XML 101 R77.htm IDEA: XBRL DOCUMENT v3.19.1
Supplemental information on oil and gas activities (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Supplemental information on oil and gas activities [Abstract]  
Disclosure of detailed information about cost incurred in oil and gas property acquisition, exploration, and development activities [text block]
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
 
 
Peru
 
 
Total
 
Year ended 31 December 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
54,541
 
 
 
-
 
 
 
54,541
 
Unproved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Total property acquisition
 
 
-
 
 
 
-
 
 
 
-
 
 
 
54,541
 
 
 
-
 
 
 
54,541
 
Exploration
 
 
34,242
 
 
 
6,221
 
 
 
3,217
 
 
 
9,383
 
 
 
1,269
 
 
 
54,332
 
Development
 
 
65,174
 
 
 
3,033
 
 
 
(2,220
)
 
 
1,836
 
 
 
8,385
 
 
 
76,208
 
Total costs incurred
 
 
99,416
 
 
 
9,254
 
 
 
997
 
 
 
11,219
 
 
 
9,654
 
 
 
130,540
 
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Peru
 
 
Total
 
Year ended 31 December 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Unproved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Total property acquisition
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Exploration
 
 
37,017
 
 
 
3,283
 
 
 
5,207
 
 
 
8,080
 
 
 
743
 
 
 
54,330
 
Development
 
 
49,268
 
 
 
10,231
 
 
 
1,210
 
 
 
167
 
 
 
14,074
 
 
 
74,950
 
Total costs incurred
 
 
86,285
 
 
 
13,514
 
 
 
6,417
 
 
 
8,247
 
 
 
14,817
 
 
 
129,280
 
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Peru
 
 
Total
 
Year ended 31 December 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Unproved
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Total property acquisition
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Exploration
 
 
15,233
 
 
 
5,519
 
 
 
2,555
 
 
 
1,894
 
 
 
-
 
 
 
25,201
 
Development
 
 
12,500
 
 
 
4,566
 
 
 
191
 
 
 
-
 
 
 
-
 
 
 
17,257
 
Total costs incurred
 
 
27,733
 
 
 
10,085
 
 
 
2,746
 
 
 
1,894
 
 
 
-
 
 
 
42,458
 
 
(a)
Includes capitalized amounts related to asset retirement obligations.
Disclosure of capitalized costs relating to oil and gas producing activities disclosure [text block]
The following table presents the capitalized costs as at 31 December 2018, 2017 and 2016, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates.
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
At 31 December 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved properties
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equipment, camps and other facilities
 
 
83,023
 
 
 
81,459
 
 
 
5,154
 
 
 
2,458
 
 
 
172,094
 
Mineral interest and wells
 
 
189,514
 
 
 
400,338
 
 
 
63,574
 
 
 
64,084
 
 
 
717,510
 
Other uncompleted projects
(b)
 
 
24,061
 
 
 
12,233
 
 
 
-
 
 
 
1,836
 
 
 
38,130
 
Unproved properties
 
 
1,676
 
 
 
41,162
 
 
 
7,073
 
 
 
10,081
 
 
 
59,992
 
Gross capitalized costs
 
 
298,274
 
 
 
535,192
 
 
 
75,801
 
 
 
78,459
 
 
 
987,726
 
Accumulated depreciation
 
 
(122,479
)
 
 
(281,062
)
 
 
(43,158
)
 
 
(16,363
)
 
 
(463,062
)
Total net capitalized costs
 
 
175,795
 
 
 
254,130
 
 
 
32,643
 
 
 
62,096
 
 
 
524,664
 
 
 
(a)
Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$ 11,531,000.
 
