​ | 25,378 | ​ | (19) | ​ | — | ​ | — | ​ | 801,624
Sales of hydrocarbon, net of production costs | ​ | (516,844) | ​ | (11,520) | ​ | (15,677) | ​ | (16,855) | ​ | — | ​ | — | ​ | (560,896)
Net changes in sales price and production costs | ​ | 924,875 | ​ | 64,048 | ​ | 19,393 | ​ | (3,145) | ​ | — | ​ | — | ​ | 1,005,171
Changes in estimated future development costs | ​ | 96,364 | ​ | (18,731) | ​ | 861 | ​ | 20,674 | ​ | — | ​ | — | ​ | 99,168
Extensions and discoveries less related costs | ​ | 80,933 | ​ | — | ​ | — | ​ | (1,020) | ​ | — | ​ | — | ​ | 79,913
Development costs incurred | ​ | 87,877 | ​ | 4,111 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 91,988
Revisions of previous quantity estimates | ​ | (76,850) | ​ | (23,776) | ​ | 11,957 | ​ | 465 | ​ | — | ​ | — | ​ | (88,204)
Net changes in income taxes | ​ | (254,618) | ​ | — | ​ | (2,780) | ​ | 244 | ​ | — | ​ | — | ​ | (257,154)
Accretion of discount | ​ | 116,851 | ​ | 1,703 | ​ | 2,571 | ​ | (2) | ​ | — | ​ | — | ​ | 121,123
Present value as of December 31, 2021 | ​ | 1,217,821 | ​ | 32,867 | ​ | 41,703 | ​ | 342 | ​ | — | ​ | — | ​ | 1,292,733
Sales of hydrocarbon, net of production costs | ​ | (891,534) | ​ | (15,317) | ​ | (14,697) | ​ | — | ​ | — | ​ | (2,732) | ​ | (924,280)
Net changes in sales price and production costs | ​ | 956,926 | ​ | 39,457 | ​ | (6,909) | ​ | — | ​ | — | ​ | — | ​ | 989,474
Changes in estimated future development costs | ​ | 93,657 | ​ | (22,675) | ​ | (933) | ​ | — | ​ | — | ​ | (10,483) | ​ | 59,566
Extensions and discoveries less related costs | ​ | 6,754 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 28,873 | ​ | 35,627
Development costs incurred | ​ | 94,195 | ​ | 11,153 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 105,348
Revisions of previous quantity estimates | ​ | (87,851) | ​ | 15,513 | ​ | (2,441) | ​ | — | ​ | — | ​ | — | ​ | (74,779)
Disposal of Minerals in place | ​ | — | ​ | — | ​ | — | ​ | (342) | ​ | — | ​ | — | ​ | (342)
Net changes in income taxes | ​ | (205,370) | ​ | — | ​ | 1,673 | ​ | — | ​ | — | ​ | — | ​ | (203,697)
Accretion of discount | ​ | 197,203 | ​ | 3,287 | ​ | 4,515 | ​ | — | ​ | — | ​ | — | ​ | 205,005
Present value as of December 31, 2022 | ​ | 1,381,801 | ​ | 64,285 | ​ | 22,911 | ​ | — | ​ | — | ​ | 15,658 | ​ | 1,484,655
​

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