• Ecopetrol declares commerciality for the Lorito discovery under the CPO-9 Exploration and Production contract after completing the evaluation program.
• The estimated potential is 250 million barrels of recoverable crude oil, of which 109 million MBPE correspond to certified contingent resources net of Ecopetrol.

Ecopetrol has declared commerciality for the Lorito discovery before the National Hydrocarbons Agency (ANH). This represents a key step in the maturation of exploratory projects toward the development of the asset and the incorporation of the company's reserves and production.

This decision was based on successful technical and operational results confirming an estimated volume of recoverable hydrocarbons of 250 million barrels of crude oil corresponding to a Development Plan that considers the experience acquired in the area, in order to maximize recovery, of which 109 MBPE are certified contingent resources net of Ecopetrol, as of December 31, 2024. The estimated original crude oil in place is 2,154 million barrels of crude oil.

This discovery was made in March 2018, when the presence of extra-heavy crude oil between 8 and 9 degrees API was confirmed. Four wells were drilled for this discovery: Lorito-1, Lorito A1, Tejón-1, and Guamal Profundo-1. Delineation was completed on October 10, 2024, with the drilling and production testing of the Guamal Profundo-1 well.

The area associated with the Lorito discovery is part of the Exploration and Production contract for Block CPO-9 and is beginning its production and development phase with two active wells currently producing over 1,450 barrels of oil per day.

The commerciality is in line with the valuation strategy of the acquisition of the remaining 45% stake from the Repsol partner in the Block, with production now 100% owned by Ecopetrol SA

Its proximity to existing production and transportation infrastructure facilitates commercial hydrocarbon production and allows for synergies with Ecopetrol's producing fields.

KeyFacts Energy: Ecopetrol Colombia country profile