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Colombia's Ecopetrol sees reserves drop

Wednesday, March 2, 2016

Colombian state oil company Ecopetrol said net proven hydrocarbons reserves fell to 1.84 billion barrels of oil equivalent (boe) at the end of 2015, a figure that was down 11 percent from the previous year, when reserves totaled 2.08 billion boe.

The decline in proven reserves was due mainly to the "sharp drop in the price of hydrocarbons" on the world market, the company said.

Source: Melia