GeoPark Limited (GPRK) 20-F 31 Mar 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document and Entity Information [Abstract]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	GeoPark Ltd
Entity Central Index Key	0001464591
Current Fiscal Year End Date	--12-31
Title of 12(b) Security	Common shares, par value US$0.001 per share
Trading Symbol	GPRK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	61,029,772
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	D0
Entity Interactive Data Current	Yes

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
REVENUE	$ 393,692,000	$ 628,907,000	$ 601,161,000
Commodity risk management contracts	8,081,000	(22,523,000)	16,173,000
Production and operating costs	(125,072,000)	(168,964,000)	(174,260,000)
Geological and geophysical expenses	(14,951,000)	(18,593,000)	(13,951,000)
Administrative expenses	(50,315,000)	(60,818,000)	(52,074,000)
Selling expenses	(5,844,000)	(14,113,000)	(4,023,000)
Depreciation	(118,073,000)	(105,532,000)	(92,240,000)
Write-off of unsuccessful exploration efforts	(52,652,000)	(18,290,000)	(26,389,000)
Impairment loss (recognized) reversed for non-financial assets	(133,864,000)	(7,559,000)	4,982,000
Other expenses	(11,665,000)	(1,840,000)	(2,887,000)
OPERATING (LOSS) PROFIT	(110,663,000)	210,675,000	256,492,000
Financial expenses	(64,582,000)	(41,070,000)	(39,321,000)
Financial income	3,166,000	2,360,000	3,059,000
Foreign exchange loss	(13,008,000)	(2,446,000)	(11,323,000)
(LOSS) PROFIT BEFORE INCOME TAX	(185,087,000)	169,519,000	208,907,000
Income tax expense	(47,863,000)	(111,762,000)	(106,240,000)
(LOSS) PROFIT FOR THE YEAR	(232,950,000)	57,757,000	102,667,000
Attributable to:
Owners of the Company	$ (232,950,000)	$ 57,757,000	72,415,000
Non-controlling interest			$ 30,252,000
(Losses) Earnings per share (in US$) for (loss) profit attributable to owners of the Company. Basic	$ (3.84)	$ 0.96	$ 1.19
(Losses) Earnings per share (in US$) for (loss) profit attributable to owners of the Company. Diluted	$ (3.84)	$ 0.92	$ 1.11

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of comprehensive income [abstract]
(Loss) Profit for the year	$ (232,950)	$ 57,757	$ 102,667
Items that may be subsequently reclassified to profit or loss
Currency translation differences	(8,449)	(1,498)	(4,401)
(Losses) Gains on cash flow hedges	(6,770)	6,770
Income tax benefit (expense) relating to cash flow hedges	2,166	(2,166)
Other comprehensive (loss) profit for the year	(13,053)	3,106	(4,401)
Total comprehensive (loss) profit for the year	(246,003)	60,863	98,266
Attributable to:
Owners of the Company	$ (246,003)	$ 60,863	68,014
Non-controlling interest			$ 30,252

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($)	Dec. 31, 2020	Dec. 31, 2019
NON-CURRENT ASSETS
Property, plant and equipment	$ 614,665,000	$ 567,788,000
Right-of-use assets	21,402,000	13,462,000
Prepayments and other receivables	1,060,000	7,031,000
Other financial assets	13,364,000	10,985,000
Deferred income tax asset	18,168,000	26,934,000
TOTAL NON-CURRENT ASSETS	668,659,000	626,200,000
CURRENT ASSETS
Inventories	13,326,000	11,447,000
Trade receivables	46,918,000	44,178,000
Prepayments and other receivables	27,263,000	51,016,000
Derivative financial instrument assets	1,013,000	8,097,000
Other financial assets	28,000	14,000
Cash and cash equivalents	201,907,000	111,180,000
Assets held for sale	1,152,000	0
TOTAL CURRENT ASSETS	291,607,000	225,932,000
TOTAL ASSETS	960,266,000	852,132,000
Equity attributable to owners of the Company
Share capital	61,000	59,000
Share premium	179,399,000	173,716,000
Reserves	92,216,000	112,471,000
Accumulated losses	(380,866,000)	(153,361,000)
TOTAL EQUITY	(109,190,000)	132,885,000
NON-CURRENT LIABILITIES
Borrowings	766,897,000	420,138,000
Lease liabilities	11,457,000	5,801,000
Provisions and other long-term liabilities	82,370,000	62,062,000
Deferred income tax liability	7,190,000	10,850,000
Trade and other payables	4,886,000	5,475,000
TOTAL NON-CURRENT LIABILITIES	872,800,000	504,326,000
CURRENT LIABILITIES
Borrowings	17,689,000	17,281,000
Lease liabilities	10,890,000	7,442,000
Derivative financial instrument liabilities	15,094,000	952,000
Current income tax liabilities	52,775,000	57,901,000
Trade and other payables	100,156,000	131,345,000
Liabilities associated with assets held for sale	52,000	0
TOTAL CURRENT LIABILITIES	196,656,000	214,921,000
TOTAL LIABILITIES	1,069,456,000	719,247,000
TOTAL EQUITY AND LIABILITIES	$ 960,266,000	$ 852,132,000

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands		Share Capital [Member].	Share Premium [Member]	Other Reserve [Member]	Translation Reserve [member]	(Accumulated Losses) Retained Earnings [Member]	Non-controlling Interest [Member]	Total
Beginning Balance at Dec. 31, 2017		$ 61	$ 239,191	$ 127,527	$ 2,079	$ (283,933)	$ 41,915	$ 126,840
Comprehensive income:
(Loss) Profit for the year		0	0	0	0	72,415	30,252	102,667
Other comprehensive income (loss) for the year		0	0	0	(4,401)	0	0	(4,401)
Total Comprehensive (loss) profit		0	0	0	(4,401)	72,415	30,252	98,266
Transactions with owners:
Share-based payment (Note 31)		0	449	0	0	4,830	167	5,446
Repurchase of shares (Note 26.1)		(1)	(1,800)	0	0	0	0	(1,801)
Dividends distribution to non-controlling interest		0	0	0	0	0	(8,089)	(8,089)
Transactions with non-controlling interest (Note 36.6)		0	0	(13,396)	0	0	(64,245)	(77,641)
Total		(1)	(1,351)	(13,396)	0	4,830	(72,167)	(82,085)
Ending Balance at Dec. 31, 2018		60	237,840	114,131	(2,322)	(206,688)	0	143,021
Comprehensive income:
(Loss) Profit for the year		0	0	0	0	57,757	0	57,757
Other comprehensive income (loss) for the year		0	0	4,604	(1,498)	0	0	3,106
Total Comprehensive (loss) profit		0	0	4,604	(1,498)	57,757	0	60,863
Transactions with owners:
Share-based payment (Note 31)		3	7,144	0	0	(4,430)	0	2,717
Repurchase of shares (Note 26.1)		(4)	(71,268)	0	0	0	0	(71,272)
Cash Distribution (Note 26.2)		0	0	(2,444)	0	0	0	(2,444)
Total		(1)	(64,124)	(2,444)	0	(4,430)	0	(70,999)
Ending Balance at Dec. 31, 2019		59	173,716	116,291	(3,820)	(153,361)	0	132,885
Comprehensive income:
(Loss) Profit for the year		0	0	0	0	(232,950)	0	(232,950)
Other comprehensive income (loss) for the year		0	0	(4,604)	(8,449)	0	0	(13,053)
Total Comprehensive (loss) profit		0	0	(4,604)	(8,449)	(232,950)	0	(246,003)
Transactions with owners:
Share-based payment (Note 31)	[1]	2	7,349	0	0	5,445	0	12,796
Repurchase of shares (Note 26.1)		(1)	(4,008)	0	0	0	0	(4,009)
Cash Distribution (Note 26.2)		0	0	(4,859)	0	0	0	(4,859)
Stock distribution (Note 26.3)		1	2,342	(2,343)	0	0	0
Total		2	5,683	(7,202)	0	5,445	0	3,928
Ending Balance at Dec. 31, 2020		$ 61	$ 179,399	$ 104,485	$ (12,269)	$ (380,866)	$ 0	$ (109,190)
[1]	Includes issuance of shares to certain employees as part of their 2019 bonus compensation of US$ 4,352,000.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020USD ($)
Share Capital [Member].
Disclosure Of Consolidated Statement Of Changes In Equity [Line Items]
Share Issued During Period, Value	$ 4,352,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
(Loss) Profit for the year	$ (232,950,000)	$ 57,757,000	$ 102,667,000
Adjustments for:
Income tax expense	47,863,000	111,762,000	106,240,000
Depreciation	118,073,000	105,532,000	92,240,000
Loss on disposal of property, plant and equipment	417,000	143,000	272,000
Impairment loss recognized (reversed) for non-financial assets	133,864,000	7,559,000	(4,982,000)
Write-off of unsuccessful exploration efforts	52,652,000	18,290,000	26,389,000
Accrual of borrowing's interests	48,690,000	29,573,000	30,444,000
Amortization of other long-term liabilities	(387,000)	(429,000)	(1,005,000)
Unwinding of long-term liabilities	5,894,000	4,560,000	3,505,000
Accrual of share-based payment	8,444,000	2,717,000	5,446,000
Foreign exchange loss	3,594,000	5,289,000	11,323,000
Unrealized loss (gain) on commodity risk management contracts	12,978,000	26,411,000	(42,271,000)
Income tax paid	(25,193,000)	(88,638,000)	(67,704,000)
Changes in working capital	(5,240,000)	(45,097,000)	(6,358,000)
Cash flows from operating activities – net	168,699,000	235,429,000	256,206,000
Cash flows from investing activities
Purchase of property, plant and equipment	(75,298,000)	(126,316,000)	(124,744,000)
Acquisition of business, net of cash acquired	(272,335,000)	0	(48,850,000)
Proceeds from disposal of long-term assets	0	7,066,000	9,000,000
Cash flows used in investing activities – net	(347,633,000)	(119,250,000)	(164,594,000)
Cash flows from financing activities
Proceeds from borrowings	350,000,000	0	36,017,000
Debt issuance costs paid	(7,507,000)	0	0
Principal paid	(3,575,000)	(9,790,000)	(15,073,000)
Interest paid	(37,594,000)	(29,099,000)	(27,695,000)
Lease payments	(9,380,000)	(4,855,000)	0
Repurchase of shares	(4,009,000)	(71,272,000)	(1,801,000)
Dividends distribution to non-controlling interest	0	0	(8,089,000)
Cash distribution	(4,859,000)	(2,444,000)	0
Payments for transactions with former non-controlling interest	(11,931,000)	(15,000,000)	(81,000,000)
Cash flows (used in) from financing activities - net	271,145,000	(132,460,000)	(97,641,000)
Net increase (decrease) in cash and cash equivalents	92,211,000	(16,281,000)	(6,029,000)
Cash and cash equivalents at January 1	111,180,000	127,727,000	134,755,000
Currency translation differences	(1,484,000)	(266,000)	(999,000)
Cash and cash equivalents at the end of the year	201,907,000	111,180,000	127,727,000
Ending Cash and cash equivalents are specified as follows:
Cash in bank and bank deposits	201,884,000	111,159,000	127,707,000
Cash in hand	23,000	21,000	20,000
Cash and cash equivalents	$ 201,907,000	$ 111,180,000	$ 127,727,000

General Information

General Information	12 Months Ended
	Dec. 31, 2020
Disclosure Of General Information [Abstract]
Disclosure Of General Information About Company And Subsidiaries [Text Block]	Note 1 General Information GeoPark Limited (the “Company”) is a company incorporated under the law of Bermuda. The Registered Office address is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The principal activities of the Company and its subsidiaries (the “Group” or “GeoPark”) are exploration, development and production for oil and gas reserves in Colombia, Chile, Brazil, Argentina, Peru and Ecuador. These Consolidated Financial Statements were authorized for issue by the Board of Directors on March 10, 2021 and have been approved to be included in our 2020 annual report (Form 20-F) on March 31, 2021. 1.1 Coronavirus and oil price crisis Starting in March 2020, the oil market experienced a significant over-supply condition that resulted in a sharp drop in prices, with Brent falling from over US$ 50 per barrel at the beginning of March 2020 up to US$ 16 per barrel in late April 2020. There were two key drivers for this market scenario. On the demand side, the sustained impact of the COVID-19 pandemic across the world and the associated containment measures, resulted in a sharp and sudden drop in fuel demand and hence on crude demand as well. This impact had been felt since early 2020 but accelerated significantly in March and April. Concurrently, on the supply side, during the first week of March 2020, OPEC and non-OPEC producers (sometimes referred to as OPEC+) met to discuss the prospect of extending or increasing oil production cuts that had been first put in place in late 2016 and had been renewed and expanded ever since. No consensus was reached among the 24 participating countries, effectively eliminating output reduction targets as of April 1, 2020. As a consequence, OPEC+ countries and especially Saudi Arabia, significantly increased production during April 2020. The combined impact of sharply lower demand and growing supply led the market into an oil significant surplus with inventories building around the world and prices dropping to levels last seen in the early 2000s. In mid-April, in the midst of significant demand destruction, OPEC+ agreed to a historical 9.7 MMbbl/d output cut. They were joined by other G-20 countries, which indicated they would add 3 to 5 MMbbl/d production reductions. Following this agreement, global crude production dropped significantly with high compliance from OPEC+ countries and economic-driven shut-ins in other regions, especially the United States of America (U.S.A.) and Canada, helping re-attain some balance in the market during the second half of 2020. Over the past few months, even as COVID-19 cases remained high across the world, the strictest restrictions were gradually lifted. Additionally, as of December 2020, vaccination campaigns have started around the world providing hope that the pandemic effects on economic activity will be milder going forward. Reduced restrictions and vaccination have allowed for a gradual crude demand recovery and also helping re-balance the market. The crude price trajectory is highly uncertain for the months to come, as the long-term economic impact of COVID-19 may hinder energy demand around the globe while, on the supply side, OPEC+ commitment to current supply cuts and their gradual lifting will remain a key factor for market balance. Although there are no specific tax benefits granted to the oil and gas sector in the jurisdictions where the Group has its business, in response to the COVID-19 crisis, many governments have granted extensions to file and pay tax duties. The Group has applied and used any extension granted, specifically in Colombia, Brazil, Argentina, Peru and Spain. In Colombia, GeoPark entered into an agreement with the tax authority to cancel the 2019 income tax in twelve installments from August 2020 to July 2021. Likewise, certain social security charges on payroll have been also allowed to be reduced. Tax audits and procedures before fiscal authorities have been suspended until further governmental notice. 1.1 Coronavirus and oil price crisis (continued) Specifically, GeoPark’s program and strategy are guided by the following principles and priorities: · Keep Team Healthy: Protect workforce and families from the pandemic and its interruptions · Continuity of Field Operations: Ensure backup plans and teams in place to guarantee continuity of operations and business. · Preserve Cash: Adjust the work program to maintain flexibility and balance sheet strength. · Capital Allocation Discipline: Prioritize lower-risk, higher netback, and quick cash flow generating projects · Do More for Less: Implement operating, administrative, and capital cost reduction measures · Stay Agile: Continuous monitoring of work programs and adjustment, up or down, as necessary · Build for the Long-Term: Protect critical tools and capabilities necessary for the long-term. Examples of the ongoing cost-cutting initiatives already implemented and providing results include: · Renegotiation of all service contracts, as well as any other type of contract. · Improvements in operational efficiency · Temporary suspension of certain marginal fields · Overall reduction of administrative and structure costs, starting with a voluntary salary and bonus reduction by our management team and Board of Directors, as well as a general renegotiation of fees and expenses · Temporary suspension of quarterly cash dividends and share buybacks. Effective immediately, GeoPark adjusted the 2020 capital expenditures program to US$ 65-75 million, approximately a 60% reduction from prior preliminary estimates (approximately US$ 180-200 million including capital expenditures for Amerisur assets). For the whole year 2020, GeoPark continued to secure oil production, with a minimum price of US$30 per barrel. Also, the scenario has not impacted the approved credit lines and both Fitch and Standard & Poor’s maintained their credit ratings on our outstanding series of Notes due 2024 and 2027. During July and August 2020, the Group implemented a plan to reduce its workforce. This reduction streamlined certain internal functions and departments for creating a more efficient workforce in the current economic environment. As a result, the Group achieved cost savings associated with the reduction of full-time and temporary employees, excluding one-time termination costs of US$ 3,949,000. Continuous efforts and actions to reduce costs and preserve liquidity continued throughout the year and will continue in the future.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2020
Disclosure Of Summary of significant accounting policies [Abstract]
Disclosure of significant accounting policies [text block]	Note 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to the years presented, unless otherwise stated. 2.1 Basis of preparation The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated. 2.1.1 Changes in accounting policy and disclosure 2.1.1.1 New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 3: Definition of a Business The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all of the inputs and processes needed to create outputs. These amendments had no impact on the Consolidated Financial Statements of the Group, but may impact future periods should the Group enter into any business combinations. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. These amendments have no impact on the Consolidated Financial Statements of the Group as it does not have any interest rate hedge relationships. Amendments to IAS 1 and IAS 8 Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity”. The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the Consolidated Financial Statements of, nor is there expected to be any future impact to the Group. Conceptual Framework for Financial Reporting issued on March 29, 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the Consolidated Financial Statements of the Group. Amendments to IFRS 16 COVID-19 Related Rent Concessions On May 28, 2020, the IASB issued COVID-19 Related Rent Concessions - amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a COVID-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after June 1, 2020. Earlier application is permitted. This amendment had no impact on the Consolidated Financial Statements of the Group. 2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. In December 2019, the appearance in China of a new SARS-CoV-2 coronavirus (known as “COVID-19”) was announced, which after December 31, 2019 spread practically throughout the world. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak as a pandemic. This emergency situation and the measures adopted in the different countries to face it have significantly affected international economic activity with diverse impacts in each affected country and business sectors. As of the date of these Consolidated Financial Statements, the gradual crude demand recovery is resulting in some improvements in the market conditions. Despite the abovementioned market conditions, considering the performance of the operations, the US$ 425,000,000 and US$ 350,000,000 debt fundraisings completed in September 2017 and January 2020, respectively (see Note 27), the Group’s cash position of US$ 201,907,000, and the fact that over 97% of its total indebtedness as of December 31, 2020 matures in 2024 or 2027, the Directors have formed a judgement, at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to meet all its obligations for the foreseeable future. For this reason, the Directors have continued to adopt the going concern basis in preparing the Consolidated Financial Statements. 2.3 Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. 2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Legal and Corporate Governance, People and Sustainability departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. 2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the Consolidated Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Chile, Argentina, Peru and Ecuador is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income. 2.6 Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its Consolidated Financial Statements. 2.7 Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. 2.8 Revenue recognition Revenue from the sale of crude oil and gas is recognized in the Consolidated Statement of Income when control is transferred to the purchaser, and if the revenue can be measured reliably and is expected to be received. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1. 2.9 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties are also included within this account. 2.10 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Group’s general borrowings, which was 6.90% at year-end 2019 and 2018. No amounts were capitalized during the year (US$ 367,000 in 2019 and US$ 258,000 in 2018). 2.11 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e.: seismic), direct labour costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$ 52,652,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 18,290,000 in 2019 and US$ 26,389,000 in 2018). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable reserves. The calculation of the “unit of production” depreciation considers estimated future finding and development costs and is based on current year-end unescalated price levels. Changes in reserves and cost estimates are recognized prospectively. Reserves are converted to equivalent units on the basis of approximate relative energy content. Depreciation of the remaining property, plant and equipment assets (i.e. furniture and vehicles) not directly associated with oil and gas activities has been calculated by means of the straight-line method by applying such annual rates as required to write-off their value at the end of their estimated useful lives. The useful lives range between 3 years and 10 years. Depreciation is allocated in the Consolidated Statement of Income as a separate line to better follow the performance of the business. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see Impairment of non-financial assets in Note 2.13). 2.12 Provisions and other long-term liabilities Provisions for asset retirement obligations and other environmental liabilities, deferred income, restructuring obligations and legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Restructuring provisions, if any, comprise lease termination penalties and employee services termination payments. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as financial expense. 2.12.1 Asset Retirement Obligation The Group records the fair value of the liability for asset retirement obligations in the period in which the wells are drilled. When the liability is initially recorded, the Group capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value at each reporting period, and the capitalized cost is depreciated over the estimated useful life of the related asset. According to interpretations and the application of current legislation, and on the basis of the changes in technology and the variations in the costs of restoration necessary to protect the environment, the Group has considered it appropriate to periodically re-evaluate future costs of well-capping. The effects of this recalculation are included in the Consolidated Financial Statements in the period in which this recalculation is determined and reflected as an adjustment to the provision and the corresponding property, plant and equipment asset. 2.12.2 Deferred Income Government grants and other contributions relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and they are credited to the Consolidated Statement of Income over the expected lives of the related assets. Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. 2.13 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. During 2020, impairment loss was recognized for US$ 133,864,000 (impairment loss recognized for US$ 7,559,000 in 2019 and impairment loss reversed for US$ 4,982,000 in 2018). See Note 37. The write-offs are detailed in Note 20. 2.14 Lease contracts The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2.14.1 Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, an adjusted for any measurement of lease liabilities. The cost of right-of-use assets comprise the following: · the amount of the initial measurement of lease liability, · any lease payments made at or before the commencement date less any lease incentives received, · any initial direct costs, and · restoration costs. The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 7 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. 2.14.2 Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: · fixed payments, less any lease incentives receivable, · variable lease payments that are based on an index or a rate, · amounts expected to be payable by the lessee under residual value guarantees, · the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. In calculating the present value, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 2.14.3 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of IT equipment and small items of office furniture that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. 2.15 Inventories Inventories comprise crude oil and materials. Crude oil is measured at the lower of cost and net realizable value. Materials are measured at the lower of cost and recoverable amount. The cost of materials and consumables is calculated at acquisition price with the addition of transportation and similar costs. Cost is determined using the first-in, first-out (FIFO) method. 2.16 Current and deferred income tax The tax expense for the year comprises current and deferred income tax. Income tax is recognized in the Consolidated Statement of Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the financial statements date in the countries where the Company’s subsidiaries operate and generate taxable income. The computation of the income tax expense involves the interpretation of applicable tax laws and regulations in many jurisdictions. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted as of the financial statements date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. In addition, the Group has tax-loss carry-forwards in certain tax jurisdictions that are available to be offset against future taxable profit. However, deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. Management judgment is exercised in assessing whether this is the case. To the extent that actual outcomes differ from management’s estimates, taxation charges or credits may arise in future periods. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence deferred income tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Consolidated Financial Statements, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered into by the subsidiary. As mentioned above the Group does not expect that the temporary differences will revert in the foreseeable future. Deferred income tax balances are provided in full, with no discounting. 2.17 Non-current assets or disposal groups held for sale Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or disposal group is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the Consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statement of Financial Position. 2.18 Financial assets Financial assets are divided into the following categories: amortized cost; financial assets at fair value through profit or loss and fair value through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. All financial assets not at fair value through profit or loss are initially recognized at fair value, plus transaction costs. Transaction costs of financial assets carried at fair value through profit or loss, if any, are expensed to profit or loss. Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownersh

