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MODELO

EOR
LÍNEA BASE ECOPETROL

RODRIGO DALLE
FIORE
Gerente de Recobro Mejorado
IOR/EOR
Our Present & Future

2
Ecopetrol’s 2020 Corporate Strategy Pillars

Cash flow focus & cost


efficiency

Transformation
Program
Strict Capital Reserves & Production
Discipline growth
Ecopetrol Strategic Growth Pillars

IOR/EOR

Unconventionals Reserves and


F. La Luna – F. Tablazo Prodution Growth Assets Adquisitions

Offshore: US-GoM,
Mexico and Colombian
Caribean
Significant Potential of the Recovery Program

Current Recovery Factor of 19%


Expected with proven reserves is 23%
Identified potential to reach 32% (more than double of the current reserves)
Continue to identify further potential
THE RECOVERY PROGRAM ALLOWS TO TAKE THE RECOVERY FACTOR FROM 23%
TO 29%, WITH THE GOAL OF BRINGING THE RECOVERY FACTOR TO 32%

OPORTUNIDADES POTENCIAL

42 OPORTUNIDADES 26 INY. AGUA 1 CIS


25 CAMPOS 12 CEOR 1 WAG
2.600 MBBLS 2 ICV
13.507 MUSD

ACTIVIDADES INVERSIONES

2.332 Wells ~ 9.869 MUSD CAPEX

761 WO ~ 3.638 MUSD OPEX


The Recovery Program is Maturing 2.600 MBBLS Through the Opportunities
Currently Identified
Estimate Resources(Mboe) Identified Opportunities

26 2 13 9 2

12 3 7 1 1

1 1

17 2 2 11 2

2 1 1

1 1

7 24 12 14 2
Proved Reserves Incorporation Plan (excluding new fields)

2018 -2032 TOTAL


Base improvement
Primary
Secondary
Tertiary
Technology Pilots

TECHNOLOGY PILOTS
Waterflooding 15
Chemical inj. 8
Gas inj. 5
Air inj. 1
Steam inj. 4
TOTAL 33
Program Current Status and Plan
Screening Lab and studies Pilot planning Pilot execution Pilot Operation
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
1 CEOR pilot
2 WF pilot
3 WF pilot
4 WF pilot
5 WF pilot
6 CEOR pilot
7 WF pilot
8 CEOR pilot
9 WF pilot
10 CEOR pilot
11.-12 WF pilot
13 WF pilot
14 WF pilot
15 CEOR pilot
16 CEOR pilot
17 SF pilot
18 Air injection pilot
19 SF pilot
20.-21 CEOR pilot
22 WF pilot
23 WF pilot
24 WF pilot
25 WF pilot
26 WF pilot
27 WF pilot
28 CEOR pilot
* WAG pilot
Strategic Challenges

• Competition between short term production


investments and longer term reserves replacement

• Un-economic projects at lower oil prices

• Corporate readiness (knowledge and experience) –


EOR was fairly new to the country and Ecopetrol

• Far more demanding and more complex operations,


lack of familiarity

• Generate an EOR culture


Key Messages

• EOR is not an option, the question is how we can do better


“More profitable barrels”

• Learn from others. Be open-minded

• The context is favourable, it is up to us to make it happen

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