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Supplemental information on oil and gas activities (Tables)
12 Months Ended
Dec. 31, 2022
Supplemental information on oil and gas activities  
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development 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.
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities

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.
Schedule of 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.
Schedule of Reserve Quantity Information

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.

Schedule of 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).

Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves

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

Schedule of 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