Financial Instruments-risk mana

Financial Instruments-risk management	12 Months Ended
	Dec. 31, 2020
Disclosure Of Financial Instruments risk Management [Abstract]
Disclosure of financial risk management [text block]	Note 3 Financial Instruments-risk management The Group is exposed through its operations to the following financial risks: · Currency risk · Price risk · Credit risk– concentration · Funding and liquidity risk · Interest rate risk · Capital risk management The policy for managing these risks is set by the Board of Directors. Certain risks are managed centrally, while others are managed locally following guidelines communicated from the corporate department. The policy for each of the above risks is described in more detail below. Currency risk In Colombia, Chile, Argentina, Peru and Ecuador the functional currency is the US Dollar. The fluctuation of the local currencies of these countries against the US Dollar, except for Ecuador where the local currency is the US Dollar, does not impact the loans, costs and revenue held in US Dollars; but it does impact the balances denominated in local currencies. Such is the case of the prepaid taxes. In Colombian, Chilean, Argentinean and Peruvian subsidiaries most of the balances are denominated in US Dollars, and since it is the functional currency of the subsidiaries, there is no exposure to currency fluctuation except from receivables or payables originated in local currency mainly corresponding to VAT and income tax. The Group minimises the local currency positions in Colombia, Chile, Argentina and Peru by seeking to balance local and foreign currency assets and liabilities. However, tax receivables (VAT) seldom match with local currency liabilities. Therefore, the Group maintains a net exposure to them, except for what it is described below. Since December 2018, GeoPark decided to manage its future exposure to local currency fluctuation with respect to income tax balances in Colombia. Consequently, the Group entered into derivative financial instruments with local banks in Colombia, for an amount equivalent to US$ 83,700,000 as of December 31, 2019 and US$ 92,050,000 as of December 31, 2018, in order to anticipate any currency fluctuation with respect to income taxes to be paid during the first half of the following year. As of December 31, 2020, there are no currency risk management contracts in place. The Group’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur. See the impact in the Consolidated Statement of Income in Note 15. Most of the Group's assets held in those countries are associated with oil and gas productive assets. Those assets, even in the local markets, are generally settled in US Dollar equivalents. During 2020, the Colombian Peso devalued by 5% (devalued by 1% in 2019 and revalued by 9% in 2018) against the US Dollar, the Chilean Peso revalued by 5% (devalued by 8% in 2019 and revalued by 13% in 2018), the Argentine Peso devalued by 41% (59% and 102% in 2019 and 2018) and the Peruvian Peso devalued by 9% (revalued by 2% in 2019 and devalued by 4% in 2018). If the Colombian Peso, the Chilean Peso, the Argentine Peso and the Peruvian Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax loss for the year would have been lower by US$ 9,057,000 (post-tax profit lower by US$ 645,000 in 2019 and US$ 57,000 in 2018). In Brazil, the functional currency is the local currency, which is the Brazilian Real. The fluctuation of the US Dollars against the Brazilian Real does not impact the loans, costs and revenues held in Brazilian Real; but it does impact the balances denominated in US Dollars. Such is the case of the provision for asset retirement obligation and the lease liabilities. The intercompany loan that also used to be denominated in US Dollars was fully cancelled in October 2018, reducing significantly the exposure to foreign currency fluctuation. The exchange loss generated by the Brazilian subsidiary during 2020 amounted to US$ 4,205,000 (loss of US$ 664,000 in 2019 and US$ 5,862,000 in 2018). During 2020, the Brazilian Real devalued by 29% against the US Dollar (devalued by 4% in 2019 and devalued by 17% in 2018, respectively). If the Brazilian Real had devalued 10% against the US dollar, with all other variables held constant, post-tax loss for the year would have been higher by US$ 909,000 (post-tax profit lower by US$ 927,000 in 2019 and post-tax profit lower by US$ 515,000 in 2018). As currency rate changes between the US Dollar and the local currencies, the Group recognizes gains and losses in the Consolidated Statement of Income. In relation to the cash consideration, of British Pound Sterling (“GBP”) 241,682,496, payable for the acquisition of Amerisur Resources Limited, GeoPark was exposed to fluctuations of the GBP at December 31, 2019. Consequently, the Group decided to manage this exposure by entering into a “Deal Contingent Forward” with a UK Bank, in order to anticipate any currency fluctuation. This forward contract was accounted for as a cash flow hedge as of December 31, 2019 and therefore the effective portion of the changes in its fair value was recognized in Other Reserve within Equity. On January 16, 2020, GeoPark removed that amount from the cash flow hedge reserve and included it directly in the initial cost of the acquired business. See Note 36.1. Price risk The realized oil price for the Group is linked to US dollar denominated crude oil international benchmarks. The market price of this commodity is subject to significant volatility and has historically fluctuated widely in response to relatively minor changes in the global supply and demand for oil, the geopolitical landscape, the economic conditions and a variety of additional factors. The main factors affecting realized prices for gas sales vary across countries with some closely linked to international references while others are more domestically driven. In Colombia, the realized oil price is linked to either the Vasconia crude reference price, a marker broadly used in the Llanos Basin, or the Oriente crude reference price, a marker broadly used for crude sales in Esmeraldas, Ecuador. In both basins, the reference price is then adjusted for certain marketing and quality discounts based on, among other things, API, viscosity, sulphur content, delivery point and transport costs. In Chile, the oil price is based on Dated Brent minus certain marketing and quality discounts such as, API, sulphur content and others. GeoPark has signed a long-term Gas Supply Contract with Methanex in Chile. The price of the gas sold under this contract is determined by a formula that considers a basket of international methanol prices, including US and European price indices. In Brazil, prices for gas produced in the Manati Field are based on a long-term off-take contract with Petrobras. The price of gas sold under this contract is denominated in Brazilian Real and is adjusted annually for inflation pursuant to the Brazilian General Market Price Index (Indice Geral de Preços do Mercado), or IGPM. In Argentina, the realized oil prices for the production in the Neuquen Basin follows the “Medanito” blend oil price reference, which has traditionally been linked to ICE Brent adjusted by certain marketing and quality discounts based on API, delivery point and transport costs. Though prices have been regulated by the Government in the past, they are currently being determined by market based formulas. Gas sales in Argentina are carried out through annual contracts that go from May to April. The price of the gas sold under these contracts depends mainly on domestic supply and demand and regulation affecting the sector. If oil and methanol prices had fallen by 10% compared to actual prices during the year, with all other variables held constant, considering the impact of the derivative contracts in place, post-tax loss for the year would have been higher by US$ 21,014,000 (post-tax profit lower by US$ 38,340,000 in 2019 and US$ 13,709,000 in 2018). GeoPark manages part of the exposure to crude oil price volatility using derivatives. The Group considers these derivative contracts to be an effective manner of properly managing commodity price risk. The price risk management activities mainly employ combinations of options and key parameters are based on forecasted production and budget price levels. GeoPark has also obtained credit lines from industry leading counterparties to minimize the potential cash exposure of the derivative contracts (see Note 8). Credit risk– concentration The Group’s credit risk relates mainly to accounts receivable where the credit risks correspond to the recognized values of commodities sold. GeoPark considers that there is no significant risk associated to the Group’s major customers and hedging counterparties. In Colombia, GeoPark allocates its sales on a competitive basis to industry leading participants including traders and other producers. During 2020, the oil and gas production was sold to three clients which concentrate 98% of the Colombian subsidiaries’ revenue (accounting for 83% of the consolidated revenue). Delivery points include wellhead and other locations on the Colombian pipeline system for the Llanos Basin production. The Putumayo Basin production is delivered to clients FOB in Esmeraldas, Ecuador. The outstanding contracts for Colombian production extend through 2023. GeoPark manages its counterparty credit risk associated to sales contracts by including, in certain contracts, early payment conditions to minimize the exposure. In Chile, the oil production is sold to ENAP, the State-owned oil and gas company (1% of the consolidated revenue, 2% in 2019 and 3% in 2018), and the gas production is sold to the local subsidiary of Methanex, a Canadian public company (4% of the consolidated revenue, 3% in 2019 and 3% in 2018). In Brazil, all the hydrocarbons from Manati Field are sold to Petrobras, the State-owned company, which is the operator of the Manati Field (3% of the consolidated revenue, 4% in 2019 and 5% in 2018). The crude oil production from the Rec ô ncavo Basin during 2020 and 2019 (representing less than a 1% of the consolidated revenue) was sold to local customers in the states of Bahia and Espirito Santo and to Petrobras. In Argentina, the gas sales are channelled thought local gas marketing companies. GeoPark has an annual agreement for gas sales in effect from May 2020 through April 2021. Gas sales in Argentina account for 1% of the consolidated revenues. The oil sales in Argentina are diversified across clients and delivery points: i) 68% of the oil produced in Argentina (4% of the consolidated revenue) is sold locally in Neuquen, delivered at well-head; and ii) 32% of the oil produced in Argentina (2% of the consolidated revenue) is sold to major Argentinean refineries, delivered via pipeline. GeoPark manages the counterparty credit risk associated to sales contracts by limiting payment terms offered to minimize the exposure. The aforementioned companies all have a good credit standing and despite the concentration of the credit risk, the Directors do not consider there to be a significant collection risk. GeoPark executes oil prices hedges via over-the-counter derivatives. Should oil prices drop, the Group could stand to collect from its counterparties under the derivative contracts. The Group’s hedging counterparties are leading financial institutions and trading companies, therefore the Directors do not consider there to be a significant collection risk. See disclosure in Notes 8 and 25. Funding and Liquidity risk In the past, the Group has been able to raise capital through different sources of funding including equity, strategic partnerships and financial debt. The Group is positioned at the end of 2020 with a cash balance of US$ 201,907,000 and over 97% of its total indebtedness matures in 2024 or 2027. In addition, the Group has a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with over 40,000 boepd in production at year end. This scale and positioning permit the Group to protect its financial condition and selectively allocate capital to the optimal projects subject to prevailing macroeconomic conditions. The Indentures governing the Company Notes 2024 and 2027 include incurrence test covenants related to compliance with certain thresholds of Net Debt to Adjusted EBITDA ratio and Adjusted EBITDA to Interest ratio. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Group’s capacity to incur additional indebtedness, as specified in the indentures governing the Notes. As of the date of these Consolidated Financial Statements, the Group is in compliance with all the indentures’ provisions and covenants. The most significant funding transactions executed during the last three years include: In June 2020, the Colombian subsidiary executed an offtake and prepayment agreement with Trafigura, one of its customers. The prepayment agreement provided GeoPark with access to up to US$ 75,000,000 in the form of prepaid future oil sales. The availability period for the prepayment agreement expired on June 19, 2021. As of the date of these Consolidated Financial Statements, GeoPark did not withdrawn any amount from this prepayment agreement. In January 2020, the Company successfully placed US$ 350,000,000 Notes. These Notes were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity of the Notes will be January 17, 2027. The net proceeds from the Notes were used by the Group to pay the total consideration for the acquisition of Amerisur (see Note 36.1) and to pay any related fees and expenses, and for general corporate purposes. In October 2018, the Brazilian subsidiary executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited - Agencia en Chile. In September 2020, the Brazilian subsidiary executed the refinancing of the outstanding principal loan for Brazilian Real 19,410,000 (equivalent to US$ 3,441,000 at the moment of the refinancing execution). Interest rate risk The Group’s interest rate risk arises from long-term borrowings issued at variable rates, which expose the Group to interest rate risk. The Group does not face interest rate risk on its US$ 425,000,000 and US$ 350,000,000 Notes which carry fixed rate coupons of 6.50% and 5.50% per annum, respectively. Consequently, the accruals and interest payments are not substantially affected by the market interest rate changes. At December 31, 2020, the outstanding borrowing affected by a variable rate amounted to US$ 3,736,000, representing 0.5% of total borrowings. It corresponds to a loan from Banco Santander taken by the Brazilian subsidiary that has a floating interest rate based on CDI (Interbank certificate of deposit), which represents the average rate of all inter-bank overnight transactions in Brazil. GeoPark considers that there is no significant risk associated to interest rate based on the current exposure to variable rates. Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the Consolidated Statement of Financial Position) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the Consolidated Statement of Financial Position plus net debt. The Group’s strategy is to keep the gearing ratio within a 60% to 80% range, in normal market conditions. Due to the market conditions prevailing during 2020, the gearing ratio at year-end is above such range. Measures taken by the Company in this connection are described in Note 1.1. The gearing ratios at December 31, 2020 and 2019 were as follows: Amounts in US$‘000 2020 2019 Net Debt 582,679 326,239 Total Equity (109,190) 132,885 Total Capital 473,489 459,124 Gearing Ratio 123 % 71 %

Accounting estimates and assump

Accounting estimates and assumptions	12 Months Ended
	Dec. 31, 2020
Disclosure Of Accounting estimates and assumptions [Abstract]
Disclosure of accounting judgements and estimates [text block]	Note 4 Accounting estimates and assumptions Estimates and assumptions are used in preparing financial statements. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions used in these Consolidated Financial Statements are noted below: · Cash flow estimates for impairment assessments of non-financial assets require assumptions about two primary elements: future prices and reserves. Estimates of future prices require significant judgments about highly uncertain future events. Historically, oil and gas prices have exhibited significant volatility. The Group’s forecasts for oil and gas revenues are based on prices derived from future price forecasts amongst industry analysts and internal assessments. Estimates of future cash flows are generally based on assumptions of long-term prices and operating and development costs. Given the significant assumptions required and the possibility that actual conditions may differ, management considers the assessment of impairment to be a critical accounting estimate (see Note 37). The process of estimating reserves is complex. It requires significant judgements and decisions based on available geological, geophysical, engineering and economic data. The estimation of economically recoverable oil and natural gas reserves and related future net cash flows was performed based on the Reserve Report as of December 31, 2020 prepared by DeGolyer and MacNaughton, an independent international consultancy to the oil and gas industry based in Dallas, Texas, in line with the principles contained in the Society of Petroleum Engineers (SPE) and the Petroleum Resources Management Reporting System (PRMS) framework. It incorporates many factors and assumptions including: o expected reservoir characteristics based on geological, geophysical and engineering assessments; o future production rates based on historical performance and expected future operating and investment activities; o future oil and gas prices and quality differentials; o assumed effects of regulation by governmental agencies; and o future development and operating costs. Management believes these factors and assumptions are reasonable based on the information available to them at the time of preparing the estimates. However, these estimates may change substantially as additional data from ongoing development activities and production performance becomes available and as economic conditions impacting oil and gas prices and costs change. Such changes may impact the Group’s reported financial position and results, which include: (a) the carrying value of exploration and evaluation assets, oil and gas properties and other property, plant and equipment may be affected due to changes in estimated future cash flows, (b) depreciation and amortization charges in the Consolidated Statement of Income may change where such charges are determined using the unit of production method, or where the useful life of the related assets change, (c) provisions for abandonment may require revision -where changes to reserves estimates affect expectations about when such activities will occur and the associated cost of these activities- and, (d) the recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. · The Group adopts the successful efforts method of accounting. The Management of the Group makes assessments and estimates regarding whether an exploration and evaluation asset should continue to be carried forward as such when insufficient information exists. This assessment is made on a quarterly basis considering the advice from qualified experts. The application of the Group’s accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits are likely from future either exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The determination of reserves and resources is, in itself, an estimation process that involves varying degrees of uncertainty depending on how the resources are classified. These estimates directly impact when the Group defers exploration and evaluation expenditure. The deferral policy requires management to make certain estimates and assumptions about future events and circumstances, in particular, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the relevant capitalized amount is written-off in the Consolidated Statement of Income in the period when the new information becomes available. · Oil and gas assets held in property plant and equipment are mainly depreciated on a unit of production (“UOP”) basis at a rate calculated by reference to proven and probable reserves and incorporating the estimated future cost of developing and extracting those reserves. Future development costs are estimated using assumptions as to the numbers of wells required to produce those reserves, the cost of the wells and future production facilities. This results in a depreciation charge proportional to the depletion of the anticipated remaining production from the block. The life of each item, which is assessed at least annually, has regard to both its physical life limitations and present assessments of economically recoverable reserves of the block at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and estimates of future capital expenditure. The calculation of the UOP rate of depreciation will be impacted to the extent that actual production in the future is different from current forecast production based on total proved and probable reserves, or future capital expenditure estimates change. Changes to proved and probable reserves could arise due to changes in the factors or assumptions used in estimating reserves, including: (a) the effect on proved and probable reserves of differences between actual commodity prices and commodity price assumptions and (b) unforeseen operational issues. · Obligations related to the abandonment of wells once operations are terminated may result in the recognition of significant obligations. Estimating the future abandonment costs is difficult and requires management to make estimates and judgments because most of the obligations are many years in the future. Technologies and costs are constantly changing as well as political, environmental, safety and public relations considerations. The Group has adopted the following criterion for recognizing well plugging and abandonment related costs: The present value of future costs necessary for well plugging and abandonment is calculated for each area at the present value of the estimated future expenditure. The liabilities recognized are based upon estimated future abandonment costs, wells subject to abandonment, time to abandonment, and future inflation rates. The expected timing, extent and amount of expenditure may also change, for example, in response to changes in oil and gas reserves or changes in laws and regulations or their interpretation. Therefore, significant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be significant adjustments to the provisions established which would affect future financial results. The provision at reporting date represents management’s best estimate of the present value of the future abandonment costs required. · From time to time, the Group may be subject to various lawsuits, claims and proceedings that arise in the normal course of business, including employment, commercial, tax, environmental, safety and health matters. For example, from time to time, the Group receives notice of environmental, health and safety violations. Based on what the Management of the Group currently knows, it is not expected any material impact on the Consolidated Financial Statements.