(b)
Do not include Peru capitalized costs.
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
At 31 December 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved properties
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equipment, camps and other facilities
 
 
69,906
 
 
 
80,611
 
 
 
6,036
 
 
 
843
 
 
 
157,396
 
Mineral interest and wells
 
 
291,050
 
 
 
397,031
 
 
 
77,264
 
 
 
11,159
 
 
 
776,504
 
Other uncompleted projects
(b)
 
 
11,290
 
 
 
12,508
 
 
 
70
 
 
 
48
 
 
 
23,916
 
Unproved properties
 
 
4,106
 
 
 
49,702
 
 
 
7,585
 
 
 
2,975
 
 
 
64,368
 
Gross capitalized costs
 
 
376,352
 
 
 
539,852
 
 
 
90,955
 
 
 
15,025
 
 
 
1,022,184
 
Accumulated depreciation
 
 
(228,793
)
 
 
(253,764
)
 
 
(39,509
)
 
 
(5,700
)
 
 
(527,766
)
Total net capitalized costs
 
 
147,559
 
 
 
286,088
 
 
 
51,446
 
 
 
9,325
 
 
 
494,418
 
 
 
(a)
Includes capitalized amounts related to asset retirement obligations.
 
(b)
Do not include Peru capitalized costs.
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
At 31 December 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proved properties
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equipment, camps and other facilities
 
 
46,785
 
 
 
80,611
 
 
 
4,174
 
 
 
843
 
 
 
132,413
 
Mineral interest and wells
 
 
230,100
 
 
 
380,037
 
 
 
77,255
 
 
 
4,849
 
 
 
692,241
 
Other uncompleted projects
 
 
12,534
 
 
 
18,274
 
 
 
2,082
 
 
 
36
 
 
 
32,926
 
Unproved properties
 
 
4,503
 
 
 
48,908
 
 
 
6,468
 
 
 
1,894
 
 
 
61,773
 
Gross capitalized costs
 
 
293,922
 
 
 
527,830
 
 
 
89,979
 
 
 
7,622
 
 
 
919,353
 
Accumulated depreciation
 
 
(190,025
)
 
 
(230,917
)
 
 
(29,803
)
 
 
(5,692
)
 
 
(456,437
)
Total net capitalized costs
 
 
103,897
 
 
 
296,913
 
 
 
60,176
 
 
 
1,930
 
 
 
462,916
 
 
 
(a)
Includes capitalized amounts related to asset retirement obligations and impairment loss reversal in Colombia for US$ 5,664,000.
Disclosure Of Detailed Information About Results Of Operations For Oil And Gas Producing Activities [text block]
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 31 December 2018, 2017 and 2016. Income tax for the years presented was calculated utilizing the statutory tax rates.
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
Year ended 31 December 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
497,870
 
 
 
37,359
 
 
 
30,053
 
 
 
35,879
 
 
 
601,161
 
Production costs, excluding depreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
 
 
(55,823
)
 
 
(20,426
)
 
 
(5,965
)
 
 
(20,210
)
 
 
(102,424
)
Royalties
 
 
(62,710
)
 
 
(1,473
)
 
 
(2,820
)
 
 
(4,833
)
 
 
(71,836
)
Total production costs
 
 
(118,533
)
 
 
(21,899
)
 
 
(8,785
)
 
 
(25,043
)
 
 
(174,260
)
Exploration expenses
(a)
 
 
(23,953
)
 
 
(6,855
)
 
 
(2,846
)
 
 
(2,277
)
 
 
(35,931
)
Accretion expense
(b)
 
 
(892
)
 
 
(1,105
)
 
 
(918
)
 
 
(508
)
 
 
(3,423
)
Impairment loss reversal for non-financial assets
 
 
11,531
 
 
 
(6,549
)
 
 
-
 
 
 
-
 
 
 
4,982
 
Depreciation, depletion and amortization
 
 
(41,850
)
 
 
(27,298
)
 
 
(10,278
)
 
 
(10,662
)
 
 
(90,088
)
Results of operations before income tax
 
 
324,173
 
 
 
(26,347
)
 
 
7,226
 
 
 
(2,611
)
 
 
302,441
 
Income tax benefit (expense)
 
 
(119,944
)
 
 
3,952
 
 
 
(2,457
)
 
 
783
 
 
 
(117,666
)
Results of oil and gas operations
 
 
204,229
 
 
 
(22,395
)
 
 
4,769
 
 
 
(1,828
)
 
 
184,775
 
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
Year ended 31 December 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
263,076
 
 
 
32,738
 
 
 
34,238
 
 
 
70
 
 
 
