Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

All of the Company’s revenue is generated from oil sales at prices that reflect the blended prices received upon shipment by the purchaser at defined sales points or are defined by contract relative to ICE Brent and adjusted for Vasconia or Castilla crude differentials, and quality and transportation discounts each month. For the year ended December 31, 2021, 100% (2020 and 2019 - 100%) of the Company's revenue resulted from oil sales and quality and transportation discounts were 15% (2020 - 25%; 2019 - 16%) of the ICE Brent price. During the year ended December 31, 2021, the Company’s production was sold primarily to three major customers in Colombia (2020 and 2019 - three) equalling 66%, 19% and 12% of total sales volumes.

As at December 31, 2021, accounts receivable included nil accrued sales revenue related to December 2021 production (as at December 31, 2020, and December 31, 2019 - $0.1 million related to December production of each respective year).