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flow	12 Months Ended
	Dec. 31, 2020
Disclosure Of Consolidated Statement Of Cash Flow [Abstract]
Disclosure of cash flow statement [text block]	Note 5 Consolidated Statement of Cash Flow The Consolidated Statement of Cash Flow shows the Group’s cash flows for the year for operating, investing and financing activities and the change in cash and cash equivalents during the year. Cash flows from operating activities are computed from the results for the year adjusted for non-cash operating items, changes in net working capital, and corporate tax. Income tax paid is presented as a separate item under operating activities. Cash flows from investing activities include payments in connection with the purchase and sale of property, plant and equipment and cash flows relating to the purchase and sale of enterprises to third parties, if any. Cash flows from financing activities include changes in equity, and proceeds from borrowings and repayment of loans. Cash and cash equivalents include bank overdraft, if any, and liquid funds with a term of less than three months. The following chart describes non-cash transactions related to the Consolidated Statement of Cash Flow: Amounts in US$‘000 2020 2019 2018 (Decrease) Increase in asset retirement obligation (1,812) 13,299 (4,355) (Decrease) Increase in provisions for other long-term liabilities (1,051) 1,867 (60) Purchase of property, plant and equipment — (733) 1,100 Changes in working capital shown in the Consolidated Statement of Cash Flow are disclosed as follows: Amounts in US$‘000 2020 2019 2018 Decrease (Increase) in Inventories 1,220 (1,675) 511 Decrease (Increase) in Trade receivables 3,190 (27,839) 3,423 Decrease (Increase) in Prepayments and other receivables and Other assets 38,742 (27,547) (36,061) Customer advance repayments (a) — — (10,000) Security deposit utilized — — 15,600 (Decrease) Increase in Trade and other payables (48,392) 11,964 20,169 (5,240) (45,097) (6,358) (a) In December 2015, the Colombian subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018. The following chart shows the movements in the borrowings, lease liabilities and payables to related parties for each of the periods presented: Lease Payables to Amounts in US$‘000 Borrowings Liabilities related parties Total At January 1, 2018 426,204 — 31,184 457,388 Proceeds from borrowings 36,017 — — 36,017 Accrual of borrowing's interests 28,842 — 1,602 30,444 Exchange difference (2) — 4,333 4,331 Foreign currency translation (1,291) — (4,333) (5,624) Principal paid (15,073) — — (15,073) Interest paid (27,695) — — (27,695) Payments to related parties — — (32,786) (32,786) At December 31, 2018 447,002 — — 447,002 Initial recognition of lease liabilities — 14,610 — 14,610 Addition to lease liabilities — 2,496 — 2,496 Accrual of borrowing's interests 29,940 — — 29,940 Exchange difference 5 566 — 571 Foreign currency translation (639) 7 — (632) Unwinding of discount — 419 — 419 Principal paid (9,790) — — (9,790) Interest paid (29,099) — — (29,099) Lease payments — (4,855) — (4,855) At December 31, 2019 437,419 13,243 — 450,662 Proceeds from borrowings 350,000 — — 350,000 Debt issuance costs paid (7,507) — — (7,507) Acquisitions (Note 36.1) — 17,851 — 17,851 Addition to lease liabilities — 561 — 561 Accrual of borrowing's interests 48,232 — — 48,232 Exchange difference — 466 — 466 Foreign currency translation (2,389) (1,641) — (4,030) Unwinding of discount — 1,247 — 1,247 Principal paid (3,575) — — (3,575) Interest paid (37,594) — — (37,594) Lease payments — (9,380) — (9,380) At December 31, 2020 784,586 22,347 — 806,933

Segment information

Segment information	12 Months Ended
	Dec. 31, 2020
Disclosure Of Segment information [Abstract]
Disclosure of entity's operating segments [text block]	Note 6 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Legal and Corporate Governance, People and Sustainability departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee considers the business from a geographic perspective. The Executive Committee assesses the performance of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined as (loss) profit for the period (determined as if IFRS 16 Leases has not been adopted), before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Operating Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical and Other operating expenses. Other information provided to the Executive Committee is measured in a manner consistent with that in the Consolidated Financial Statements. Segment areas (geographical segments): Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2020 Revenue 334,606 21,704 12,783 24,599 — — — 393,692 Sale of crude oil 332,461 5,103 891 21,185 — — — 359,640 Sale of gas 2,145 16,601 11,892 3,414 — — — 34,052 Realized gain on commodity risk management contracts 21,059 — — — — — — 21,059 Production and operating costs (92,319) (10,244) (3,876) (18,633) — — — (125,072) Royalties (30,453) (753) (1,049) (3,620) — — — (35,875) Share-based payment (362) (94) — (72) — — — (528) Other operating costs (61,504) (9,397) (2,827) (14,941) — — — (88,669) Operating profit (loss) 144,806 (158,619) 1,215 (32,595) (44,642) (799) (20,029) (110,663) Operating netback 253,763 11,259 6,833 4,540 — — — 276,395 Adjusted EBITDA 218,524 8,148 4,784 1,195 (1,952) (773) (12,395) 217,531 Depreciation (63,687) (33,571) (3,732) (16,564) (401) (52) (66) (118,073) Recognition of impairment losses — (81,967) (1,717) (16,205) (33,975) — — (133,864) Write-off of unsuccessful exploration efforts (1,949) (50,167) (536) — — — — (52,652) Total assets 680,828 101,742 38,172 36,803 4,656 1,127 960,266 — Employees (average) (a) 238 68 11 114 10 2 4 447 Employees at year end (a) 268 57 5 97 5 2 3 437 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2019 Revenue 538,917 32,336 23,049 34,605 — — — 628,907 Sale of crude oil 536,986 10,551 1,469 30,024 — — — 579,030 Sale of gas 1,931 21,785 21,580 4,581 — — — 49,877 Realized gain on commodity risk management contracts 3,888 — — — — — — 3,888 Production and operating costs (116,944) (19,789) (5,953) (26,278) — — — (168,964) Royalties (56,399) (1,181) (1,855) (5,141) — — — (64,576) Share-based payment (231) (31) (29) (38) — — — (329) Other operating costs (60,314) (18,577) (4,069) (21,099) — — — (104,059) Operating profit (loss) 297,783 (26,869) 1,750 (34,124) (7,468) (536) (19,861) 210,675 Operating netback 413,120 12,218 15,055 6,691 — — — 447,084 Adjusted EBITDA 367,058 8,310 11,750 868 (6,540) (535) (17,576) 363,335 Depreciation (46,917) (34,826) (7,445) (15,618) (576) (1) (149) (105,532) Recognition of impairment losses — — — (7,559) — - - (7,559) Write-off of unsuccessful exploration efforts — — (5,120) (13,170) — - - (18,290) Total assets 357,125 249,207 68,480 79,062 53,993 1,119 43,146 852,132 Employees (average) (a) 195 89 13 133 26 2 3 461 Employees at year end (a) 202 77 13 128 14 2 3 439 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2018 Revenue 497,870 37,359 30,053 35,879 — — 601,161 Sale of crude oil 496,341 17,402 1,198 30,549 — — 545,490 Sale of gas 1,529 19,957 28,855 5,330 — — 55,671 Realized loss on commodity risk management contracts (26,098) — — — — — (26,098) Production and operating costs (118,533) (21,899) (8,785) (25,043) — — (174,260) Royalties (62,710) (1,473) (2,820) (4,833) — — (71,836) Share-based payment (461) (226) (37) (154) — — (878) Other operating costs (55,362) (20,200) (5,928) (20,056) — — (101,546) Operating profit (loss) 309,357 (29,139) 4,370 (6,739) (4,529) (16,828) 256,492 Operating netback 352,672 15,153 21,306 8,527 — — 397,658 Adjusted EBITDA 319,447 8,784 17,908 4,576 (7,077) (13,082) 330,556 Depreciation (42,721) (28,203) (10,395) (10,640) (245) (36) (92,240) Reversal of impairment losses 11,531 (6,549) — — — — 4,982 Write-off of unsuccessful exploration efforts (17,665) (6,121) (2,020) (583) — — (26,389) Total assets 383,450 276,449 70,424 87,259 35,817 9,261 862,660 Employees (average) (a) 182 101 12 121 27 2 445 Employees at year end (a) 178 100 12 137 28 2 457 (a) Unaudited In 2020, approximately 82% of capital expenditure was incurred by Colombia (61% in 2019 and 78% in 2018), 15.5% was incurred by Chile (8% in 2019 and 6% in 2018), 0.5% was incurred by Brazil (4% in 2019 and 2% in 2018), 1% was incurred by Argentina (15% in 2019 and 7% in 2018), 0.5% was incurred by Peru (12% in 2019 and 7% in 2018) and 0.5% was incurred by Ecuador. A reconciliation of total Operating netback to total (loss) profit before income tax is provided as follows: Amounts in US$ ‘000 2020 2019 2018 Operating netback 276,395 447,084 397,658 Administrative expenses (43,723) (60,130) (48,028) Geological and geophysical expenses (15,141) (23,619) (19,074) Adjusted EBITDA for reportable segments 217,531 363,335 330,556 Unrealized (loss) gain on commodity risk management contracts (12,978) (26,411) 42,271 Depreciation (a) (118,073) (105,532) (92,240) Share-based payment (8,444) (2,717) (5,446) Impairment and write-off of unsuccessful exploration efforts (186,516) (25,849) (21,407) Lease accounting - IFRS 16 9,380 4,855 — Others (b) (11,563) 2,994 2,758 Operating (loss) profit (110,663) 210,675 256,492 Financial expenses (64,582) (41,070) (39,321) Financial income 3,166 2,360 3,059 Foreign exchange loss (13,008) (2,446) (11,323) (Loss) Profit before tax (185,087) 169,519 208,907 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2020, also includes termination costs (see Note 1.1), and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru (see Note 36.5.1).

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Disclosure Of Revenue [Abstract]
Disclosure of revenue [text block]	Note 7 Revenue Amounts in US$ ‘000 2020 2019 2018 Sale of crude oil 359,640 579,030 545,490 Sale of gas 34,052 49,877 55,671 393,692 628,907 601,161

Commodity risk management contr

Commodity risk management contracts	12 Months Ended
	Dec. 31, 2020
Disclosure Of Commodity risk management contracts [Abstract]
Disclosure Of Commodity Risk Management Contracts Explanatory [Text Block]	Note 8 Commodity risk management contracts The Group has entered into derivative financial instruments to manage its exposure to oil price risk. These derivatives are zero-premium collars, fixed price or zero-premium 3‑ways (put spread plus call), and were placed with major financial institutions and commodity traders. The Group entered into the derivatives under ISDA Master Agreements and Credit Support Annexes, which provide credit lines for collateral posting thus alleviating possible liquidity needs under the instruments and protect the Group from potential non-performance risk by its counterparties. The Group’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur. The following table presents the Group’s production hedged during the year ended December 31, 2020 and for the following periods as a consequence of the derivative contracts in force as of December 31, 2020: Period Reference Type Volume bbl/d Average price US$/bbl January 1, 2020 - March 31, 2020 ICE BRENT Zero Premium 3 Ways 18,000 45.00-55.00 Put 74.45 Call 18,000 April 1, 2020 - June 30, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call April 1, 2020 - June 30, 2020 ICE BRENT Zero Premium Collars 7,500 32.33 Put 34.54 Call April 1, 2020 - June 30, 2020 ICE BRENT Fixed Price 7,500 31.67 26,000 July 1, 2020 - September 30, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call July 1, 2020 - September 30, 2020 ICE BRENT Zero Premium Collars 14,500 31.34 Put 38.66 Call July 1, 2020 - September 30, 2020 ICE BRENT Fixed Price 2,000 32.00 27,500 October 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call October 1, 2020 - December 31, 2020 ICE BRENT Zero Premium Collars 12,500 33.76 Put 45.38 Call October 1, 2020 - December 31, 2020 VASCONIA (a) Zero Premium Collars 2,000 30.00 Put 44.25 Call 25,500 January 1, 2021 - March 31, 2021 ICE BRENT Zero Premium Collars 21,000 38.19 Put 51.98 Call January 1, 2021 - March 31, 2021 VASCONIA (a) Zero Premium Collars 2,000 35.00 Put 43.01 Call 23,000 April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 20,500 38.93 Put 52.49 Call 20,500 July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 9,000 40.00 Put 54.34 Call 9,000 October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 9,000 40.00 Put 54.34 Call 9,000 (a) Vasconia Crude (Ice Brent minus Vasconia Differential) Since 2020, the Group has entered into Vasconia-based derivative contracts, a new instrument within its hedging portfolio. These derivatives protect both the overall crude price exposure to ICE Brent as well as the Vasconia differential, which reflects the quality adjustment for the GeoPark’s Llanos Basin crude production in Colombia. The table below summarizes the gain (loss) on the commodity risk management contracts: 2020 2019 2018 Realized gain (loss) on commodity risk management contracts 21,059 3,888 (26,098) Unrealized (loss) gain on commodity risk management contracts (12,978) (26,411) 42,271 8,081 (22,523) 16,173 The following table presents the Group’s derivative contracts agreed after the balance sheet date: Period Reference Type Volume bbl/d Price US$/bbl January 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 2,500 45.00 Put 59.00 Call April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 1,500 50.00 Put 57.10 Call April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 1,000 50.00 Put 57.27 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,500 45.00 Put 61.20 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,500 46.00 Put 62.50 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 66.06 Call July 1, 2021 - September 30, 2021 VASCONIA (a) Zero Premium Collars 1,000 41.50 Put 68.15 Call July 1, 2021 - September 30, 2021 VASCONIA (a) Zero Premium Collars 1,000 41.50 Put 68.98 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 80.60 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 1,000 45.00 Put 61.65 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 1,500 45.00 Put 62.03 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 64.17 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 71.02 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 75.75 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 78.00 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,500 45.00 Put 60.45 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,000 45.00 Put 76.85 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,000 50.00 Put 75.00 Call (a) Vasconia Crude (Ice Brent minus Vasconia Differential)

Production and operating costs

Production and operating costs	12 Months Ended
	Dec. 31, 2020
Disclosure Of Production And Operating Costs [Abstract]
Disclosure Of Production And Operating Costs Explanatory [Text Block]	Note 9 Production and operating costs Amounts in US$ '000 2020 2019 2018 Staff costs (Note 11) 14,689 14,213 17,725 Share-based payment (Note 11) 528 329 878 Royalties 35,875 64,576 71,836 Well and facilities maintenance 15,039 27,660 20,262 Operation and maintenance 7,491 7,743 7,756 Consumables 16,776 17,625 17,444 Equipment rental 8,570 10,476 9,317 Safety and Insurance costs 4,505 4,107 3,878 Gas plant costs 1,591 3,414 5,967 Transportation costs 5,622 2,941 2,628 Field camp 3,130 2,583 2,959 Non-operated blocks costs 3,442 1,353 1,327 Other costs 7,814 11,944 12,283 125,072 168,964 174,260

Depreciation

Depreciation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Depreciation [Abstract]
Disclosure of depreciation and amortisation expense [text block]	Note 10 Depreciation Amounts in US$ ‘000 2020 2019 2018 Oil and gas properties 89,344 83,276 72,130 Production facilities and machinery 16,820 16,708 17,958 Furniture, equipment and vehicles 2,317 2,096 1,579 Buildings and improvements 490 804 996 Depreciation of property, plant and equipment (a) 108,971 102,884 92,663 Related to: Productive assets 106,164 99,984 90,088 Administrative assets 2,807 2,900 2,575 Depreciation total (a) 108,971 102,884 92,663 (a) Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets.

Staff costs and Directors Remun

Staff costs and Directors Remuneration	12 Months Ended
	Dec. 31, 2020
Disclosure of Staff costs and Directors Remuneration [Abstract]
Disclosure Of Staff Costs And Directors Remuneration Explanatory [Text Block]	Note 11 Staff costs and Directors’ Remuneration 2020 2019 2018 Number of employees at year end (a) 437 439 457 Amounts in US$ ‘000 Wages and salaries 49,338 55,325 52,644 Share-based payments (b) (Note 31) 8,444 2,717 5,446 Social security charges 5,712 6,888 7,464 Director’s fees and allowance 2,094 3,266 2,876 65,588 68,196 68,430 Recognized as follows: Production and operating costs 15,217 14,542 18,603 Geological and geophysical expenses 12,893 18,448 15,527 Administrative expenses 37,478 35,206 34,300 65,588 68,196 68,430 Board of Directors’ and key managers’ remuneration Salaries and fees 8,641 13,483 12,452 Share-based payments 7,170 2,251 2,918 Other benefits in kind 232 262 272 16,043 15,996 15,642 (a) Unaudited. (b) The increase in share-based payments in 2020 is explained by the accrual of the 2019 VCP and the 2020 Plan, which were granted in November 2019 and February 2020, respectively. Directors’ Remuneration Executive Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Bonus Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (in US$) (No. of Shares) (in US$) Gerald O’Shaughnessy 325,000 — — — 325,000 James F. Park 650,000 (a) 650,000 (b) — — 1,300,000 Pedro E. Aylwin (c) — — — — — Juan Cristóbal Pavez (d) — — 27,500 7,465 122,719 Carlos Gulisano (e) — — 62,500 9,002 162,497 Robert Bedingfield (f) — — 27,500 14,592 185,628 Jamie Coulter — — 22,500 6,874 111,031 Constantin Papadimitriou — — 25,000 13,967 176,875 Somit Varma — — — 4,152 35,624 Sylvia Escovar Gomez — — — 4,152 35,624 (a) The annual salary for US$ 800,000 was voluntary reduced as one of the initiatives to reduce the impact of COVID-19 and oil price crisis. (b) The 2019 annual bonus approved by the Compensation Committee for US$ 798,698 was only received partially in cash for US$ 650,000. (c) Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance. (d) Compensation Committee Chairman until his resignation on June 10, 2020. Afterwards the Chairman is Constantin Papadimitriou. (e) Technical Committee Chairman. (f) Audit Committee Chairman. During 2020, Director’s fees were voluntary reduced as part of the measures implemented to reduce the impact of the COVID-19 and oil price crisis (see Note 1.1). In January 2020, 439,075 shares were issued to certain Directors as a consequence of the vesting of the 2016 Value Creation Plan (“VCP”). See Note 31.

Geological and geophysical expe

Geological and geophysical expenses	12 Months Ended
	Dec. 31, 2020
Disclosure Of Geological and geophysical expenses [Abstract]
Disclosure of geological and geophysical expenses [Text Block]	Note 12 Geological and geophysical expenses Amounts in US$ ‘000 2020 2019 2018 Staff costs (Note 11) 12,653 18,312 15,005 Share-based payment (Note 11) 240 136 522 Allocation to capitalized project (102) (4,834) (5,645) Other services 2,160 4,979 4,069 14,951 18,593 13,951

Administrative expenses

Administrative expenses	12 Months Ended
	Dec. 31, 2020
Disclosure Of Administrative expenses [Abstract]
Disclosure of general and administrative expense [text block]	Note 13 Administrative expenses Amounts in US$ ‘000 2020 2019 2018 Staff costs (Note 11) 27,708 29,688 27,378 Share-based payment (Note 11) 7,676 2,252 4,046 Consultant fees (a) 8,570 18,685 7,427 Office expenses 1,525 1,386 3,021 Travel expenses 939 4,867 4,519 Director’s fees and allowance (Note 11) 2,094 3,266 2,876 Communication and IT costs 2,937 2,928 2,395 Allocation to joint operations (6,720) (8,008) (7,774) Other administrative expenses 5,586 5,754 8,186 50,315 60,818 52,074 (a) The increase in consultant fees in 2019 is explained mainly by legal and other advisory services related to new business efforts.

