Ecopetrol, Colombia's state-run oil producer, said its net proven reserves of oil at the end of 2010 surged 11.4% to 1.7 billion barrels. The company, Colombia's largest by market value, said it added 1.93 barrels in reserves for each barrel of oil equivalent produced.
The increase in the Ecopetrol's proved reserves comes mainly from the revisions and the extensions made in Ecopetrol's current fields as well as the contribution resulting from Ecopetrol's enhanced recovery projects and exploratory results, the company said in a statement.
From 2007 through 2010, Ecopetrol (EC) increased net reserves by 42%. The main increases in 2010 came from the following fields: Rubiales, Casabe, Cusiana, Chuchupa, Pauto, Cupiagua and the discoveries in Quifa Southwest and South Casabe, the company said in the statement.
Ecopetrol accounts for 60% of Colombia's total oil production. The company is also active in Brazil, Peru and the U.S. portion of the Gulf of Mexico. Colombia is South America's third-largest oil producer behind Venezuela and Brazil.