330,122
 
Production costs, excluding depreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
 
 
(42,677
)
 
 
(19,685
)
 
 
(7,603
)
 
 
(325
)
 
 
(70,290
)
Royalties
 
 
(24,236
)
 
 
(1,314
)
 
 
(3,134
)
 
 
(13
)
 
 
(28,697
)
Total production costs
 
 
(66,913
)
 
 
(20,999
)
 
 
(10,737
)
 
 
(338
)
 
 
(98,987
)
Exploration expenses
(a)
 
 
(3,856
)
 
 
(1,404
)
 
 
(3,985
)
 
 
(707
)
 
 
(9,952
)
Accretion expense
(b)
 
 
(855
)
 
 
(994
)
 
 
(930
)
 
 
-
 
 
 
(2,779
)
Depreciation, depletion and amortization
 
 
(38,721
)
 
 
(22,705
)
 
 
(10,659
)
 
 
(8
)
 
 
(72,093
)
Results of operations before income tax
 
 
152,731
 
 
 
(13,364
)
 
 
7,927
 
 
 
(983
)
 
 
146,311
 
Income tax benefit (expense)
 
 
(61,161
)
 
 
2,005
 
 
 
(2,695
)
 
 
344
 
 
 
(61,507
)
Results of oil and gas operations
 
 
91,570
 
 
 
(11,359
)
 
 
5,232
 
 
 
(639
)
 
 
84,804
 
 
 
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
Year ended 31 December 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
126,228
 
 
 
36,723
 
 
 
29,719
 
 
 
-
 
 
 
192,670
 
Production costs, excluding depreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
 
 
(29,326
)
 
 
(20,674
)
 
 
(5,738
)
 
 
-
 
 
 
(55,738
)
Royalties
 
 
(7,281
)
 
 
(1,495
)
 
 
(2,721
)
 
 
-
 
 
 
(11,497
)
Total production costs
 
 
(36,607
)
 
 
(22,169
)
 
 
(8,459
)
 
 
-
 
 
 
(67,235
)
Exploration expenses
(a)
 
 
(11,690
)
 
 
(21,060
)
 
 
(5,636
)
 
 
-
 
 
 
(38,386
)
Accretion expense
(b)
 
 
(459
)
 
 
(897
)
 
 
(1,198
)
 
 
-
 
 
 
(2,554
)
Impairment loss reversal for non-financial assets
 
 
5,664
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
5,664
 
Depreciation, depletion and amortization
 
 
(29,439
)
 
 
(29,890
)
 
 
(12,785
)
 
 
-
 
 
 
(72,114
)
Results of operations before income tax
 
 
53,697
 
 
 
(37,293
)
 
 
1,641
 
 
 
-
 
 
 
18,045
 
Income tax benefit (expense)
 
 
(21,479
)
 
 
5,594
 
 
 
(558
)
 
 
-
 
 
 
(16,443
)
Results of oil and gas operations
 
 
32,218
 
 
 
(31,699
)
 
 
1,083
 
 
 
-
 
 
 
1,602
 
 
 
(a)
Do not include Peru costs.
 
(b)
Represents accretion of ARO and other environmental liabilities.
Disclosure Of Detailed Information About Proved Developed And Undeveloped Oil And Gas Reserve Quantities [text block]
The estimated GeoPark net proved reserves for the properties evaluated as of 31 December 2018, 2017 and 2016 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf):
 
 
 
As of 31 December 2018
 
 
As of 31 December 2017
 
 
As of 31 December 2016
 
 
 
Oil and

condensate

(Mbbl)
 
 
Natural gas

(MMcf)
 
 
Oil and

condensate

(Mbbl)
 
 
Natural gas

(MMcf)
 
 
Oil and

condensate

(Mbbl)
 
 
Natural gas

(MMcf)
 
Net proved developed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Colombia
(a)
 
 
32,326.0
 
 
 
1,763.0
 
 
 
21,101.0
 
 
 
-
 
 
 
9,502.0
 
 
 
-
 
Chile
(b)
 
 
696.0
 
 
 
11,944.0
 
 
 
720.0
 
 
 