Selling expenses

Selling expenses	12 Months Ended
	Dec. 31, 2020
Disclosure of Selling expenses [Abstract]
Disclosure of selling expenses [text block]	Note 14 Selling expenses Amounts in US$ ‘000 2020 2019 2018 Transportation (a) 4,787 12,985 2,638 Selling taxes and other 1,057 1,128 1,385 5,844 14,113 4,023 (a) The increase in transportation costs in 2019 is explained primarily due to the difference in accounting for different points of sale in Colombia and costs associated with the operation of the flowline connecting Llanos 34 block to the ODL regional pipeline. Sales at the wellhead have no selling costs associated but generate lower revenue whereas transportation costs for sales to other delivery points are accounted for as selling expenses.

Financial results

Financial results	12 Months Ended
	Dec. 31, 2020
Disclosure Of Financial costs [Abstract]
Disclosure of finance income (cost) [text block]	Note 15 Financial results Amounts in US$ '000 2020 2019 2018 Financial expenses Interest and amortization of debt issue costs (48,779) (29,977) (28,955) Interest with related parties (Note 34) — — (1,606) Less: amounts capitalized on qualifying assets — 367 258 Bank charges and other financial results (9,909) (6,900) (5,513) Unwinding of long-term liabilities (5,894) (4,560) (3,505) (64,582) (41,070) (39,321) Financial income Interest received 3,166 2,360 3,059 3,166 2,360 3,059 Foreign exchange gains and losses Foreign exchange loss, net (2,720) (6,163) (11,323) Realized result on currency risk management contracts (9,414) 2,843 — Unrealized result on currency risk management contracts (874) 874 — (13,008) (2,446) (11,323) Total Financial results (74,424) (41,156) (47,585)

Tax reforms

Tax reforms	12 Months Ended
	Dec. 31, 2020
Disclosure of Tax reforms [Abstract]
Disclosure Of New Tax Reforms Explanatory [Text Block]	Note 16 Tax reforms Colombia In 2020, the Colombian government did not engage in any substantial tax reform procedure. Focus was placed on the implementation of legal changes enacted in 2019, including a progressive reduction of the general corporate income tax rate (37% in 2018, 33% in 2019, 32% in 2020, 31% in 2021, 30% in 2022 and onwards), an increase in the withholding tax rate on dividends for non-resident shareholders from 7.5% to 10% and a reduction of the presumptive taxable income tax rate from 1.5% to 0.5% in 2020 and 0% in 2021. Because of COVID-19, the Colombian government granted tax benefits including a reduction on the 2020 advance income tax payment and established fast-track procedures to return taxpayers’ income and value added tax in favour. Further, taxpayers were allowed to sign Tax Payment Agreements to split the 2019 income tax into twelve installments with a preferential rate. See measures taken by GeoPark in Note 1.1. In August 2020, the Colombian government enacted a decree that regulates the indirect transfer of shares, rights or assets. Through this regulation, the transfer of shares, rights or assets of entities located abroad are taxed in Colombia when such transaction represents a transfer of assets located in Colombia. Although certain conditions and exemptions apply, corporate reorganizations shall monitor this new regulation. Chile Under the Chilean tax regime, hydrocarbon exploitation benefits from the general income tax legislation are established at the time of the execution of each Special Operation Contract (abbreviated to CEOP in Spanish) for the exploitation of each block. Thus, new tax reforms do not affect the current taxation for the GeoPark subsidiaries in Chile. Nevertheless, it is worth to highlight a new law enacted in 2020 that provides a new tax reform in Chile. The main tax changes are the following: · A unique corporate tax regime is established for large enterprises, revoking the attributed income tax system introduced by the 2014 tax reform. This tax regime, in force as of January 1, 2020 is a partially integrated system that levies corporate income tax at a 27% rate. Therefore, the Chilean total income tax burden for Chilean individuals or foreign investors not domiciled or resident in treaty countries is 44.45%. Meanwhile, foreign investors resident in treaty countries are subject to a total income tax burden of 35%. · Stock options regulated in employment agreements and collective agreements will not be considered as income when granted or when the option is exercised. Taxation is applicable only when the shares are sold after the exercise of the option. On the contrary, when the stock option is not contained in an employment agreement, the granting of the option is not considered income, but its exercise is. · Deductible expenses concept is defined broader and more flexible rules were enacted to allow bad-debt deductibility. Further, new tax reporting provisions were approved that requires new information to be reported for transfer pricing and indirect transfer tax purposes. Argentina Although in 2020 no new relevant corporate tax regulations were issued, the corporate taxation in Argentina was centered on the implementation of the tax reform enacted in December 2019. Such reform set a corporate income tax rate at 30% in 2020 and postponed an increase of the income withholding tax on dividend distributions from 7% to 13%. Other relevant tax provisions implemented in 2020 are the equal allocation of the amount determined as tax inflation adjustment for 2019 and 2020, the exemption on indirect transfer of assets or shares located in Argentina between related parties and the deductibility restriction of foreign exchange differences up to 30% of taxable profit before interests and depreciation. New tax reporting legislation was approved to extend tax reports and information to be filed before the authority. Further, new transfer pricing reports were included into the Argentinian legislation to provide detailed information on transactions executed between related parties. Spain In December 2020, a new set of tax rules was approved to change the tax treatment of Spanish holding entities. The tax reform reduced a full income tax exemption on dividend and capital gains income earned from foreign affiliates to a 95% exemption.

Income tax

Income tax	12 Months Ended
	Dec. 31, 2020
Disclosure Of Income tax [Abstract]
Disclosure of income tax [text block]	Note 17 Income tax Amounts in US$ ‘000 2020 2019 2018 Current income tax charge (41,927) (111,371) (101,456) Deferred income tax credit (charge) (Note 18) (5,936) (391) (4,784) (47,863) (111,762) (106,240) The tax on the Group’s (loss) profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: Amounts in US$ ‘000 2020 2019 2018 (Loss) Profit before tax (185,087) 169,519 208,907 Tax losses from non-taxable jurisdictions 53,652 49,360 42,808 Taxable profit (131,435) 218,879 251,715 Income tax calculated at domestic tax rates applicable to Profit in the respective countries 12,450 (79,395) (102,211) Tax losses where no deferred tax benefit is recognized (23,117) (2,563) (7,344) Effect of currency translation on tax base (923) (16,795) 3,336 Effect of inflation adjustment for tax purposes (867) 541 — Changes in the income tax rate (Note 16) (925) 1,279 (1,874) Write-down of deferred tax benefits previously recognized (a) (32,565) — — Previously unrecognized tax losses — 1,820 4,882 Out of period adjustment (b) — (9,910) — Non-taxable results (c) (1,916) (6,739) (3,029) Income tax (47,863) (111,762) (106,240) (a) Includes write-down of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (see Note 36.5.1), and write-down of a portion of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2020. (b) Adjustment related to prior periods that increased the income tax expense during the year ended December 31, 2019, due to the increase in deferred tax liabilities as a result of computing as temporary, differences generated between the tax and book basis of Property, plant and equipment, that were originally considered as permanent. The Group concluded that this adjustment was not material to the year ended December 31, 2019 or to any previously reported Consolidated Financial Statements. (c) Includes non-deductible expenses in each jurisdiction. Under current Bermuda law, the Company is not required to pay any taxes in Bermuda on income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, they will be exempt from taxation in Bermuda until March 2035. Income tax rates in those countries where the Group operates (Colombia, Chile, Brazil, Argentina, Peru and Ecuador) ranges from 15% to 34%. There are no income tax consequences attached to the payment of dividends by the Group to its shareholders. The Group has tax losses available which can be utilized against future taxable profit in the following countries: Amounts in US$ ‘000 2020 2019 2018 Chile (a) 403,258 317,644 315,733 Brazil (a) 32,452 37,848 38,011 Argentina (b) 20,734 22,930 5,490 Total tax losses at December 31 456,444 378,422 359,234 (a) Taxable losses have no expiration date. (b) Tax losses accumulated at December 31, 2020 are: US$ 318,000, US$ 788,000, US$ 2,094,000, US$ 10,028,000 and US$ 7,506,000 expiring in 2021, 2022, 2023, 2024 and 2025, respectively. At the balance sheet date, deferred tax assets in respect of tax losses in certain companies in Chile and a portion of tax losses in Brazil have not been recognized as there is insufficient evidence of future taxable profits to offset them.

Deferred income tax

Deferred income tax	12 Months Ended
	Dec. 31, 2020
Disclosure of deferred income tax [Abstract]
Disclosure of deferred taxes [text block]	Note 18 Deferred income tax The gross movement on the deferred income tax account is as follows: Amounts in US$ ‘000 2020 2019 Deferred income tax at January 1 16,084 16,992 Acquisitions (Note 36.1) 4,071 — Currency translation differences (3,241) (517) Income statement credit (charge) (5,936) (391) Deferred income tax at December 31 10,978 16,084 The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year Acquisitions net profit differences Reclassification of year Deferred income tax assets Difference in depreciation rates and other 7,880 2,521 (7,814) (435) (6,780) (4,628) Tax losses 19,054 1,550 (10,600) (2,806) 15,598 22,796 Total 2020 26,934 4,071 (18,414) (3,241) 8,818 18,168 Total 2019 31,793 — (7,485) (517) 3,143 26,934 At the beginning Credited to At the end Amounts in US$ ‘000 of year net profit Reclassification of year Deferred income tax liabilities Difference in depreciation rates and other (29,625) 15,655 6,780 (7,190) Tax losses 18,775 (3,177) (15,598) — Total 2020 (10,850) 12,478 (8,818) (7,190) Total 2019 (14,801) 7,094 (3,143) (10,850)

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2020
Disclosure of earning per share [Abstract]
Disclosure of earnings per share [text block]	Note 19 Earnings per share Amounts in US$ ‘000 except for shares 2020 2019 2018 Numerator: (Loss) Profit for the year attributable to owners (232,950) 57,757 72,415 Denominator: Weighted average number of shares used in basic EPS 60,668,185 60,217,523 60,612,230 (Losses) Earnings after tax per share (US$) – basic (3.84) 0.96 1.19 Amounts in US$ ‘000 except for shares 2020 2019 2018 Weighted average number of shares used in basic EPS 60,668,185 60,217,523 60,612,230 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 — 2,433,126 4,758,552 Weighted average number of common shares for the purposes of diluted earnings per shares 60,668,185 62,650,649 65,370,782 (Losses) Earnings after tax per share (US$) – diluted (3.84) 0.92 1.11 (a) For the year ended December 31, 2020, there were 974,159 of potential shares that could have a dilutive impact. They were considered antidilutive due to negative earnings.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2020
Disclosure of property plant and equipments [Abstract]
Disclosure of property, plant and equipment [text block]	Note 20 Property, plant and equipment Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost at January 1, 2018 776,504 15,398 157,396 10,361 37,990 64,368 1,062,017 Additions (5,753) (b) 1,706 — — 81,961 43,515 121,429 Acquisitions (Note 36.4.1) 52,925 254 1,616 134 — — 54,929 Currency translation differences (11,525) (130) (884) (30) (15) (882) (13,466) Disposals — (46) (417) — — — (463) Write-off / Impairment reversal 5,109 (c) — (120) (c) — (7) (c) (26,389) (d) (21,407) Transfers 63,794 566 14,503 1,089 (59,332) (20,620) — Assets held for sale (Note 36.2.1) (163,544) — — — — — (163,544) Cost at December 31, 2018 717,510 17,748 172,094 11,554 60,597 59,992 1,039,495 Additions 14,696 (b) 2,052 381 159 96,012 27,449 140,749 Currency translation differences (3,022) (414) (561) (8) (106) (449) (4,560) Disposals — (102) (101) — — (59) (262) Write-off / Impairment (7,559) (c) — — — — (18,290) (e) (25,849) Transfers 83,010 265 24,183 65 (86,916) (20,607) — Reclassification (g) 26,302 — (23,489) — — — 2,813 Cost at December 31, 2019 830,937 19,549 172,507 11,770 69,587 48,036 1,152,386 Additions (2,863) (b) 1,180 — 422 55,267 18,429 72,435 Acquisitions (Note 36.1) 185,533 553 16,181 212 1,199 73,310 276,988 Currency translation differences (14,399) (194) (1,036) (59) (47) (401) (16,136) Disposals — (555) — (227) (33) — (815) Write-off / Impairment (77,667) (c) — (11,357) (c) — (44,840) (c) (52,652) (f) (186,516) Transfers 48,361 174 21,534 324 (62,285) (8,108) — Assets held for sale (Note 36.3.2) (1,285) — — — — — (1,285) Cost at December 31, 2020 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Depreciation and write-down at January 1, 2018 (441,534) (11,916) (86,232) (4,932) — — (544,614) Depreciation (72,130) (1,579) (17,958) (996) — — (92,663) Disposals — 42 149 — — — 191 Currency translation differences 6,292 92 337 26 — — 6,747 Assets held for sale (Note 36.2.1) 148,014 — — — — — 148,014 Depreciation and write-down at December 31, 2018 (359,358) (13,361) (103,704) (5,902) — — (482,325) Depreciation (83,276) (2,096) (16,708) (804) — — (102,884) Disposals — 85 34 — — — 119 Currency translation differences 2,492 223 480 110 — — 3,305 Reclassification (g) (27,664) — 24,851 — — — (2,813) Depreciation and write-down at December 31, 2019 (467,806) (15,149) (95,047) (6,596) — — (584,598) Depreciation (89,344) (2,317) (16,820) (490) — — (108,971) Disposals — 326 — 72 — — 398 Currency translation differences 8,572 155 1,880 39 — — 10,646 Assets held for sale (Note 36.3.2) 133 — — — — — 133 Depreciation and write-down at December 31, 2020 (548,445) (16,985) (109,987) (6,975) — — (682,392) Carrying amount at December 31, 2018 358,152 4,387 68,390 5,652 60,597 59,992 557,170 Carrying amount at December 31, 2019 363,131 4,400 77,460 5,174 69,587 48,036 567,788 Carrying amount at December 31, 2020 420,172 3,722 87,842 5,467 18,848 78,614 614,665 (a) Exploration wells movement and balances are shown in the table below; mining property associated with unproved reserves and resources, seismic and other exploratory assets amount to US$ 75,485,000 (US$ 44,047,000 in 2019 and US$ 48,779,000 in 2018). Amounts in US$ ‘000 Total Exploration wells at December 31, 2018 11,213 Additions 23,082 Write-offs (12,941) Transfers (17,365) Exploration wells at December 31, 2019 3,989 Additions 11,016 Acquisitions 3,129 Write-offs (7,947) Transfers (7,058) Exploration wells at December 31, 2020 3,129 As of December 31, 2020, there was an exploratory well that has been capitalized for a period less than three years amounting to US$ 3,129,000. (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) Corresponds to nine unsuccessful exploratory wells, four wells drilled in Colombia (Tiple, Llanos 34 and Llanos 32 Blocks), two wells drilled in Brazil (POT-T-747 and POT-T-619 Blocks) and three wells drilled in Argentina (Puelen Block). The charge also includes the write-off of a well and other exploration costs incurred in the Fell Block (Chile) in previous years and other exploration costs incurred in the VIM-3 Block (Colombia), and POT-T-882 and REC-T-93 Blocks (Brazil), for which no additional work would be performed. (e) Corresponds to five unsuccessful exploratory wells, four wells drilled in Argentina (Sierra del Nevado, Puelen and Aguada Baguales Blocks) and a well drilled in Brazil (POT-T-747 Block). The charge also includes the write-off of wells and other exploration costs incurred in previous years in the Argentinean Blocks for which no additional work would be performed. In addition, due to the results from REC-T-94, SEAL-T-268 and POT-T-747 Blocks (Brazil), during December 2019 the Group decided to relinquish these blocks so the associated investment was written off. (f) Corresponds to three unsuccessful exploratory wells drilled in the Isla Norte Block (Chile), Llanos 94 Block (Colombia) and CPO-5 Block (Colombia), and exploration costs incurred in previous years in the POT-T-619 Block (Brazil) for which no additional work would be performed. The charge also includes the write-off of seismic and other exploration costs incurred in previous years in the Fell, Campanario, Flamenco and Isla Norte Blocks (Chile), where, as a result of the drilling campaign performed during 2020 and in accordance with the Group’s accounting policy, it cannot be clearly demonstrated that the carrying value of the investment is recoverable. (g) Corresponds to the final closing of the sale of the La Cuerva and Yamu Blocks described in Note 36.2.1.

Subsidiary undertakings

Subsidiary undertakings	12 Months Ended
	Dec. 31, 2020
Disclosure of subsidiary undertakings [Abstract]
Disclosure of interests in subsidiaries [text block]	Note 21 Subsidiary undertakings The following chart illustrates main companies of the Group structure as of December 31, 2020: Group structure During the year ended December 31, 2020, the following changes to the Group structure have taken place · Amerisur Resources Limited and its subsidiaries were acquired by GeoPark Colombia S.A.S. · GeoPark Chile S.p.A. and GeoPark Argentina S.A.U. were contributed to GeoPark Latin America S.L.U. Details of the subsidiaries of the Group are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A.U (Argentina) 100% (a) GeoPark Latin America Limited (Bermuda) 100% GeoPark Latin America Limited – Agencia en Chile (Chile) 100% (a) GeoPark Brasil Exploração y Produção de Petróleo e Gás Ltda. (Brazil) 100% (a) GeoPark Chile S.p.A. (Chile) 100% (a) GeoPark Fell S.p.A. (Chile) 100% (a) GeoPark Magallanes Limitada (Chile) 100% (a) GeoPark TdF S.p.A. (Chile) 100% (a) GeoPark Colombia S.A.S. (Colombia) 100% (a) GeoPark Latin America S.L.U. (Spain) 100% (a) GeoPark Colombia S.L.U. (Spain) 100% (a) GeoPark S.A.C. (Peru) 100% (a) GeoPark Perú S.A.C. (Peru) 100% (a) GeoPark Operadora del Perú S.A.C. (Peru) 100% (a) GeoPark Colombia E&P S.A. (Panama) 100% (a) GeoPark Colombia E&P Sucursal Colombia (Colombia) 100% (a) GeoPark Mexico S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark E&P S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) 100% (a) GeoPark (UK) Limited (United Kingdom) 100% Amerisur Resources Limited (United Kingdom) 100% (a) Amerisur Exploración Colombia Limited (British Virgin Islands) 100% (a) Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia) 100% (a) Yarumal S.A.S. (Colombia) 100% (a) (b) Petrodorado South America S.A. (Panama) 100% (a) Petrodorado South America S.A. Sucursal Colombia (Colombia) 100% (a) Fenix Oil & Gas Limited (British Virgin Islands) 100% (a) (b) Fenix Oil & Gas Limited Sucursal Colombia (Colombia) 100% (a) (b) Amerisurexplor Ecuador S.A. (Ecuador) 100% (a) (b) Amerisur S.A. (Paraguay) 100% (a) (b) (a) Indirectly owned. (b) Dormant companies. Details of the joint operations of the Group are set out below: Name and registered office Ownership interest Joint operations Flamenco Block (Chile) 50% (a) Campanario Block (Chile) 50% (a) Isla Norte Block (Chile) 60% (a) Llanos 34 Block (Colombia) 45% (a) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (b) Sierra del Nevado Block (Argentina) 18% (b) CN-V Block (Argentina) 50% Los Parlamentos (Argentina) 50% Manati Field (Brazil) 10% (c) REC-T-128 Block (Brazil) 70% (a) (c) POT-T-785 Block (Brazil) 70% (a) Morona Block (Peru) 75% (a) (c) Espejo Block (Ecuador) 50% (a) Perico Block (Ecuador) 50% Llanos 86 Block (Colombia) 50% (a) Llanos 87 Block (Colombia) 50% (a) Llanos 104 Block (Colombia) 50% (a) Llanos 123 Block (Colombia) 50% (a) Llanos 124 Block (Colombia) 50% (a) CPO-5 Block (Colombia) 30% Mecaya Block (Colombia) 50% (a) PUT-8 Block (Colombia) 50% (a) PUT-9 Block (Colombia) 50% (a) PUT-12 Block (Colombia) 60% (a) Tacacho Block (Colombia) 50% (a) Terecay Block (Colombia) 50% (a) Llanos 94 Block (Colombia) 50% PUT-36 Block (Colombia) 50% (a) (a) GeoPark is the operator. (b) In process of relinquishment. (c) See Note 36.

