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 its properties in Colombia.
As announced on May 17 and June 1, extensive protests and demonstrations across Colombia affected overall logistics and supply chains, restricting GeoPark’s crude oil transportation, drilling and the mobilization of personnel, equipment and supplies in the Llanos 34 (GeoPark operated, 45% WI), CPO-5 (GeoPark non-operated, 30% WI) and Platanillo (GeoPark operated, 100% WI) blocks. These events caused the Company to manage production curtailments beginning May 8.
Overall conditions continued improving during June in the Llanos basin with the Llanos 34 and CPO-5 blocks increasing production to normal levels. Remaining blockades restricting the Company’s operations in the Putumayo basin were lifted last week, thus allowing GeoPark to resume production in the Platanillo block, that was shut in since May 12.
Drilling and field operations are also in full activity with four drilling rigs (three of them operated) and two workover rigs in service in the Llanos basin – as well as with facilities expansion and construction underway.
GeoPark’s consolidated oil and gas production is currently at 38,000-39,000 boepd, compared to an average production of 38,131 boepd in 1Q2021. Even with the protest-driven curtailments, the Company’s consolidated oil and gas production is expected to average approximately 36,500 boepd in 2Q2021. More detailed information on production and the work program will be provided in the upcoming 2Q2021 operational update to be released in mid-July.
Since the start of the demonstrations, GeoPark has successfully planned and implemented 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.