8,688.0
 
 
 
547.0
 
 
 
6,610.0
 
Brazil
(c)
 
 
55.0
 
 
 
17,339.0
 
 
 
76.0
 
 
 
23,821.0
 
 
 
72.0
 
 
 
29,525.0
 
Argentina
(d)
 
 
2,058.0
 
 
 
6,207.0
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Peru
(e)
 
 
-
 
 
 
-
 
 
 
9,502.0
 
 
 
-
 
 
 
9,316.0
 
 
 
-
 
Total consolidated
 
 
35,135.0
 
 
 
37,253
 
 
 
31,399.0
 
 
 
32,509.0
 
 
 
19,437.0
 
 
 
36,135.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net proved undeveloped
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Colombia
(f)
 
 
42,449.0
 
 
 
359.0
 
 
 
44,398.0
 
 
 
-
 
 
 
27,838.0
 
 
 
-
 
Chile
(g)
 
 
2,622.0
 
 
 
8,823.0
 
 
 
3,423.0
 
 
 
11,329.0
 
 
 
6,052.0
 
 
 
29,690.0
 
Argentina
(h)
 
 
1,440.0
 
 
 
3,174.0
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Peru
(e)
 
 
18,460.0
 
 
 
-
 
 
 
9,215.0
 
 
 
-
 
 
 
9,305.0
 
 
 
-
 
Total consolidated
 
 
64,971.0
 
 
 
12,356.0
 
 
 
57,036.0
 
 
 
11,329.0
 
 
 
43,195.0
 
 
 
29,690.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total proved reserves
 
 
100,106.0
 
 
 
49,609.0
 
 
 
88,435.0
 
 
 
43,838.0
 
 
 
62,632.0
 
 
 
65,825.0
 
 
 
(a)
Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% (Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017, and Llanos 34 Block and Llanos 32 Block accounts for 99% and 1% in 2016) of the proved developed reserves, respectively.
 
(b)
Fell Block accounts for 100% (Fell Block and Flamenco Block account for 98% and 2% in 2017, and Fell Block and Flamenco Block account for 99% and 1% in 2016) of the proved developed reserves, respectively.
 
(c)
BCAM-40 Block accounts for 100% of the reserves.
 
(d)
Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 48%, 33% and 19% of the proved developed reserves, respectively.
 
(e)
Morona Block accounts for 100% of the reserves.
 
(f)
Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% (Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017, and Llanos 34 Block accounts for 100% in 2016) of the proved undeveloped reserves, respectively. 
 
(g)
Fell Block accounts for 100% (Fell Block and Flamenco Block account for 97% and 3% in 2017, and Fell Block and Flamenco Block account for 99% and 1% in 2016) of the proved undeveloped reserves, respectively. 
 
(h)
Aguada Baguales Block and El Porvenir Block account for 75% and 25% of the proved undeveloped reserves, respectively.
Disclosure Of Detailed Information About Increasedecrease In Proved Reserves [text block]
Net proved reserves (developed and undeveloped) of oil and condensate:
 
Thousands of barrels
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Peru
 
 
Total
 
Reserves as of 31 December 2015
 
 
30,423.3
 
 
 
5,953.8
 
 
 
120.0
 
 
 
-
 
 
 
-
 
 
 
36,497.1
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(a)
 
 
5,779.0
 
 
 
1,148.0
 
 
 
(34.0
)
 
 
-
 
 
 
-
 
 
 
6,893.0
 
Extensions and discoveries
(b)
 
 
6,311.0
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
6,311.0
 
Purchase of Minerals in place
(c)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
18,621.0
 
 
 
18,621.0
 
Production
 
 
(5,173.3
)
 
 
(502.8
)
 
 
(14.0
)
 
 
-
 
 
 
-
 
 
 
(5,690.1
)
Reserves as of 31 December 2016
 
 
37,340.0
 
 
 
6,599.0
 
 
 
72.0
 
 
 
-
 
 
 
18,621.0
 
 
 
62,632.0
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(d)
 
 
6,315.0
 
 
 
(2,109.0
)
 
 
19.0
 
 
 
-
 
 
 
96.0
 
 
 