Prepayments and other receivabl

Prepayments and other receivables	12 Months Ended
	Dec. 31, 2020
Disclosure of Prepayments and other receivables [Abstract]
Disclosure of Prepayments and other receivables [text block]	Note 22 Prepayments and other receivables Amounts in US$ '000 2020 2019 V.A.T. 12,083 27,052 Income tax payments in advance 3,460 20,609 Other prepaid taxes 1,995 1,069 To be recovered from co-ventures (Note 34) 2,236 1,035 Prepayments and other receivables 8,549 8,282 28,323 58,047 Classified as follows: Current 27,263 51,016 Non-current 1,060 7,031 28,323 58,047 Movements on the Group provision for impairment are as follows: Amounts in US$ '000 2020 2019 At January 1 550 546 Foreign exchange (loss) income (25) 4 Uses (381) — 144 550

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Classes of current inventories [abstract]
Disclosure of inventories [text block]	Note 23 Inventories Amounts in US$ '000 2020 2019 Crude oil 7,537 4,285 Materials and spares 5,789 7,162 13,326 11,447

Trade receivables

Trade receivables	12 Months Ended
	Dec. 31, 2020
Trade receivables.
Disclosure of Trade receivables [text block]	Note 24 Trade receivables Amounts in US$ '000 2020 2019 Trade receivables 46,918 44,178 46,918 44,178 As of December 31, 2020 and 2019, there are no balances that were aged by more than 3 months. Trade receivables that are aged by less than three months are not considered impaired. The credit period for trade receivables is 30 days. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. The Group does not hold any collateral as security related to trade receivables. The carrying value of trade receivables is considered to represent a reasonable approximation of its fair value due to their short-term nature.

Financial instruments by catego

Financial instruments by category	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Disclosure of financial instruments [text block]	Note 25 Financial instruments by category Assets as per statement of financial position Amounts in US$ '000 2020 2019 Financial assets at fair value through profit or loss Derivative financial instrument assets 1,013 8,097 Cash and cash equivalents 823 42,212 1,836 50,309 Other financial assets at amortized cost Trade receivables 46,918 44,178 To be recovered from co-venturers (Note 34) 2,236 1,035 Other financial assets (a) 13,392 10,999 Cash and cash equivalents 201,084 68,968 263,630 125,180 Total financial assets 265,466 175,489 (a) Non-current other financial assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other financial assets correspond to short-term investments with original maturities up to twelve months and over three months. Liabilities as per statement of financial position Amounts in US$ ‘000 2020 2019 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 15,094 952 15,094 952 Other financial liabilities at amortized cost Trade payables 63,528 83,991 Payables to LGI (Note 36.6) 3,528 15,000 To be paid to co-venturers (Note 34) 5,760 4,803 Lease liabilities 22,347 13,243 Borrowings 784,586 437,419 879,749 554,456 Total financial liabilities 894,843 555,408 25.1 Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: Amounts in US$ ‘000 2020 2019 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa2 2,321 — Baa3 26,252 25,447 Ba2 3,847 6,156 Ba1 1,333 1,037 B3 32 — B2 — 780 Caa2 — 933 Counterparties without an external credit rating Group1 (a) 13,133 9,825 Total trade receivables 46,918 44,178 (a) Group 1 – existing customers (more than 6 months) with no defaults in the past. All trade receivables are denominated in US Dollars, except in Brazil where they are denominated in Brazilian Real. Cash at bank and other financial assets (a) Amounts in US$ ‘000 2020 2019 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) A1 — 6,924 A2 122,229 33,633 A3 44,808 13,105 Aaa-mf — 41,219 AAA 18,119 3,894 Ba1 2,343 1,854 Ba2 — 1 Baa1 574 580 Baa2 2,146 5,408 Ba3 43 1,262 Aa2 1,073 — Counterparties without an external credit rating 23,941 14,278 Total 215,276 122,158 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 23,000 (US$ 21,000 in 2019). 25.2 Financial liabilities- contractual undiscounted cash flows The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 year and 2 years and 5 years years At December 31, 2020 Borrowings 48,311 49,444 538,000 378,875 Lease liabilities 10,890 6,230 5,294 3,653 Trade payables 62,408 1,120 — — To be paid to co-venturers 1,994 3,766 — — Payables to LGI (Note 36.6) 3,528 — — — 127,131 60,560 543,294 382,528 At December 31, 2019 Borrowings 37,621 27,625 507,875 — Lease liabilities 7,442 2,494 4,479 1,053 Trade payables 83,291 700 — — To be paid to co-venturers 28 — 4,775 — Payables to LGI (Note 36.6) 15,000 — — — 143,382 30,819 517,129 1,053 25.3 Fair value measurement of financial instruments Accounting policies for financial instruments have been applied to classify as either: amortized cost, financial assets at fair value through profit or loss and fair value through other comprehensive income. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13 requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). This note provides an update on the judgements and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report. 25.3.1 Fair value hierarchy The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at December 31, 2020 and 2019 on a recurring basis: At December 31, Amounts in US$ ‘000 Level 1 Level 2 2020 Assets Cash and cash equivalents Money market funds 823 — 823 Derivative financial instrument assets Commodity risk management contracts — 1,013 1,013 Total Assets 823 1,013 1,836 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 15,094 15,094 Total Liabilities — 15,094 15,094 At December 31, Amounts in US$ ‘000 Level 1 Level 2 2019 Assets Cash and cash equivalents Money market funds 42,212 — 42,212 Derivative financial instrument assets Commodity risk management contracts — 444 444 Currency risk management contracts — 874 874 Forward contracts relating to forecast transactions — 6,779 6,779 Total Assets 42,212 8,097 50,309 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 952 952 Total Liabilities — 952 952 There were no transfers between Level 2 and 3 during the period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at December 31, 2020. 25.3.2 Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include: · The use of quoted market prices or dealer quotes for similar instruments. · The mark-to-market fair value of the Group’s outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy. · The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in level 2. 25.3.3 Fair values of other financial instruments (unrecognized) The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. The fair value of these financial instruments at December 31, 2020 amounts to US$ 797,126,000 (US$ 453,956,000 in 2019). The fair values are based on market price for the Notes and cash flows discounted for other borrowings using a rate based on the borrowing rate and are within level 1 and level 2 of the fair value hierarchy, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Disclosure Of Equity [Abstract]
Disclosure of Equity [text block]	Note 26 Equity 26.1 Share capital and Share premium Issued share capital 2020 2019 Common stock (amounts in US$ ‘000) 61 59 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 61,029,772 59,167,584 Total common shares in issue 61,029,772 59,167,584 Authorized share capital US$ per share 0.001 0.001 Number of common shares (US$ 0.001 each) 5,171,949,000 5,171,949,000 Amount in US$ 5,171,949 5,171,949 Details regarding the share capital of the Company are set out below. 26.1.1 Common shares As of December 31, 2020, the outstanding common shares confer the following rights on the holder: · the right to one vote per share · ranking pari passu , the right to any dividend declared and payable on common shares Shares Shares issued closing US$(`000) GeoPark common shares history Date (millions) (millions) Closing Shares outstanding at the end of 2018 60.5 60 Stock awards Jan 2019 1.5 62.0 62 Buyback program Mar 2019 (0.7) 61.3 61 Buyback program Jun 2019 (2.3) 59.0 59 Stock awards Jul 2019 1.5 60.5 60 Buyback program Sep 2019 (1.2) 59.3 59 Buyback program Dec 2019 (0.1) 59.2 59 Shares outstanding at the end of 2019 59.2 59 Stock awards Jan 2020 1.5 60.7 61 Stock awards Mar 2020 0.2 60.9 61 Buyback program Mar 2020 (0.3) 60.6 61 Stock awards Nov 2020 0.5 61.1 61 Buyback program Nov 2020 (0.1) 61.0 61 Shares outstanding at the end of 2020 61.0 61 26.1.2 Stock Award Program and Other Share Based Payments Non-Executive Directors Fees During 2020, the Company issued 60,204 (29,220 in 2019 and 33,145 in 2018) shares to Non-Executive Directors in accordance with contracts as compensation, generating a share premium of US$ 665,000 (US$ 499,000 in 2019 and US$ 449,000 in 2018). The amount of shares issued is determined considering the contractual compensation and the fair value of the shares for each relevant period . Stock Award Program and Other Share Based Payments On November 12, 2020, 499,614 common shares were allotted to the trustee of the Employee Beneficiary Trust (“EBT”) to be assigned to certain employees as part of their 2019 bonus compensation, generating a share capital and share premium of US$ 1,000 and US$ 4,351,000, respectively. On January 2, 2020 and 2019 (50% each year, as set up in the plan), the vested Value Creation Plan (“VCP”) awards, representing 2,976,781 common shares, was issued to key management (including 878,150 common shares issued to Directors involved in the performance of the Company), generating a share premium of US$ 4,668,000 (50% each year). On July 8, 2019, 1,484,847 common shares were allotted to the trustee of the EBT to be assigned to employees since the 2016 and 2018 Plans vested, generating a share premium of US$ 4,311,000. 26.1.3 Buyback Program On December 20, 2018, the Company’s Board of Directors approved a program to repurchase up to 10% of its shares outstanding or approximately 6,063,000 shares. The repurchase program begun on December 21, 2018 and expired on December 31, 2019. During 2019, the Company purchased 4,318,320 common shares (145,917 in 2018) for a total amount of US$ 71,272,000 (US$ 1,801,000 in 2018). These transactions had no impact on the Group’s results. On February 10, 2020, the Company’s Board of Directors approved another program to repurchase up to 10% of its shares outstanding or approximately 5,930,000 shares. The repurchase program begun on February 11, 2020 and was suspended in April 2020 as part of the revised work program for 2020 because of the situation described in Note 1.2. During 2020, the Company purchased 316,445 common shares for a total amount of US$ 3,071,000. These transactions had no impact on the Group’s results. Finally, on November 4, 2020, the Company’s Board of Directors approved a new program to repurchase up to 10% of its shares outstanding or approximately 6,062,000 shares. The repurchase program begun on November 5, 2020 and will expire on November 15, 2021. During 2020, the Company purchased 101,986 common shares for a total amount of US$ 938,000. These transactions had no impact on the Group´s results. 26.2 Cash distributions On November 6, 2019, the Company’s Board of Directors declared the initiation of a quarterly cash distribution of US$ 0.0413 per share. Consequently, on December 10, 2019 and April 8, 2020, US$ 2,444,000 and US$ 2,343,000 were distributed to shareholders, respectively. These distributions are deducted from Other Reserve. The quarterly cash distributions were temporary suspended from April 2020 as part of the revised work program for 2020 because of the situation described in Note 1.1. On November 4, 2020, the Company’s Board of Directors declared an extraordinary cash distribution of US$ 0.0206 per share for 2020 and a quarterly cash distribution of US$ 0.0206 per share. Consequently, on December 9, 2020, US$ 2,516,000 were distributed to shareholders of record at the close of business on November 20, 2020. This distribution is deducted from Other Reserve. 26.3 Stock distribution On February 10, 2020, the Company’s Board of Directors declared a special stock distribution of 0.004 shares per share. Consequently, on March 11, 2020, 242,650 common shares were distributed to the shareholders of record at the close of business on February 25, 2020.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2020
Disclosure Of Borrowings [Abstract]
Disclosure of borrowings [text block]	Note 27 Borrowings Amounts in US$ ‘000 2020 2019 Outstanding amounts as of December 31 2024 Notes (a) 428,737 427,812 2027 Notes (b) 352,113 — Banco Santander (c) 3,736 9,607 784,586 437,419 Classified as follows: Current 17,689 17,281 Non-current 766,897 420,138 (a) On September 21, 2017, the Company successfully placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act. The Notes carry a coupon of 6.50% per annum. Final maturity of the Notes will be September 21, 2024. The Notes are secured with a (b) On January 17, 2020, the Company successfully placed US$ 350,000,000 Notes, which were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes are fully and unconditionally guaranteed jointly and severally by GeoPark Chile S.p.A. and GeoPark Colombia S.L.U. The Notes were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). The debt issuance cost for this transaction amounted to US$ 5,004,000 (debt issuance effective rate: 5.88%). Final maturity of the Notes will be January 17, 2027. The indenture governing the Notes due 2027 includes incurrence test covenants that provides among other things, that, the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company’s capacity to incur additional indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments, restricted payments and others. As of the date of these Consolidated Financial Statements, the Company is in compliance of all the indenture’s provisions and covenants. The net proceeds from the Notes were used by the Company (i) to make an intercompany loan to its wholly owned subsidiary, GeoPark Colombia S.A.S., providing it with sufficient funds to pay the total consideration for the acquisition of Amerisur (see Note 36.1) and to pay any related fees and expenses, and (ii) for general corporate purposes. (c) In October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited- Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020. In September 2020, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed the refinancing of the outstanding principal with Banco Santander for a total amount of Brazilian Real 19,410,000 (equivalent to US$ 3,441,000 at the moment of the refinancing execution). The interest rate applicable is CDI plus 3.55% per annum. Interests are paid on a monthly basis, and principal will be paid semi-annually in three equal installments in October 2021, April 2022 and October 2022. As of the date of these Consolidated Financial Statements, the Group has available credit lines for US$ 125,608,000.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Presentation of leases for lessee [abstract]
Disclosure of leases [text block]	Note 28 Leases From January 1, 2019, the Group has adopted IFRS 16 following the modified retrospective approach, and has not restated comparative figures for previous reporting periods, as permitted under the specific transitional provisions in the standard. The impacts arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as “operating leases” under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.4%. The table below summarizes the initial measurement of lease liabilities: Amounts in US$‘000 Total Operating lease commitments disclosed as at December 31, 2018 69,938 (Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 (34,239) (Less) Short-term leases not recognized as a liability (17,537) (Less) Low-value leases not recognized as a liability (341) Lease liabilities recognized as at January 1, 2019 (at nominal value) 17,821 Lease liabilities recognized as at January 1, 2019 (at present value) 14,610 Classified as follows: Current 7,967 Non-current 6,643 The table below summarizes the recognition of assets related to the adoption of IFRS 16: Amounts in US$‘000 Total Right-of-use assets at January 1, 2019 14,610 Additions 2,496 Depreciation (3,644) Right-of-use assets at December 31, 2019 13,462 Additions / changes in estimates 561 Acquisitions (Note 36.1) 16,674 Foreign currency translation (1,223) Depreciation (8,072) Right-of-use assets at December 31, 2020 21,402 The Consolidated Statement of Financial Position shows the following amounts relating to leases: December December January 1, Amounts in US$ ‘000 31, 2020 31, 2019 2019 (a) Right of use assets Production, facilities and machinery 14,806 8,785 9,398 Buildings and improvements 6,596 4,677 5,212 21,402 13,462 14,610 Lease liabilities Current 10,890 7,442 7,967 Non-current 11,457 5,801 6,643 22,347 13,243 14,610 (a) In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. The Consolidated Statement of Income shows the following amounts relating to leases: Amounts in US$ ‘000 2020 2019 Depreciation charge of Right of use assets Production, facilities and machinery (6,472) (1,834) Buildings and improvements (1,600) (1,810) (8,072) (3,644) Unwinding of long-term liabilities (included in Financial results) (1,247) (419) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (1,317) (13,463) Expenses related to low-value leases (included in Administrative expenses) (736) (314)

Provisions and other long-term

Provisions and other long-term liabilities	12 Months Ended
	Dec. 31, 2020
Disclosure Of Provisions And Other Long term Liabilities [Abstract]
Disclosure of provisions [text block]	Note 29 Provisions and other long-term liabilities Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total At January 1, 2019 40,317 447 1,813 42,577 Addition to provision / changes in estimates 13,299 2,267 1,867 17,433 Exchange difference 375 (18) (48) 309 Foreign currency translation (334) — — (334) Amortization — (429) — (429) Unwinding of discount 3,573 — 77 3,650 Amounts used during the year (1,117) — (27) (1,144) At December 31, 2019 56,113 2,267 3,682 62,062 Addition to provision / changes in estimates (1,812) (258) 1,904 (166) Acquisitions (Note 36.1) 5,629 2,339 8,551 16,519 Exchange difference 2,215 (93) 133 2,255 Foreign currency translation (2,057) — — (2,057) Amortization — (387) — (387) Unwinding of discount 4,276 — 371 4,647 Amounts used during the year (272) (40) (139) (451) Liabilities associated with assets held for sale (52) — — (52) At December 31, 2020 64,040 3,828 14,502 82,370 The provision for asset retirement obligation relates to the estimation of future disbursements related to the abandonment and decommissioning of oil and gas wells (see Note 4). Deferred income relates to government grants and other contributions relating to the purchase of property, plant and equipment in Colombia. The amortization is in line with the related assets. Other includes the provision for an environmental contingency in the United Kingdom and other environmental obligations in Colombia and Peru. On January 8, 2020, Amerisur announced that it had received a copy of a claim form issued in the High Court of England and Wales (the “Court”) by Leigh Day solicitors on behalf of a group of claimants (the “Claimants”) described as members of a farming community in the department of Putumayo in Colombia. The claim states that the Claimants seek compensation for economic and non-economic damages said to be caused by alleged environmental contamination and pollution caused by Amerisur’s operations in Colombia. Amerisur stated that the accusations of environmental damage referenced in the claim are being investigated by Colombian authorities and to-date have been deemed to be without merit. Amerisur further stated that it viewed the substance of the claim to be without merit. Following court hearings held in January and February 2020, an interim freezing order was imposed on Amerisur in respect to GBP 4,465,600 (equivalent to US$ 6,102,000 as of December 31, 2020) of its assets located in the United Kingdom. On November 10, 2020, the freezing order was discharged by agreement between the parties as Amerisur provided alternative security in the form of a Letter of Credit from an UK Bank. On January 12, 2021 a hearing was held, where the Court ordered the Claimants to serve the Group Particulars of Claim (GPoC) by February 26, 2021. According to the Court order, Amerisur shall serve its Defence by April 23, 2021 and the Claimants may serve any reply to the GPoC by May 21, 2021. Finally, the Court listed the Case Management Conference for July 7, 2021.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Disclosure Of Trade and other payables [Abstract]
Disclosure of trade and other payables [text block]	Note 30 Trade and other payables Amounts in US$ ‘000 2020 2019 V.A.T 3,453 6,718 Trade payables 63,528 83,991 Payables to LGI (Note 36.6) 3,528 15,000 Staff costs to be paid 13,752 13,219 Royalties to be paid 5,287 6,294 Taxes and other debts to be paid 9,734 6,795 To be paid to co-venturers (Note 34) 5,760 4,803 105,042 136,820 Classified as follows: Current 100,156 131,345 Non-current 4,886 5,475 The average credit period (expressed as creditor days) during the year ended December 31, 2020 was 110 days (2019: 94 days). The fair value of these short-term financial instruments is not individually determined as the carrying amount is a reasonable approximation of fair value.

