GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina provides a production and operations update related to the ongoing situation in Colombia.
As previously announced on May 17, following a series of extensive protests and demonstrations across Colombia that include road blockades affecting logistics and supply chains in general, GeoPark’s crude oil transportation, drilling and mobilization of personnel, equipment and supplies have been restricted in the Llanos and Putumayo basins, affecting the Llanos 34 (GeoPark operated, 45% WI), CPO-5 (GeoPark non-operated, 30% WI) and Platanillo (GeoPark operated, 100% WI) blocks. These events have caused the Company to execute temporary production curtailments since May 8.
Over recent days, conditions for the Company’s normal operations in the Llanos basin have been improving and a significant portion of its curtailed production has been brought back online. Currently, net production curtailments vary between 4,000-5,000 boepd, of which approximately 50% correspond to the Platanillo block, which is shut in. Remaining production curtailments correspond to the CPO-5 and Llanos 34 blocks, which depending on surface logistics are currently producing at 70-85% and 90-95%, respectively, of their capacity.
GeoPark’s net consolidated oil and gas production is currently at 35,000-36,000 boepd, compared to an average production of 38,131 boepd in 1Q2021.
Improved conditions are also allowing the Company to gradually resume its drilling and well maintenance activities in the Llanos basin.
During this time, GeoPark has been able to swiftly and successfully plan and implement a wide range of alternative logistics to minimize curtailments, accelerate the resumption of drilling and maintenance activities and provide continued support to field teams and local communities.
GeoPark’s priority is to ensure the health and safety of its employees, neighbors and contractors. The Company will continue taking all necessary steps to mitigate the impact of current events and once there is more information on the length and overall evolution of these events, GeoPark expects to provide revised oil and gas production guidance and an updated work program.