4,321.0
 
Extensions and discoveries
(e)
 
 
29,047.0
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
29,047.0
 
Production
 
 
(7,203.0
)
 
 
(347.0
)
 
 
(15.0
)
 
 
-
 
 
 
-
 
 
 
(7,565.0
)
Reserves as of 31 December 2017
 
 
65,499.0
 
 
 
4,143.0
 
 
 
76.0
 
 
 
-
 
 
 
18,717.0
 
 
 
88,435.0
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(f)
 
 
9,826.0
 
 
 
(586.0
)
 
 
(6.0
)
 
 
-
 
 
 
(257.0
)
 
 
8,977.0
 
Extensions and discoveries
(g)
 
 
8,839.0
 
 
 
41.0
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
8,880.0
 
Purchase of Minerals in place
(h)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
3,968.0
 
 
 
-
 
 
 
3,968.0
 
Production
 
 
(9,389.0
)
 
 
(280.0
)
 
 
(15.0
)
 
 
(470.0
)
 
 
-
 
 
 
(10,154.0
)
Reserves as of 31 December 2018
 
 
74,775.0
 
 
 
3,318.0
 
 
 
55.0
 
 
 
3,498.0
 
 
 
18,460.0
 
 
 
100,106.0
 
 
 
(a)
For the year ended 31 December 2016, the Group’s oil and condensate proved reserves were revised upward by 7 mmbbl. The primary factors leading to the above were:
-       Better than expected performance from existing wells, resulting in an increase of 9 mmbbl, of which 8 mmbbl was from the Tigana, Jacana and other minor fields in the Llanos 34 Block, and 1 mmbbl was from the Fell Block in Chile.
-       Such increase was partially offset by lower average oil prices impacting the La Cuerva and Yamu Blocks in Colombia, resulting in a 2 mmbbl decrease.
 
(b)
In Colombia, the extensions and discoveries are primarily due to the Jacana field appraisal wells in the Llanos 34 Block.
 
(c)
In December 2016, we obtained final regulatory approval for our acquisition of the Morona Block in Peru. The Joint Investment and Operating Agreement dated 1 October 2014 and its amendments were closed on 1 December 2016 following the issuance of Supreme Decree 031-2016-MEM.XXX.
 
(d)
For the year ended 31 December 2017, the Group’s oil and condensate proved reserves were revised upward by 4.3 mmbbl. The primary factors leading to the above were:
-       Better than expected performance from existing wells, from the Tigana and Jacana fields in the Llanos 34 Block, resulting in an increase of 3.8 mmbbl.
-       The impact of higher average oil prices resulting in a 2.5 mmbbl and 0.4 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively.
-       Such increase was partially offset by a decrease in reserves mainly related to a change in a previously adopted development plan in the Fell Block in Chile, resulting in a 2.4 mmbbl decrease.
 
(e)
In Colombia, the extensions and discoveries are primary due to the Chiricoca, Jacamar, and Curucucu field discoveries in the Llanos 34 Block and the Tigana and Jacana field extensions in the Llanos 34 Block.
 
(f)
For the year ended 31 December 2018, the Group’s oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were:
-       Better than expected performance from existing wells, from the Tigana and Jacana fields in the Llanos 34 Block, resulting in an increase of 15.4 mmbbl.
-       The impact of higher average oil prices resulting in a 0.7 mmbbl, 1.0 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Peru and Chile, respectively.
-       Such increase was partially offset by a decrease in reserves mainly related to a change in a previously adopted development plan in Max, Tua, Chachalaca Sur, Tilo, and Jacamar fields in the Llanos 34 Block, resulting in a 6.3 mmbbl decrease. Also, lower than expected performance from existing wells in Fell Block, resulted in a 0.8 mmbbl decrease. Finally, revisions in Peru resulted in a 1.3 mmbbl decrease.
 
(g)
In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block.
 
(h)
Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 35.3 for further details.
 