Share-based payment

Share-based payment	12 Months Ended
	Dec. 31, 2020
Disclosure Of Share Based Payment [Abstract]
Disclosure of share-based payment arrangements [text block]	Note 31 Share-based payment The Group has established different stock awards programs and other share-based payment plans to incentivize the Directors, senior management and employees, enabling them to benefit from the increased market capitalization of the Company. During 2018, GeoPark announced the 2018 Equity Incentive Plan (the “Plan”) to motivate and reward those employees, directors, consultants and advisors of the Group to perform at the highest level and to further the best interests of the Company and its shareholders. This Plan is designed as a master plan, with a 10-year term, and embraces all equity incentive programs that the Company decides to implement throughout such term. The maximum number of Shares available for issuance under the Plan is 5,000,000 Shares. In November 2019, the Group approved a share-based compensation program for approximately 800,000 shares to be granted in 2020. The main characteristics of the Stock Awards Programs are: · Employees not included in the VCP and new hiring are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date: January 2, 2023. · Each employee could receive between three and six salaries (to be pro-rated between the hiring date and the vesting date for new hiring) by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. During 2019, the Group approved a plan named Value Creation Plan (“VCP”) oriented to key Management. The main characteristics of the VCP are: · Awards payables in a variable number of shares which shall not exceed the quantity of 3,024,172 shares. · Subject to certain market conditions, among others, reaching a stock market price for the Company shares of above US$ 19.42 at vesting date. · Vesting date: December 31, 2021 and 2022 (50% each year). VCP has been classified as an equity-settled plan. 20% of this plan was awarded to Directors involved in the performance of the Company. During 2018, the Group approved a share-based compensation program for approximately 200,000 shares. The main characteristics of the Stock Awards Programs are: · Employees hired since July 2016 are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date was June 30, 2019. · Each employee could receive up to three salaries (to be pro-rated between the hiring date and the vesting date divided by 3 years) by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. During 2016, the Group approved a share-based compensation program for 1,619,105 shares. The main characteristics of the Stock Awards Programs are: · All employees are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date was June 30, 2019. · Each employee could receive up to three salaries by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be above US$ 3 and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table and explanations: Awards at the Awards granted Awards Awards Awards at Charged to net loss / profit Year of issuance beginning in the year forfeited exercised year end 2020 2019 2018 2020 — 443,252 (38,127) — 405,125 1,274 — — 2018 — — — — — — 416 1,662 2016 — — — — — — 50 866 Subtotal — 443,252 (38,127) — 405,125 1,274 466 2,528 Shares granted to Non-Executive Directors — 60,204 — (60,204) — 665 500 450 Executive Directors Bonus 156,497 — — — 156,497 800 800 600 Employees Bonus (a) — 499,614 — (499,614) — — — — VCP 2019 378,053 — — — 378,053 5,705 951 — VCP 2016 1,488,390 — — (1,488,390) — — — 1,868 2,022,940 1,003,070 (38,127) (2,048,208) 939,675 8,444 2,717 5,446 (a) Out of the provision for bonus compensation recorded in 2019, US$ 4,352,000 were paid in shares in 2020. The awards that are forfeited correspond to employees that had left the Group before vesting date.

Interests in Joint operations

Interests in Joint operations	12 Months Ended
	Dec. 31, 2020
Disclosure Of Interests in Joint operations [Abstract]
Disclosure of interests in joint arrangements [text block]	Note 32 Interests in Joint operations The Group has interests in joint operations, which are engaged in the exploration of hydrocarbons in Colombia, Chile, Brazil, Argentina, Peru and Ecuador. GeoPark is the operator in the Llanos 34, Llanos 32, Llanos 86, Llanos 87 and Llanos 104 Blocks in Colombia, in the Flamenco, Campanario and Isla Norte Blocks in Chile, in the POT-T-747 and REC-T-128 Blocks in Brazil, in the Morona Block in Peru, and in the Espejo Block in Ecuador. Additionally, GeoPark used to be the operator in the CN-V Block in Argentina until October 2018. The following amounts represent the Group’s share in the assets, liabilities and results of the joint operations which have been recognized in the Consolidated Statement of Financial Position and Statement of Income: Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2020 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 212,914 2,834 215,748 (6,829) 208,919 273,077 203,386 Llanos 32 Block 12.5 % 1,484 — 1,484 (273) 1,211 5,885 4,248 Llanos 86 Block 50 % 137 — 137 — 137 — — Llanos 87 Block 50 % 333 — 333 — 333 — — Llanos 94 Block 50 % 42 — 42 (68) (26) — — Llanos 104 Block 50 % 145 — 145 — 145 — — Llanos 123 Block 50 % 248 — 248 — 248 — — Llanos 124 Block 50 % 240 — 240 — 240 — — Petrodorado South America S.A. Sucursal Colombia CPO-5 Block 30 % 218,298 — 218,298 (455) 217,843 29,552 14,398 Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 1,301 — 1,301 (128) 1,173 — — PUT-8 Block 50 % 2,334 — 2,334 — 2,334 — — PUT-9 Block 50 % 924 — 924 — 924 — — PUT-12 Block 60 % 610 — 610 — 610 — — PUT-36 Block 50 % 31 — 31 — 31 — — Tacacho Block 50 % 3,591 — 3,591 — 3,591 — — Terecay Block 50 % 173 — 173 — 173 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,577) (1,577) — (7,532) Campanario Block 50 % — — — (372) (372) — (16,913) Isla Norte Block 60 % — — — (132) (132) — (9,418) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 13,280 15,557 28,837 (11,515) 17,322 12,286 3,339 REC-T‑128 70 % — 1,152 1,152 (52) 1,100 497 (72) POT-T‑785 70 % 79 — 79 — 79 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 107 107 (164) (57) — (289) Los Parlamentos Block 50 % — — — — — — (244) Puelen Block 18 % — 20 20 (106) (86) — (156) Sierra del Nevado Block 18 % — 7 7 (6) 1 — (13) GeoPark Perú S.A.C. Morona 75 % 3,651 607 4,258 (6,622) (2,364) — (36,980) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 409 29 438 (131) 307 — (464) Perico 50 % 397 52 449 (229) 220 — (543) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2019 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 208,156 3,128 211,284 (6,267) 205,017 513,378 398,953 Llanos 32 Block 12.5 % 1,136 — 1,136 (519) 617 6,053 2,791 Llanos 86 Block 50 % 21 — 21 — 21 — — Llanos 87 Block 50 % 40 — 40 — 40 — — Llanos 104 Block 50 % 26 — 26 — 26 — — GeoPark TdF S.p.A. Flamenco Block 50 % 4,623 — 4,623 (1,382) 3,241 — (313) Campanario Block 50 % 16,445 — 16,445 (331) 16,114 — (156) Isla Norte Block 60 % 8,896 — 8,896 (101) 8,795 — (189) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 18,537 18,066 36,603 (15,980) 20,623 22,376 9,263 POT-T‑747 70 % — — — — — — (1,516) REC-T‑128 70 % 3,886 919 4,805 (143) 4,662 674 57 POT-T-785 70 % 125 — 125 — 125 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 274 274 (237) 37 — (15,451) Puelen Block 18 % — 47 47 (41) 6 — (1,959) Sierra del Nevado Block 18 % — 63 63 (79) (16) — (1,705) GeoPark Perú S.A.C. Morona 75 % 8,921 6,862 15,783 (10,161) 5,622 — (4,976) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 199 321 520 (610) (90) — (272) Perico 50 % 304 61 365 (541) (176) — (176) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2018 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 174,895 3,133 178,028 (2,296) 175,732 469,404 347,772 Llanos 32 Block 12.5 % 2,011 — 2,011 (449) 1,562 5,764 623 GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (428) (373) — (46) GeoPark TdF S.A. Flamenco Block 50 % 4,803 — 4,803 (1,173) 3,630 263 (5,647) Campanario Block 50 % 16,477 — 16,477 (278) 16,199 40 (1,008) Isla Norte Block 60 % 8,920 — 8,920 (72) 8,848 7 (778) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 25,741 6,364 32,105 (839) 31,266 30,053 17,963 POT-T‑747 70 % 202 — 202 — 202 — — REC-T-128 70 % 1,398 — 1,398 (648) 750 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 8,577 328 8,905 (577) 8,328 — (922) Puelen Block 18 % 1,881 13 1,894 (246) 1,648 — (159) Sierra del Nevado Block 18 % 995 10 1,005 (91) 914 — (134) GeoPark Perú S.A.C. Morona 75 % 6,446 — 6,446 (7,016) (570) — — Capital commitments are disclosed in Note 33.2.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Disclosure Of Commitments [Abstract]
Disclosure of commitments [text block]	Note 33 Commitments 33.1 Royalty commitments In Colombia, royalties on production are payable to the Colombian Government and are determined on a field-by-field basis using the level of production sliding scale detailed below: Average daily production in barrels Production Royalty rate Up to 5,000 8% 5,000 to 125,000 8% + (production - 5,000) * 0.1 125,000 to 400,000 20% 400,000 to 600,000 20% + (production - 400,000) * 0.025 Greater than 600,000 25% The production royalty rate depends on the crude quality. When the API is lower than 15°, the payment is reduced to the 75% of the total calculation. According to each E&P Contract, the Colombian National Hydrocarbons Agency (“ANH”) also has an additional economic right, offered by the operator at the moment of the ANH bid. This additional economic right, which is based on the production of the block after royalty discount, is equal to 1% in the Llanos 34 and Llanos 32 Blocks, 23% in the CPO-5 Block and 0% in the Platanillo Block. When the accumulated production of each field, including the royalties’ volume, exceeds 5,000,000 of barrels and the WTI price exceeds certain price level previously determined, the Group should also deliver to ANH a share of the production net of royalties in accordance with a formula defined in each E&P Contract, which basically depends on the WTI price and the crude quality. Additionally, GeoPark is obligated to pay an overriding royalty of 4% and 2.5%, respectively, to the previous owners of the Llanos 34 and CPO-5 Blocks, based on the production and sale of hydrocarbons discovered in the blocks. During 2020, the Group has accrued US$ 14,018,000 (US$ 24,700,000 in 2019 and US$ 20,551,000 in 2018) in relation with these overriding royalty agreements. Furthermore, there are overriding royalty agreements in place from 1.2% to 8.5% of the net production in the Andaquies, Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks. Since they are exploratory blocks with no production during 2020, these agreements had no impact on the Group’s results. In Chile, royalties are payable to the Chilean Government. In the Fell Block, royalties are calculated at 5% of crude oil production and 3% of gas production. In the Flamenco Block, Campanario Block and Isla Norte Block, royalties are calculated at 5% of gas and oil production. In Brazil, the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) is responsible for determining monthly minimum prices for petroleum produced in concessions for purposes of royalties payable with respect to production. Royalties generally correspond to a percentage ranging between 5% and 10% applied to reference prices for oil or natural gas, as established in the relevant bidding guidelines (edital de licitação) and concession agreement. In determining the percentage of royalties applicable to a concession, the ANP takes into consideration, among other factors, the geological risks involved and the production levels expected. In the Manati Block, royalties are calculated at 7.5% of gas production. In Argentina, crude oil and gas production accrues royalties payable to the Provinces of Mendoza and Neuquen equivalent to 15% on estimated value at well head of those products. This value is equivalent to final sales price less transport, storage and treatment costs. 33.2 Capital commitments 33.2.1 Colombia The future investment commitments assumed by GeoPark, at its working interest, are up to: · VIM-3 Block: The ANH approved the termination of the E&P Contract related to the block, with a remaining commitment of US$ 9,290,800, which will be transferred as investment to another block in Colombia. · Llanos 32 Block: 2 exploratory wells before February 20, 2022. GeoPark has signed a private agreement with the other partner in the block resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 3,350,000. · Llanos 87 Block: 3D seismic reprocessing, aerogeophysic and 4 exploratory wells (US$ 11,034,000) before November 24, 2022. · Llanos 94 Block: 3D seismic acquisition and reprocessing and 3 exploratory wells (US$ 9,147,000) before October 1, 2023. · Llanos 123 Block: 3D seismic reprocessing, geochemistry and 2 exploratory wells (US$ 5,686,000) before November 26, 2023. · Llanos 124 Block: 3D seismic acquisition and reprocessing, geochemistry and 3 exploratory wells (US$ 8,417,000) before November 26, 2023. · CPO-5 Block: 3D seismic acquisition, processing and interpretation (US$ 2,542,000) before July 9, 2022. · Coati Block: 3D seismic and 2D seismic acquisition (US$ 4,500,000). The exploratory period is currently suspended. · Mecaya Block: 3D seismic or 1 exploratory well (US$ 2,000,000). The exploratory period is currently suspended. Due to private agreement with the partner in the block, the investment commitment to be incurred by GeoPark amounts to US$ 600,000. · PUT-8 Block: 3D seismic acquisition and reprocessing and 3 exploratory wells (US$ 13,107,000) before June 27, 2022. · PUT-9 Block: 3D seismic acquisition and 2 exploratory wells (US$ 10,550,000) before October 14, 2020. GeoPark has signed a private agreement with the other partner in the block resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 4,365,000. The exploratory period is currently suspended. · PUT-12 Block: 2D seismic acquisition, reprocessing and interpretation, geochemistry and 1 exploratory well (US$ 14,347,000) before November 29, 2021. On April 7, 2020, GeoPark requested the ANH to suspend the exploratory period. · PUT-30 Block: 2D seismic acquisition and 1 exploratory well (US$ 26,929,000). The exploratory period is currently suspended. · Tacacho Block: 2D seismic acquisition, processing and interpretation (US$ 4,080,000). GeoPark has signed a private agreement with the other partner in the block resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 1,224,000. The exploratory period is currently suspended. · Terecay Block: 2D seismic acquisition, processing and interpretation (US$ 4,046,000). GeoPark has signed a private agreement with the other partner in the block resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 2,856,000. The exploratory period is currently suspended. · The Llanos 86, Llanos 104, PUT-14 and PUT-36 Blocks are in Preliminary Phase as of the date of these Consolidated Financial Statements. During this Preliminary Phase, GeoPark must request the Ministry of Interior for the certificate that indicates presence or no presence of indigenous communities and develop previous consultation, if applicable. Only when this process has been completed and the corresponding regulatory approvals has been obtained, the blocks will enter into Phase 1, where the exploratory commitments are mandatory. The investment commitments for the blocks over three-years term of Phase 1 would be the following: - Llanos 86 Block: 3D seismic, 2D seismic reprocessing and 1 exploratory well (US$ 7,954,000) - Llanos 104 Block: 3D seismic, 2D seismic reprocessing and 1 exploratory well (US$ 7,068,000) - PUT-14 Block: 2D seismic acquisition and 1 exploratory well (US$ 16,122,000) - PUT-36 Block: 3D seismic acquisition and 2 exploratory wells. (US$ 9,482,000) 33.2.2 Chile The remaining investment commitment to be assumed 100% by GeoPark for the second exploratory phase in the Campanario and Isla Norte Blocks are up to: · Campanario Block: 2 exploratory wells before April 16, 2022 (US$ 5,002,000) · Isla Norte Block: 1 exploratory well before February 21, 2022 (US$ 867,000) As of December 31, 2020, the Group has established guarantees for its total commitments. 33.2.3 Brazil The future investment commitments assumed by GeoPark are up to: · POT-T-785 Block: 3D seismic and electromagnetic survey before January 29, 2023 (US$ 67,000). · REC-T-58 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · REC-T-67 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · REC-T-77 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · POT-T-834 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). 33.2.4 Argentina The investment commitment in the Los Parlamentos Block (50% working interest) for the first exploratory period, ending on October 30, 2021, which includes 2 exploratory wells and additional 3D seismic, amounts to US$ 6,000,000, at GeoPark’s working interest. 33.2.5 Ecuador The investment commitments assumed by GeoPark, at its 50% working interest, in the Espejo and Perico Blocks during the first exploratory period are up to: · Espejo Block: 3D seismic and 4 exploratory wells before June 17, 2023 (US$ 17,648,000). · Perico Block: 4 exploratory wells before June 16, 2023 (US$ 12,109,000).

Related parties

Related parties	12 Months Ended
	Dec. 31, 2020
Disclosure Of Related Parties [Abstract]
Disclosure of related party [text block]	Note 34 Related parties Controlling interest The main shareholders of GeoPark Limited, a company registered in Bermuda, as of December 31, 2020, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,307,416 13.61 % Gerald E. O’Shaughnessy (b) 6,538,220 10.71 % Compass Group LLC (c) 6,043,917 9.90 % Renaissance Technologies LLC (d) 4,112,342 6.74 % Other shareholders 36,027,877 59.03 % 61,029,772 100.00 % (a) Held by GoodRock LLC (formerly known as Energy Holdings, LLC), which is controlled by James F. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 16, 2021. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP, GPK Holdings, The Globe Resources Group, Inc., and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O´Shaughnessy’s most recent Schedule 13G filed with the SEC on February 12, 2021. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 1, 2021. (d) The information set forth above and listed in the table is based solely on the disclosure set forth in Renaissance’s most recent Schedule 13G filed with the SEC on February 11, 2021. Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$ ´000) in the year end Related Party Relationship 2020 To be recovered from co-venturers — 2,236 Joint Operations Joint Operations To be paid to co-venturers — (5,760) Joint Operations Joint Operations Geological and geophysical expenses 130 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 561 — Pedro E. Aylwin Executive Director (b) 2019 To be recovered from co-venturers — 1,035 Joint Operations Joint Operations To be paid to co-venturers — (4,803) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 581 — Pedro E. Aylwin Executive Director (b) 2018 To be recovered from co-venturers — 1,819 Joint Operations Joint Operations To be paid to co-venturers — (8,449) Joint Operations Joint Operations Financial results 1,606 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 547 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. (b) Corresponding to wages and salaries for US$ 336,000 (US$ 390,000 in 2019 and US$ 417,000 in 2018) and bonus for US$ 225,000 (US$ 191,000 in 2019 and US$ 130,000 in 2018). There have been no other transactions with the Board of Directors, Executive officers, significant shareholders or other related parties during the year besides the intercompany transactions which have been eliminated in the Consolidated Financial Statements, the normal remuneration of Board of Directors and other benefits informed in Note 11.

Auditors Fees

Auditors Fees	12 Months Ended
	Dec. 31, 2020
Auditor's remuneration [abstract]
Disclosure of auditors' remuneration [text block]	Note 35 Auditors Fees Amounts in US$‘000 2020 2019 2018 Audit fees 926 763 797 Audit related fees — 510 — Tax services fees 35 165 209 Non-audit services fees — 5 — Total Auditors Fees 961 1,443 1,006 Fees are shown net of VAT and other associated tax charges. Non-audit services fees relate to consultancy and other services.