Net proved reserves (developed and undeveloped) of natural gas:
 
Millions of cubic feet
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Total
 
Reserves as of 31 December 2015
 
 
-
 
 
 
36,515.0
 
 
 
36,158.0
 
 
 
-
 
 
 
72,673.0
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(a)
 
 
-
 
 
 
5,078.0
 
 
 
(319.0
)
 
 
-
 
 
 
4,759.0
 
Production
 
 
-
 
 
 
(5,293.0
)
 
 
(6,314.0
)
 
 
-
 
 
 
(11,607.0
)
Reserves as of 31 December 2016
 
 
-
 
 
 
36,300.0
 
 
 
29,525.0
 
 
 
-
 
 
 
65,825.0
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(b)
 
 
-
 
 
 
(13,725.0
)
 
 
59.0
 
 
 
-
 
 
 
(13,666.0
)
Extensions and discoveries
(c)
 
 
-
 
 
 
1,187.0
 
 
 
-
 
 
 
-
 
 
 
1,187.0
 
Production
 
 
-
 
 
 
(3,745.0
)
 
 
(5,763.0
)
 
 
-
 
 
 
(9,508.0
)
Reserves as of 31 December 2017
 
 
-
 
 
 
20,017.0
 
 
 
23,821.0
 
 
 
-
 
 
 
43,838.0
 
Increase (decrease) attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revisions
(d)
 
 
-
 
 
 
544.0
 
 
 
(679.0
)
 
 
-
 
 
 
(135.0
)
Extensions and discoveries
(e)
 
 
2,122.0
 
 
 
3,909.0
 
 
 
-
 
 
 
-
 
 
 
6,031.0
 
Purchase of Minerals in place
(f)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
10,452.0
 
 
 
10,452.0
 
Production
 
 
-
 
 
 
(3,703.0
)
 
 
(5,803.0
)
 
 
(1,071.0
)
 
 
(10,577.0
)
Reserves as of 31 December 2018
 
 
2,122.0
 
 
 
20,767.0
 
 
 
17,339.0
 
 
 
9,381.0
 
 
 
49,609.0
 
 
 
(a)
For the year ended 31 December 2016, the Group’s proved natural gas reserves were revised upwards by 5 billion cubic feet. This increase was mainly driven by better than expected performance from existing wells, primarily the Ache field in the Fell Block in Chile, resulting in an addition of 9 billion cubic feet. This increase was partially offset by a reduction of 4 billion cubic feet in the Pampa Larga field, also in the Fell Block.
 
(b)
For the year ended 31 December 2017, the Group’s proved natural gas reserves were revised downwards by 13.7 billion cubic feet. This was the combined effect of:
-       Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and unsuccessful proved undeveloped executions in the Fell Block in Chile (totalling 21.3 billion cubic feet).
-       The above was partially offset by an increase of 6.8 billion cubic feet due to a better performance in the proved developed producing reserves in the Fell Block in Chile and the impact of higher average prices that resulted in an increase of 0.8 billion cubic feet.
 
(c)
In Chile, the extensions and discoveries are primary due to the Uaken Field discovery in the Fell Block.
 
(d)
For the year ended 31 December 2018, the Group’s proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of:
-       Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet).
-       Lower than expected performance from existing wells in BCAM-40 Block, resulting in a decrease of 0.7 billion cubic feet.
-       The above was partially offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile.
 
(e)
The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia.
 
(f)
Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 35.3 for further details.
Disclosure Of Detailed Information About Standardized Measure Of Discounted Future Cash Flows Related To Proved Reserves [text block]
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Peru
 
 
Total
 
At 31 December 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future cash inflows
 
 
4,059,619
 
 
 
317,437
 
 
 
102,104
 
 
 
277,429
 
 
 
1,352,159
 
 
 
6,108,748
 
Future production costs
 
 
(983,782
)
 
 
(156,724
)
 
 
(49,255
)
 
 
(173,053
)
 
 
(441,801
)
 
 
(1,804,615
)
Future development costs
 
 
(207,630
)
 
 
(39,360
)
 
 
(3,752
)
 
 
(54,400
)
 
 
(293,468
)
 
 
(598,610
)
Future income taxes
 
 
(848,519
)
 
 
(2,515
)
 
 
(2,231
)
 
 
(6,610
)
 
 
(189,922
)
 