Business transactions

Business transactions	12 Months Ended
	Dec. 31, 2020
Disclosure Of Business transactions [Abstract]
Disclosure Of Business Transactions Explanatory [Text Block]	Note 36 Business transactions 36.1 Acquisition of Amerisur Resources Limited On January 16, 2020, GeoPark acquired the 100% share capital of Amerisur Resources Limited, a company listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange. After the acquisition, the company was delisted and its name changed to Amerisur Resources Limited. The principal activities of Amerisur Resources Limited and its subsidiaries (“Amerisur”) are exploration, development and production for oil and gas reserves in Latin America. Amerisur owns thirteen production, development and exploration blocks in Colombia (twelve operated blocks in the Putumayo basin and one non-operated block in the Llanos basin) and a cross-border oil pipeline from Colombia to Ecuador named Oleoducto Binacional Amerisur (“OBA”). GeoPark paid a cash consideration of US$ 314,163,077 at the transaction date. In accordance with the acquisition method of accounting, the acquisition cost was allocated to the underlying assets acquired and liabilities assumed based primarily upon their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future cash flows) was adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect estimates of projected future revenues, production costs and capital expenditures based on our business model. The excess of acquisition cost, if any, over the net identifiable assets acquired represents goodwill. The following table summarizes the combined consideration paid for the acquired business and the final allocation of fair value of the assets acquired and liabilities assumed for the abovementioned transaction: Amounts in US$‘000 Total Cash 314,163 Total consideration 314,163 Property, plant and equipment (including mineral interest) 276,988 Right-of-use assets 16,674 Deferred income tax asset 4,071 Prepayments and other receivables 30,024 Trade receivables 5,964 Inventories 4,128 Other assets 5,991 Cash and cash equivalents 41,828 Lease liabilities (17,851) Provision for other long-term liabilities (16,519) Current income tax liability (3,426) Trade and other payables (33,709) Total identifiable net assets 314,163 Considering that Amerisur issues financial information on a monthly basis, the Group has considered the identified assets and liabilities as of December 31, 2019. If the purchase price allocation exercise had been carried out as of January 16, 2020, it would not have deferred significantly. Since the acquisition date, Amerisur contributed revenue of US$ 42,855,000 and net loss of US$ 5,523,000 within the Consolidated Statement of Income for the year ended December 31, 2020. 36.2 Colombia 36.2.1 La Cuerva and Yamu Blocks On November 2, 2018, GeoPark executed a purchase and sale agreement to sell its 100% working interest in the La Cuerva and Yamu Blocks, in Colombia. The total consideration is US$ 18,000,000, less a working capital adjustment of US$ 1,934,000, plus a contingent payment of US$ 2,000,000. Closing of the transaction took place in July 2019, after the corresponding customary regulatory approvals . As a consequence of this transaction, GeoPark collected an advance payment of US$ 9,000,000 in November 2018 and the final payment (which includes the working capital adjustment) of US$ 7,066,000 in July 2019. The following table summarizes the assets and liabilities related to these blocks and the result of the transaction at its closing date: Amounts in US$‘000 Total Advance Payment 9,000 Final payment (including working capital adjustment) 7,066 Total consideration 16,066 Assets held for sale 23,211 Liabilities associated with assets held for sale (9,447) Other net current assets 2,416 Total identifiable net assets 16,180 Result of the transaction recognized in the Condensed Consolidated Statement of Income (114) 36.3 Brazil 36.3.1 Manati Block On November 22, 2020, GeoPark signed an agreement to sell its 10% non-operated working interest in the Manati Block in Brazil. The total consideration amounts to Brazilian Real 144,400,000 (equivalent to US$ 27,787,000 as of December 31, 2020), including a fixed payment of Brazilian Real 124,400,000 plus an earn-out of Brazilian Real 20,000,000, which is subject to obtaining certain regulatory approvals. The transaction is subject to certain conditions, including the acquisition by the acquirer of the remaining working interest and operatorship of the Manati gas field, and other regulatory approvals. As of December 31, 2020, these conditions have not been met. 36.3.2 REC-T-128 Block In July 2020, GeoPark initiated a farm-out process to sell its 70% interest in the currently non-producing REC-T-128 Block in Brazil. On March 1, 2021, the farm-out agreement was signed. The total consideration is US$ 1,100,000, plus a contingent payment of up to US$ 710,000. Closing of the transaction is subject to regulatory approvals, which are expected to occur during 2021. As of the date of these Consolidated Financial Statements, the amount of Property, plant and equipment related to the block was impaired to its fair value less cost to sale (see Note 37) and classified as held for sale. 36.4 Argentina 36.4.1 Aguada Baguales, El Porvenir and Puesto Touquet Blocks On March 27, 2018, GeoPark acquired a 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks, which are located in the Neuquen Basin, for a total consideration of US$ 52,000,000, less a working capital adjustment of US$ 3,150,000. 36.5 Peru 36.5.1 Morona Block On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. As of the date of these Consolidated Financial Statements, the negotiations for transferring the operationship of the block are still ongoing. Consequently, GeoPark performed an analysis of the fair value of its assets and liabilities in Peru in accordance with the available best estimation of the results of the negotiations. As a result of the abovementioned situation, the Group recognized an impairment of its Property, plant and equipment for a total amount of US$ 33,976,000, wrote-down VAT credits for US$ 6,017,000 and Deferred income tax asset for US$ 8,353,000, recognizing those charges within Other expenses and Income tax expenses, respectively, in the Consolidated Statement of Income, and recognized a provision for environmental obligations for a present value of US$ 1,886,000, with impact in Other expenses in the Consolidated Statement of Income. Note 36.6 Non-controlling interest in Colombia and Chile’s business from LG International On November 28, 2018, GeoPark executed an agreement to acquire the LG International Corporation (“LGI”) interest in GeoPark’s Colombian and Chilean operations and subsidiaries. The acquisition price included a fixed payment of US$ 81,000,000 paid at closing, plus two equal installments of US$ 15,000,000 each, to be paid in June 2019 and June 2020. Additionally, three contingent payments of US$ 5,000,000 each could be payable over the next three years, subject to certain production thresholds being exceeded. As of the date of these Consolidated Financial Statements, the first installment of US$ 15,000,000 and US$ 11,500,000 plus interests of the second installment were already paid, and the production threshold corresponding to the first two contingent payments of US$ 5,000,000 were not exceeded. The remaining US$ 3,500,000 plus interests of the second installment were fully repaid in February 2021.

Impairment test on Property, pl

Impairment test on Property, plant and equipment	12 Months Ended
	Dec. 31, 2020
Disclosure of impairment of assets [Abstract]
Disclosure of impairment of assets [text block]	Note 37 Impairment test on Property, plant and equipment During 2020, there was a steep decline in crude oil prices due to COVID-19 and other factors impacting global supply and demand as described in Note 1.1. Management considered this to be an impairment indicator and the Group carried out an impairment review of its oil and gas asset cash-generating units (CGUs), except for the Llanos 34 Block. The Management of the Group considers as CGU each of the blocks or group of blocks in which the Group has working or economic interests. The blocks with no material investment on fixed assets or with operations that are not linked to oil prices were not subject to the impairment test. The main assumptions taken into account for the impairment tests for the blocks below mentioned were: - The future oil prices have been calculated taking into consideration the oil price curves available in the market, provided by international advisory companies, and weighted through internal estimations in accordance with price curves used by D&M. They have been revised to reflect the lower, post-COVID-19 prices and revised views of oil prices in the longer term. - Three oil price scenarios were projected and weighted in order to minimize misleading estimations: low-price, middle-price and high-price (see below table “Oil price scenarios”). - The table “Oil price scenarios” was based on Brent future price estimations; the Group adjusted this market price on its model valuation to reflect the effective price applicable in each location (see Note 3 “Price risk”). - The model valuation was based on the expected cash flow approach. - The revenues were calculated linking price curves with levels of production according to certified reserves (see below table “Oil price scenarios”). - The levels of production have been linked to certified risked P1, P2 and P3 reserves case by case (see Note 4). - Production and structure costs were estimated considering internal historical data according to GeoPark’s own records and aligned to the 2021 approved budget. - The capital expenditures were estimated considering the drilling campaign necessary to develop the certified reserves. - The assets subject to impairment test are the ones classified as Oil and Gas properties and Production facilities and machinery. - The carrying amount subject to impairment test includes mineral interest, if any. - The income tax charges have considered future changes in the applicable income tax rates (see Note 16). Table Oil price scenarios (a): Amounts in US$ per Bbl. Weighted market price used for the Year Low price (15%) Middle price (60%) High price (25%) impairment test 2021 45.1 50.1 55.1 50.6 2022 48.8 54.3 59.7 54.8 2023 50.9 56.6 62.2 57.1 2024 52.9 58.8 64.6 59.3 Over 2025 53.9 59.9 65.9 60.5 (a) The percentages indicated between brackets represent the Group estimation regarding each price scenario As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: Amounts in US$‘000 2020 2019 2018 Colombia (a) — — 11,531 Chile (b) (81,967) — (6,549) Brazil (c) (1,717) — — Argentina (d) (16,205) (7,559) — Peru (e) (33,975) — — (133,864) (7,559) 4,982 (a) Reversal of previously recognized impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2.1). (b) Recognition of impairment loss in the Fell Block in 2020 due to the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production and in the TdF’s blocks in 2018 due to the termination of the sales agreement with no expected renovation. (c) Recognition of impairment loss in the REC-T-128 Block due to the fair value less cost to sale determined in the context of the farm-out process described in Note 36.3.2. (d) Recognition of impairment loss in the Aguada Baguales and El Porvenir Blocks in 2020 due to the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production, which also led to reduced estimates of the quantities of hydrocarbons recoverable, and in the CN-V Block in 2019 for the total amount capitalized in the block due to a negative revision of reserves. (e) Recognition of impairment loss in the Morona Block due to the situation described in Note 36.5.1. Sensitivity to changes in assumptions. With regard to the assessment of value in use for the identified CGUs subject to impairment indicators, Management believes that there are no reasonably possible changes in any of the above key assumptions that would cause the carrying value of the CGUs to materially exceed its recoverable amount.

Supplemental information on oil

Supplemental information on oil and gas activities	12 Months Ended
	Dec. 31, 2020
Disclosure of Supplemental information on oil and gas activities [Abstract]
Disclosure Of Supplemental Information On Oil And Gas Activities [Text Block]	Note 38 Supplemental information on oil and gas activities (unaudited) The following information is presented in accordance with ASC No. 932 “Extractive Activities- Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by FASB in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the SEC final rules and interpretations, published on December 31, 2008. This information includes the Group’s oil and gas production activities carried out in Colombia, Chile, Brazil, Argentina and Peru. Table 1 - Costs incurred in exploration, property acquisitions and development The following table presents those costs capitalized as well as expensed that were incurred during each of the years ended as of December 31, 2020, 2019 and 2018. The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include geological and geophysical costs, costs necessary for retaining undeveloped properties, drilling costs and exploratory wells equipment. Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2020 Acquisition of properties Proved 202,913 — — — — 202,913 Unproved 73,310 — — — — 73,310 Total property acquisition 276,223 — — — — 276,223 Exploration 19,142 9,447 668 694 — 29,951 Development 51,793 3,580 412 (3,855) — 51,930 Total costs incurred 70,935 13,027 1,080 (3,161) — 81,881 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2019 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 22,008 8,483 5,219 4,116 — 39,826 Development 68,818 2,611 143 25,109 14,408 111,089 Total costs incurred 90,826 11,094 5,362 29,225 14,408 150,915 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2018 Acquisition of properties Proved — — — 54,541 — 54,541 Unproved — — — — — — Total property acquisition — — — 54,541 — 54,541 Exploration 34,242 6,221 3,217 9,383 1,269 54,332 Development 65,174 3,033 (2,220) 1,836 8,385 76,208 Total costs incurred 99,416 9,254 997 11,219 9,654 130,540 Table 2 - Capitalized costs related to oil and gas producing activities The following table presents the capitalized costs as at December 31, 2020, 2019 and 2018, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2020 Proved properties (a) Equipment, camps and other facilities 115,577 74,363 3,580 4,309 197,829 Mineral interest and wells 511,040 348,366 47,729 61,482 968,617 Other uncompleted projects (b) 13,048 2,158 245 26 15,477 Unproved properties 77,388 — 432 — 77,820 Gross capitalized costs 717,053 424,887 51,986 65,817 1,259,743 Accumulated depreciation (228,929) (345,611) (38,273) (45,619) (658,432) Total net capitalized costs 488,124 79,276 13,713 20,198 601,311 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000, US$ 16,205,000 and US$ 1,717,000, respectively. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2019 Proved properties (a) Equipment, camps and other facilities 79,999 84,069 4,615 3,824 172,507 Mineral interest and wells 282,973 402,392 64,179 81,393 830,937 Other uncompleted projects (b) 19,754 11,984 209 765 32,712 Unproved properties 567 45,681 1,788 — 48,036 Gross capitalized costs 383,293 544,126 70,791 85,982 1,084,192 Accumulated depreciation (172,207) (313,379) (46,370) (30,897) (562,853) Total net capitalized costs 211,086 230,747 24,421 55,085 521,339 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Argentina for US$ 7,559,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2018 Proved properties (a) Equipment, camps and other facilities 83,023 81,459 5,154 2,458 172,094 Mineral interest and wells 189,514 400,338 63,574 64,084 717,510 Other uncompleted projects (b) 24,061 12,233 — 1,836 38,130 Unproved properties 1,676 41,162 7,073 10,081 59,992 Gross capitalized costs 298,274 535,192 75,801 78,459 987,726 Accumulated depreciation (122,479) (281,062) (43,158) (16,363) (463,062) Total net capitalized costs 175,795 254,130 32,643 62,096 524,664 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$ 11,531,000. (b) Do not include Peru capitalized costs. Table 3 - Results of operations for oil and gas producing activities The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2020, 2019 and 2018. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2020 Revenue 334,606 21,704 12,783 24,599 393,692 Production costs, excluding depreciation Operating costs (61,866) (9,491) (2,827) (15,013) (89,197) Royalties (30,453) (753) (1,049) (3,620) (35,875) Total production costs (92,319) (10,244) (3,876) (18,633) (125,072) Exploration expenses (a) (12,493) (50,301) (1,000) (694) (64,488) Accretion expense (b) (670) (1,358) (867) (1,381) (4,276) Impairment loss for non-financial assets — (81,967) (1,717) (16,205) (99,889) Depreciation, depletion and amortization (56,720) (32,233) (2,488) (14,723) (106,164) Results of operations before income tax 172,404 (154,399) 2,835 (27,037) (6,197) Income tax benefit (expense) (55,169) 23,160 (964) 8,112 (24,861) Results of oil and gas operations 117,235 (131,239) 1,871 (18,925) (31,058) Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2019 Revenue 538,917 32,336 23,049 34,605 628,907 Production costs, excluding depreciation Operating costs (60,545) (18,608) (4,098) (21,137) (104,388) Royalties (56,399) (1,181) (1,855) (5,141) (64,576) Total production costs (116,944) (19,789) (5,953) (26,278) (168,964) Exploration expenses (a) (10,921) (126) (6,152) (13,947) (31,146) Accretion expense (b) (813) (1,283) (832) (722) (3,650) Impairment loss reversal for non-financial assets — — — (7,559) (7,559) Depreciation, depletion and amortization (44,906) (34,344) (6,200) (14,534) (99,984) Results of operations before income tax 365,333 (23,206) 3,912 (28,435) 317,604 Income tax benefit (expense) (120,585) 3,481 (1,330) 8,530 (109,904) Results of oil and gas operations 244,748 (19,725) 2,582 (19,905) 207,700 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2018 Revenue 497,870 37,359 30,053 35,879 601,161 Production costs, excluding depreciation Operating costs (55,823) (20,426) (5,965) (20,210) (102,424) Royalties (62,710) (1,473) (2,820) (4,833) (71,836) Total production costs (118,533) (21,899) (8,785) (25,043) (174,260) Exploration expenses (a) (23,953) (6,855) (2,846) (2,277) (35,931) Accretion expense (b) (892) (1,105) (918) (508) (3,423) Impairment loss reversal for non-financial assets 11,531 (6,549) — — 4,982 Depreciation, depletion and amortization (41,850) (27,298) (10,278) (10,662) (90,088) Results of operations before income tax 324,173 (26,347) 7,226 (2,611) 302,441 Income tax benefit (expense) (119,944) 3,952 (2,457) 783 (117,666) Results of oil and gas operations 204,229 (22,395) 4,769 (1,828) 184,775 (a) Do not include Peru costs. (b) Represents accretion of ARO and other environmental liabilities. Table 4 - Reserve quantity information Estimated oil and gas reserves Proved reserves represent estimated quantities of oil (including crude oil and condensate) and natural gas, which available geological and engineering data demonstrates with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The choice of method or combination of methods employed in the analysis of each reservoir was determined by the stage of development, quality and reliability of basic data, and production history. The Group believes that its estimates of remaining proved recoverable oil and gas reserve volumes are reasonable and such estimates have been prepared in accordance with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The Group estimates its reserves at least once a year. The Group’s reserves estimation as of December 31, 2020, 2019, 2018 and 2017 was based on the DeGolyer and MacNaughton Reserves Report (the “D&M Reserves Report”). DeGolyer and MacNaughton prepared its proved oil and natural gas reserve estimates in accordance with Rule 4‑10 of Regulation S–X, promulgated by the SEC, and in accordance with the oil and gas reserves disclosure provisions of ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities - Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities). Reserves engineering is a subjective process of estimation of hydrocarbon accumulation, which cannot be exactly measured, and the reserve estimation depends on the quality of available information and the interpretation and judgement of the engineers and geologists. Therefore, the reserves estimations, as well as future production profiles, are often different than the quantities of hydrocarbons which are finally recovered. The accuracy of such estimations depends, in general, on the assumptions on which they are based. The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2020, 2019, 2018 and 2017 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2020 As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 Oil and Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 43,817.0 1,695.0 39,397.0 2,319.0 32,326.0 1,763.0 21,101.0 — Chile (b) 798.0 19,054.0 898.0 14,406.0 696.0 11,944.0 720.0 8,688.0 Brazil (c) 34.0 13,927.0 48.0 14,872.0 55.0 17,339.0 76.0 23,821.0 Argentina (d) 1,685.0 5,599.0 1,658.0 5,785.0 2,058.0 6,207.0 — — Peru (e) — — — — — — 9,502.0 — Total consolidated 46,334.0 40,275.0 42,001.0 37,382.0 35,135.0 37,253.0 31,399.0 32,509.0 Net proved undeveloped Colombia (f) 45,240.0 — 51,212.0 — 42,449.0 359.0 44,398.0 — Chile (g) 1,229.0 5,661.0 2,809.0 6,413.0 2,622.0 8,823.0 3,423.0 11,329.0 Argentina (h) 104.0 — 1,370.0 450.0 1,440.0 3,174.0 — — Peru (e) — — 19,210.0 — 18,460.0 — 9,215.0 — Total consolidated 46,573.0 5,661.0 74,601.0 6,863.0 64,971.0 12,356.0 57,036.0 11,329.0 Total proved reserves 92,907.0 45,936.0 116,602.0 44,245.0 100,106.0 49,609.0 88,435.0 43,838.0 (a) Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86%, 8%, 3% and 3% (Llanos 34 Block and Llanos 32 Block account for 97% and 3% in 2019, Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% (Fell Block accounts for 100% in 2019 and 2018, Fell Block and Flamenco Block account for 98% and 2% in 2017) of the proved developed reserves, respectively. (c) BCAM‑40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 50%, 26% and 24% (Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 49%, 30% and 21% in 2019 and 48%, 33% and 19% in 2018) of the proved developed reserves, respectively. (e) Morona Block accounts for 100% of the reserves. (f) Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91%, 5% and 4% (Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019, Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017) of the proved undeveloped reserves, respectively. (g) Fell Block accounts for 100% (Fell Block accounts for 100% in 2019 and 2018, Fell Block and Flamenco Block account for 97% and 3% in 2017) of the proved undeveloped reserves, respectively. (h) Aguada Baguales Block accounts for 100% (Aguada Baguales Block accounts for 100% in 2019, Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped reserves, respectively. Table 5 - Net proved reserves of oil, condensate and natural gas Net proved reserves (developed and undeveloped) of oil and condensate: Thousands of barrels Colombia Chile Brazil Argentina Peru Total Reserves as of December 31, 2017 65,499.0 4,143.0 76.0 — 18,717.0 88,435.0 Increase (decrease) attributable to: Revisions (a) 9,826.0 (586.0) (6.0) — (257.0) 8,977.0 Extensions and discoveries (b) 8,839.0 41.0 — — — 8,880.0 Purchase of Minerals in place (c) — — — 3,968.0 — 3,968.0 Production (9,389.0) (280.0) (15.0) (470.0) — (10,154.0) Reserves as of December 31, 2018 74,775.0 3,318.0 55.0 3,498.0 18,460.0 100,106.0 Increase (decrease) attributable to: Revisions (d) 18,341.0 541.0 4.0 95.0 750.0 19,731.0 Extensions and discoveries (e) 8,071.0 36.0 — — — 8,107.0 Production (10,578.0) (188.0) (11.0) (565.0) — (11,342.0) Reserves as of December 31, 2019 90,609.0 3,707.0 48.0 3,028.0 19,210.0 116,602.0 Increase (decrease) attributable to: Revisions (f) (1,964.0) (1,825.0) (7.0) (734.0) — (4,530.0) Extensions and discoveries (g) 4,545.0 279.0 — — — 4,824.0 Purchase or (Sales) of Minerals in place (h) 6,853.0 — — — (19,210.0) (12,357.0) Production (10,986.0) (134.0) (7.0) (505.0) — (11,632.0) Reserves as of December 31, 2020 89,057.0 2,027.0 34.0 1,789.0 — 92,907.0 (a) For the year ended December 31, 2018, the Group’s oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were: - - - (b) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block. (c) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. (d) For the year ended December 31, 2019, the Group’s oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were: - A technical revision of the expected results of future wells in Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl . - Better than expected performance from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance of the Aguada Baguales Field wells ; and in Chile (0.3 mmbbl) mostly in Yagan Norte, Konawentru, Alakaluf and Yagan Fields. - An updated geological model for the Situche Field in Morona Block originated a new estimation of the proved original oil in place volumes that increment the proved undevelop reserves of the block in 0.7 mmbbl . - Such increase was partially offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and Argentina, respectively. - There were also better well types consider for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccessful well. (e) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in Llanos 34 Block and Azogue field discovery in Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field. (f) For the year ended December 31, 2020, the Group’s oil and condensate proved reserves were revised downward by 4.5 mmbbl. The primary factors leading to the above were: - Lower average oil prices resulted in a 4.2 mmbbl, 1.1 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia, Argentina and Chile, respectively. - A reduction of 1.6 mmbbl in Chile due to the revision of the type well in Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl associated to revision of the type of well in Aguada Baguales fields. - Lower than expected performance from the existing wells in Colombia that reduced the proved developed reserves from the Jacana, Tigana and Tigui fields (2.8 mmbbl). - Such decrease was partially offset by a better performance of proved undeveloped reserves in Colombia (5.1 mmbbl) originated by a new estimation of original oil in place and better type wells considered in Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells. (g) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to Jauke Field discovery in Fell Block. (h) Purchase of Minerals in place refers to the CPO-5 and Platanillo Blocks acquisition during 2020 in Colombia. The reduction in Peru is due to the decision to retire from the Morona Block (see Note 36.5.1). Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2017 — 20,017.0 23,821.0 — 43,838.0 Increase (decrease) attributable to: Revisions (a) — 544.0 (679.0) — (135.0) Extensions and discoveries (b) 2,122.0 3,909.0 — — 6,031.0 Purchase of Minerals in place (c) — — — 10,452.0 10,452.0 Production — (3,703.0) (5,803.0) (1,071.0) (10,577.0) Reserves as of December 31, 2018 2,122.0 20,767.0 17,339.0 9,381.0 49,609.0 Increase (decrease) attributable to: Revisions (d) 621.0 (167.0) 1,812.0 (1,791.0) 475.0 Extensions and discoveries (e) 295.0 5,386.0 — — 5,681.0 Production (719.0) (5,167.0) (4,279.0) (1,355.0) (11,520.0) Reserves as of December 31, 2019 2,319.0 20,819.0 14,872.0 6,235.0 44,245.0 Increase (decrease) attributable to: Revisions (f) (211.0) (385.0) 1,840.0 889.0 2,133.0 Extensions and discoveries (g) — 10,456.0 — — 10,456.0 Production (413.0) (6,175.0) (2,785.0) (1,525.0) (10,898.0) Reserves as of December 31, 2020 1,695.0 24,715.0 13,927.0 5,599.0 45,936.0 (a) For the year ended December 31, 2018, the Group’s proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of: - Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet). - Lower than expected performance from existing wells in BCAM‑40 Block, resulting in a decrease of 0.7 billion cubic feet. - The above was partially offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile. (b) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia. (c) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. (d) For the year ended December 31, 2019, the Group’s proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to Pampa Larga, Ache and Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in Manati Field; Colombia (0.6 billion cubic feet) due to a better performance of Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performance of wells in Aguada Baguales. The above was partially offset by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in Challaco Bajo Field. Lower average prices resulted in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina (e) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos 32 Block, in Colombia. (f) For the year ended December 31, 2020, the Group’s proved natural gas reserves were revised upwards by 2.1 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to Jauke and Ache Fields, in Brazil (3.0 billion cubic feet) associated to new gas sales plateau in 2021 and forward which leads to better-than-expected performance of Manati Field and in Argentina (1.9 billion cubic feet) due to better performance of the Puesto Touquet and El Porvenir Blocks. - The above was partially offset by lower-than-expected performance of proved undeveloped reserves in Chile (5.8 billion cubic feet) due to revisions of the type of well in Pampa Larga Field. - Lower average prices resulted in a decrease of 2.5 billion cubic feet, 1.2 billion cubic feet and 1.2 billion cubic feet reduction in gas reserves in Chile, Brazil and Argentina, respectively. (g) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile. Revisions refer to changes in interpretation of discovered accumulations and some technical and logistical needs in the area obliged to modify the timing and development plan of certain fields under appraisal and development phases. Table 6 - Standardized measure of discounted future net cash flows related to proved oil and gas reserves The following table discloses estimated future net cash flows from future production of proved developed and undeveloped reserves of crude oil, condensate and natural gas. As prescribed by SEC Modernization of Oil and Gas Reporting rules and ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities – Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities), such future net cash flows were estimated using the average first day-of-the-month price during the 12‑month period for 2020, 2019 and 2018 and using a 10% annual discount factor. Future development and abandonment costs include estimated drilling costs, development and exploitation installations and abandonment costs. These future development costs were estimated based on evaluations made by the Group. The future income tax was calculated by applying the statutory tax rates in effect in the respective countries in which we have interests, as of the date this supplementary information was filed. This standardized measure is not intended to be and should not be interpreted as an estimate of the market value of the Group’s reserves. The purpose of this information is to give standardized data to help the users of the financial statements to compare different companies and make certain projections. It is important to point out that this information does not include, among other items, the effect of future changes in prices, costs and tax rates, which past experience indicates that are likely to occur, as well as the effect of future cash flows from reserves which have not yet been classified as proved reserves, of a discount factor more representative of the value of money over the lapse of time and of the risks inherent to the production of oil and gas. These future changes may have a significant impact on the future net cash flows disclosed below. For all these reasons, this information does not necessarily indicate the perception the Group has on the discounted future net cash flows derived from the reserves of hydrocarbons. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total At December 31, 2020 Future cash inflows 2,561,947 130,200 68,857 83,125 — 2,844,129 Future production costs (850,029) (82,290) (36,254) (65,536) — (1,034,109) Future development costs (197,859) (28,620) (2,355) (24,640) — (253,474) Future income taxes (409,276) — (327) — — (409,603) Undiscounted future net cash flows 1,104,783 19,290 29,921 (7,051) — 1,146,943 10% annual discount (345,550) (2,258) (4,543) 7,032 — (345,319) Standardized measure of discounted future net cash flows 759,233 17,032 25,378 (19) — 801,624 At December 31, 2019 Future cash inflows 4,323,914 294,202 86,191 187,064 1,255,239 6,146,610 Future production costs (1,159,621) (104,688) (32,608) (118,797) (512,607) (1,928,321) Future development costs (276,804) (35,420) (2,166) (49,595) (278,388) (642,373) Future income taxes (858,700) (5,594) (1,409) (2,251) (143,416) (1,011,370) Undiscounted future net cash flows 2,028,789 148,500 50,008 16,421 320,828 2,564,546 10% annual discount (715,217) (44,277) (6,626) (5,080) (199,611) (970,811) Standardized measure of discounted future net cash flows 1,313,572 104,223 43,382 11,341 121,217 1,593,735 At December 31, 2018 Future cash inflows 4,059,619 317,437 102,104 277,429 1,352,159 6,108,748 Future production costs (983,782) (156,724) (49,255) (173,053) (441,801) (1,804,615) Future development costs (207,630) (39,360) (3,752) (54,400) (293,468) (598,610) Future income taxes (848,519) (2,515) (2,231) (6,610) (189,922) (1,049,797) Undiscounted future net cash flows 2,019,688 118,838 46,866 43,366 426,968 2,655,726 10% annual discount (640,625) (29,008) (5,317) (8,499) (188,435) (871,884) Standardized measure of discounted future net cash flows 1,379,063 89,830 41,549 34,867 238,533 1,783,842 Table 7 - Changes in the standardized measure of discounted future net cash flows from proved reserves Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Present value at December 31, 2017 814,002 75,239 69,957 — 90,534 1,049,732 Sales of hydrocarbon, net of production costs (380,829) (18,923) (24,781) (21,243) — (445,776) Net changes in sales price and production costs 397,064 16,093 (15,170) — 191,288 589,275 Changes in estimated future development costs (18,632) 413 (1,426) — 9,611 (10,034) Extensions and discoveries less related costs 271,933 12,323 — — — 284,256 Development costs incurred 85,880 2,980 — 737 — 89,597 Revisions of previous quantity estimates 257,540 (4,517) (1,879) — (7,098) 244,046 Purchase of Minerals in place — — — 55,373 — 55,373 Net changes in income taxes (185,118) (1,368) 6,808 — (65,585) (245,263) Accretion of discount 137,223 7,590 8,040 — 19,783 172,636 Present value at December 31, 2018 1,379,063 89,830 41,549 34,867 238,533 1,783,842 Sales of hydrocarbon, net of production costs (411,528) (14,284) (17,289) (13,280) — (456,381) Net changes in sales price and production costs (299,642) 12,799 6,923 (20,694) (48,823) (349,437) Changes in estimated future development costs (268,377) (22,163) 1,165 573 (175,248) (464,050) Extensions and discoveries less related costs 182,857 17,300 — — — 200,157 Development costs incurred 69,694 4,023 445 4,325 — 78,487 Revisions of previous quantity estimates 415,349 9,508 5,482 (2,358) 11,992 439,973 Purchase of Minerals in place — — — — — — Net changes in income taxes 23,398 (2,025) 729 3,760 51,917 77,779 Accretion of discount 222,758 9,235 4,378 4,148 42,846 283,365 Present value at December 31, 2019 1,313,572 104,223 43,382 11,341 121,217 1,593,735 Sales of hydrocarbon, net of production costs (221,620) (12,803) 8,080 (10,454) — (236,797) Net changes in sales price and production costs (975,716) (117,895) (14,580) (113) — (1,108,304) Changes in estimated future development costs 514,317 20,870 (19,606) (2,587) — 512,994 Extensions and discoveries less related costs 59,898 13,914 — — — 73,812 Development costs incurred 69,694 10,743 394 445 — 81,276 Revisions of previous quantity estimates (27,190) (13,002) 3,519 (10) — (36,683) Purchase or (Sales) of Minerals in place 90,315 — — — (121,217) (30,902) Net changes in income taxes (281,264) — (290) — — (281,554) Accretion of discount 217,227 10,982 4,479 1,359 — 234,047 Present value at December 31, 2020 759,233 17,032 25,378 (19) — 801,624