 
(1,049,797
)
Undiscounted future net cash flows
 
 
2,019,688
 
 
 
118,838
 
 
 
46,866
 
 
 
43,366
 
 
 
426,968
 
 
 
2,655,726
 
10% annual discount
 
 
(640,625
)
 
 
(29,008
)
 
 
(5,317
)
 
 
(8,499
)
 
 
(188,435
)
 
 
(871,884
)
Standardized measure of discounted future net cash flows
 
 
1,379,063
 
 
 
89,830
 
 
 
41,549
 
 
 
34,867
 
 
 
238,533
 
 
 
1,783,842
 
At 31 December 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future cash inflows
 
 
2,434,954
 
 
 
284,711
 
 
 
157,527
 
 
 
-
 
 
 
1,047,540
 
 
 
3,924,732
 
Future production costs
 
 
(531,751
)
 
 
(131,788
)
 
 
(56,311
)
 
 
-
 
 
 
(466,110
)
 
 
(1,185,960
)
Future development costs
 
 
(187,414
)
 
 
(57,690
)
 
 
(7,524
)
 
 
-
 
 
 
(235,920
)
 
 
(488,548
)
Future income taxes
 
 
(558,226
)
 
 
(656
)
 
 
(10,442
)
 
 
-
 
 
 
(107,294
)
 
 
(676,618
)
Undiscounted future net cash flows
 
 
1,157,563
 
 
 
94,577
 
 
 
83,250
 
 
 
-
 
 
 
238,216
 
 
 
1,573,606
 
10% annual discount
 
 
(343,561
)
 
 
(19,338
)
 
 
(13,293
)
 
 
-
 
 
 
(147,682
)
 
 
(523,874
)
Standardized measure of discounted future net cash flows
 
 
814,002
 
 
 
75,239
 
 
 
69,957
 
 
 
-
 
 
 
90,534
 
 
 
1,049,732
 
At 31 December 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future cash inflows
 
 
873,771
 
 
 
394,993
 
 
 
200,713
 
 
 
-
 
 
 
941,463
 
 
 
2,410,940
 
Future production costs
 
 
(229,593
)
 
 
(186,700
)
 
 
(74,116
)
 
 
-
 
 
 
(497,187
)
 
 
(987,596
)
Future development costs
 
 
(69,996
)
 
 
(149,785
)
 
 
(16,352
)
 
 
-
 
 
 
(234,328
)
 
 
(470,461
)
Future income taxes
 
 
(191,096
)
 
 
(8,344
)
 
 
(21,041
)
 
 
-
 
 
 
(69,698
)
 
 
(290,179
)
Undiscounted future net cash flows
 
 
383,086
 
 
 
50,164
 
 
 
89,204
 
 
 
-
 
 
 
140,250
 
 
 
662,704
 
10% annual discount
 
 
(113,584
)
 
 
(14,709
)
 
 
(15,688
)
 
 
-
 
 
 
(109,321
)
 
 
(253,302
)
Standardized measure of discounted future net cash flows
 
 
269,502
 
 
 
35,455
 
 
 
73,516
 
 
 
-
 
 
 
30,929
 
 
 
409,402
 
Disclosure Of Detailed Information About Changes In Standardized Measure Of Discounted Future Net Cash Flows [text block]
Amounts in US$ '000
 
Colombia
 
 
Chile
 
 
Brazil
 
 
Argentina
 
 
Peru
 
 
Total
 
Present value at 31 December 2015
 
 
300,097
 
 
 
68,155
 
 
 
72,316
 
 
 
-
 
 
 
-
 
 
 
440,568
 
Sales of hydrocarbon, net of production costs
 
 
(91,163
)
 
 
(15,127
)
 
 
(20,945
)
 
 
-
 
 
 
-
 
 
 
(127,235
)
Net changes in sales price and production costs
 
 
(171,131
)
 
 
(16,854
)
 
 
16,366
 
 
 
-
 
 
 
-
 
 
 
(171,619
)
Changes in estimated future development costs
 
 
14,941
 
 
 
(49,763
)
 
 
542
 
 
 
-
 
 
 
-
 
 
 
(34,280
)
Extensions and discoveries less related costs
 
 
76,641
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
76,641
 
Development costs incurred
 
 
17,302
 
 
 
9,417
 
 
 
2,214
 
 
 
-
 
 
 
-
 
 
 
28,933
 
Revisions of previous quantity estimates
 
 
70,180
 
 
 
22,765
 
 
 
(1,872
)
 
 
-
 
 
 
-
 
 
 
91,073
 
Purchase of Minerals in place
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
30,929
 
 
 
30,929
 
Net changes in income taxes
 
 
3,030
 
 
 
8,256
 
 
 
(4,020
)
 
 
-
 
 
 
-
 
 
 
7,266
 
Accretion of discount
 
 
49,605
 
 
 
8,606
 
 
 
8,915
 
 
 
-
 
 
 
-
 
 
 
67,126
 
Present value at 31 December 2016
 
 
269,502
 
 
 
35,455
 
 
 
73,516
 
 
 
-
 
 
 
30,929
 
 
 
409,402
 
Sales of hydrocarbon, net of production costs
 
 
(198,631
)
 
 
(14,251
)
 
 
(26,979
)
 
 
-
 
 
 
-
 
 
 
(239,861
)
Net changes in sales price and production costs
 
 
289,199
 
 
 
26,928
 
 
 
(3,000
)
 
 
-
 
 
 
69,962
 
 
 
383,089
 
Changes in estimated future development costs
 
 
(124,053
)
 
 
79,078
 
 
 
8,385
 
 
 
-
 
 
 
(9,725
)
 
 
(46,315
)
Extensions and discoveries less related costs
 
 
49,574
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
49,574
 
Development costs incurred
 
 
67,571
 
 
 
7,146
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
74,717
 
Revisions of previous quantity estimates
 
 
673,622
 
 
 
(69,594
)
 
 
603
 
 
 
-
 
 
 
1,133
 
 
 
605,764
 
Net changes in income taxes
 
 
(258,842
)
 
 
6,097
 
 
 
7,976
 
 
 
-
 
 
 
(11,828
)
 
 
(256,597
)
Accretion of discount
 
 
46,060
 
 
 
4,380
 
 
 
9,456
 
 
 
-
 
 
 
10,063
 
 
 
69,959
 
Present value at 31 December 2017
 
 
814,002
 
 
 
75,239
 
 
 
69,957
 
 
 
-
 
 
 
90,534
 
 
 
1,049,732
 
Sales of hydrocarbon, net of production costs
 
 
(380,829
)
 
 
(18,923
)
 
 
(24,781
)
 
 
(21,243
)
 
 
-
 
 
 
(445,776
)
Net changes in sales price and production costs
 
 
397,064
 
 
 
16,093
 
 
 
(15,170
)
 
 
-
 
 
 
191,288
 
 
 
589,275
 
Changes in estimated future development costs
 
 
(18,632
)
 
 
413
 
 
 
(1,426
)
 
 
-
 
 
 
9,611
 
 
 
(10,034
)
Extensions and discoveries less related costs
 
 
271,933
 
 
 
12,323
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
284,256
 
Development costs incurred
 
 
85,880
 
 
 
2,980
 
 
 
-
 
 
 
737
 
 
 
-
 
 
 
89,597
 
Revisions of previous quantity estimates
 
 
257,540
 
 
 
(4,517
)
 
 
(1,879
)
 
 
-
 
 
 
(7,098
)
 
 
244,046
 
Purchase of Minerals in place
 
 
-
 
 
 
-
 
 
 
-
 
 
 
55,373
 
 
 
-
 
 
 
55,373
 
Net changes in income taxes
 
 
(185,118
)
 
 
(1,368
)
 
 
6,808
 
 
 
-
 
 
 
(65,585
)
 
 
(245,263
)
Accretion of discount
 
 
137,223
 
 
 
7,590
 
 
 
8,040
 
 
 
-
 
 
 
19,783
 
 
 
172,636
 
Present value at 31 December 2018
 
 
1,379,063
 
 
 
89,830
 
 
 
41,549
 
 
 
34,867
 
 
 
238,533
 
 
 
1,783,842