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Summary of significant accounting policies [Abstract]
Basis of preparation	2.1 Basis of preparation The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated.
Changes in accounting policy and disclosure	2.1.1 Changes in accounting policy and disclosure 2.1.1.1 New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 3: Definition of a Business The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all of the inputs and processes needed to create outputs. These amendments had no impact on the Consolidated Financial Statements of the Group, but may impact future periods should the Group enter into any business combinations. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. These amendments have no impact on the Consolidated Financial Statements of the Group as it does not have any interest rate hedge relationships. Amendments to IAS 1 and IAS 8 Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity”. The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the Consolidated Financial Statements of, nor is there expected to be any future impact to the Group. Conceptual Framework for Financial Reporting issued on March 29, 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the Consolidated Financial Statements of the Group. Amendments to IFRS 16 COVID-19 Related Rent Concessions On May 28, 2020, the IASB issued COVID-19 Related Rent Concessions - amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a COVID-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after June 1, 2020. Earlier application is permitted. This amendment had no impact on the Consolidated Financial Statements of the Group.
Going concern	2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. In December 2019, the appearance in China of a new SARS-CoV-2 coronavirus (known as “COVID-19”) was announced, which after December 31, 2019 spread practically throughout the world. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak as a pandemic. This emergency situation and the measures adopted in the different countries to face it have significantly affected international economic activity with diverse impacts in each affected country and business sectors. As of the date of these Consolidated Financial Statements, the gradual crude demand recovery is resulting in some improvements in the market conditions. Despite the abovementioned market conditions, considering the performance of the operations, the US$ 425,000,000 and US$ 350,000,000 debt fundraisings completed in September 2017 and January 2020, respectively (see Note 27), the Group’s cash position of US$ 201,907,000, and the fact that over 97% of its total indebtedness as of December 31, 2020 matures in 2024 or 2027, the Directors have formed a judgement, at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to meet all its obligations for the foreseeable future. For this reason, the Directors have continued to adopt the going concern basis in preparing the Consolidated Financial Statements.
Consolidation	2.3 Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Segment reporting	2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Legal and Corporate Governance, People and Sustainability departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports.
Foreign currency translation	2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the Consolidated Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Chile, Argentina, Peru and Ecuador is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income.
Joint arrangements	2.6 Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its Consolidated Financial Statements.
Business Combination	2.7 Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.
Revenue recognition	2.8 Revenue recognition Revenue from the sale of crude oil and gas is recognized in the Consolidated Statement of Income when control is transferred to the purchaser, and if the revenue can be measured reliably and is expected to be received. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1.
Production and operating costs	2.9 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties are also included within this account.
Financial results	2.10 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Group’s general borrowings, which was 6.90% at year-end 2019 and 2018. No amounts were capitalized during the year (US$ 367,000 in 2019 and US$ 258,000 in 2018).
Property, plant and equipment	2.11 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e.: seismic), direct labour costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$ 52,652,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 18,290,000 in 2019 and US$ 26,389,000 in 2018). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable reserves. The calculation of the “unit of production” depreciation considers estimated future finding and development costs and is based on current year-end unescalated price levels. Changes in reserves and cost estimates are recognized prospectively. Reserves are converted to equivalent units on the basis of approximate relative energy content. Depreciation of the remaining property, plant and equipment assets (i.e. furniture and vehicles) not directly associated with oil and gas activities has been calculated by means of the straight-line method by applying such annual rates as required to write-off their value at the end of their estimated useful lives. The useful lives range between 3 years and 10 years. Depreciation is allocated in the Consolidated Statement of Income as a separate line to better follow the performance of the business. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see Impairment of non-financial assets in Note 2.13).
Provisions and other long-term liabilities	2.12 Provisions and other long-term liabilities Provisions for asset retirement obligations and other environmental liabilities, deferred income, restructuring obligations and legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Restructuring provisions, if any, comprise lease termination penalties and employee services termination payments. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as financial expense. 2.12.1 Asset Retirement Obligation The Group records the fair value of the liability for asset retirement obligations in the period in which the wells are drilled. When the liability is initially recorded, the Group capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value at each reporting period, and the capitalized cost is depreciated over the estimated useful life of the related asset. According to interpretations and the application of current legislation, and on the basis of the changes in technology and the variations in the costs of restoration necessary to protect the environment, the Group has considered it appropriate to periodically re-evaluate future costs of well-capping. The effects of this recalculation are included in the Consolidated Financial Statements in the period in which this recalculation is determined and reflected as an adjustment to the provision and the corresponding property, plant and equipment asset. 2.12.2 Deferred Income Government grants and other contributions relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and they are credited to the Consolidated Statement of Income over the expected lives of the related assets. Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.
Impairment of non-financial assets	2.13 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. During 2020, impairment loss was recognized for US$ 133,864,000 (impairment loss recognized for US$ 7,559,000 in 2019 and impairment loss reversed for US$ 4,982,000 in 2018). See Note 37. The write-offs are detailed in Note 20.
Lease contracts	2.14 Lease contracts The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2.14.1 Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, an adjusted for any measurement of lease liabilities. The cost of right-of-use assets comprise the following: · the amount of the initial measurement of lease liability, · any lease payments made at or before the commencement date less any lease incentives received, · any initial direct costs, and · restoration costs. The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 7 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. 2.14.2 Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: · fixed payments, less any lease incentives receivable, · variable lease payments that are based on an index or a rate, · amounts expected to be payable by the lessee under residual value guarantees, · the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. In calculating the present value, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 2.14.3 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of IT equipment and small items of office furniture that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
Inventories	2.15 Inventories Inventories comprise crude oil and materials. Crude oil is measured at the lower of cost and net realizable value. Materials are measured at the lower of cost and recoverable amount. The cost of materials and consumables is calculated at acquisition price with the addition of transportation and similar costs. Cost is determined using the first-in, first-out (FIFO) method.
Current and deferred income tax	2.16 Current and deferred income tax The tax expense for the year comprises current and deferred income tax. Income tax is recognized in the Consolidated Statement of Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the financial statements date in the countries where the Company’s subsidiaries operate and generate taxable income. The computation of the income tax expense involves the interpretation of applicable tax laws and regulations in many jurisdictions. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted as of the financial statements date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. In addition, the Group has tax-loss carry-forwards in certain tax jurisdictions that are available to be offset against future taxable profit. However, deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. Management judgment is exercised in assessing whether this is the case. To the extent that actual outcomes differ from management’s estimates, taxation charges or credits may arise in future periods. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence deferred income tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Consolidated Financial Statements, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered into by the subsidiary. As mentioned above the Group does not expect that the temporary differences will revert in the foreseeable future. Deferred income tax balances are provided in full, with no discounting.
Non-current assets or disposal groups held for sale	2.17 Non-current assets or disposal groups held for sale Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or disposal group is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the Consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statement of Financial Position.
Financial assets	2.18 Financial assets Financial assets are divided into the following categories: amortized cost; financial assets at fair value through profit or loss and fair value through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. All financial assets not at fair value through profit or loss are initially recognized at fair value, plus transaction costs. Transaction costs of financial assets carried at fair value through profit or loss, if any, are expensed to profit or loss. Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at each balance sheet date. Interest and other cash flows resulting from holding financial assets are recognized in the Consolidated Statement of Income when receivable, regardless of how the related carrying amount of financial assets is measured. Amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets. These financial assets comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivables. These financial assets are subsequently measured at amortized cost using the effective interest method, less provision for impairment, if applicable. Any change in their value through impairment or reversal of impairment is recognized in the Consolidated Statement of Income. All of the Group’s financial assets are classified as amortized cost.
Other financial assets	2.19 Other financial assets Non-current other financial assets include contributions made for environmental obligations according to a Colombian and Brazilian government request and are restricted for those purposes. Current other financial assets include short-term investments with original maturities up to twelve months and over three months.
Impairment of financial assets	2.20 Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
Cash and cash equivalents	2.21 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts, if any, are shown within borrowings in the current liabilities section of the Consolidated Statement of Financial Position.
Trade and other payables	2.22 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Derivatives and hedging activities	2.23 Derivatives and hedging activities Derivative financial instruments are recognized in the Consolidated Statement of Financial Position as assets or liabilities and initially and subsequently measured at fair value. They are presented as current assets or liabilities if they are expected to be settled within 12 months after the end of the reporting period. The mark-to-market fair value of the Group's outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy. 2.23.1 Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in Other Reserve within Equity. The gain or loss relating to the ineffective portion is recognized immediately in the Consolidated Statement of Income. When forward contracts are used to hedge forecast transactions, the Group designates the change in fair value of the forward contract as the hedging instrument. Gains or losses relating to the effective portion of the change in the fair value of the forward contracts are recognized in Other Reserve within Equity. Where the hedged item subsequently results in the recognition of a non-financial asset, both the deferred hedging gains and losses and the deferred time value of the option contracts or deferred forward points, if any, are included within the initial cost of the asset. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in Equity at that time remains in Equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in Equity are immediately reclassified to the Consolidated Statement of Income. For more information about derivatives designated as cash flow hedges please refer to Note 3 Currency risk. 2.23.2 Other Derivatives Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the Consolidated Statement of Income. For more information about derivatives related to commodity risk management please refer to Note 8 and for more information about derivatives related to currency risk management please refer to Note 15.
Borrowings	2.24 Borrowings Borrowings are obligations to pay cash and are recognized when the Group becomes a party to the contractual provisions of the instrument. Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Consolidated Statement of Income over the period of the borrowings using the effective interest method. Direct issue costs are charged to the Consolidated Statement of Income on an accrual basis using the effective interest method.
Share capital	2.25 Share capital Equity comprises the following: · "Share capital" representing the nominal value of equity shares. · "Share premium" representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issuance. · "Other reserve" representing: - the difference between the proceeds from the transaction with non-controlling interests received against the book value of the shares acquired in the Chilean and Colombian subsidiaries, and - the changes in the fair value of the effective portion of derivatives designated as cash flow hedges. · "Translation reserve" representing the differences arising from translation of investments in overseas subsidiaries. · "(Accumulated losses) Retained earnings" representing: - accumulated earnings and losses, and - the equity element attributable to shares granted according to IFRS 2 but not issued at year end.
Share-based payment	- 2.26 Share-based payment The Group operates a number of equity-settled share-based compensation plans comprising share awards payments to employees and other third-party contractors. Share-based payment transactions are measured in accordance with IFRS 2. Fair value of the stock option plan for employee or contractors services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted calculated using the Geometric Brownian Motion method. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each reporting date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the Consolidated Statement of Income, with a corresponding adjustment to equity. The fair value of the share awards payments is determined at the grant date by reference to the market value of the shares and recognized as an expense over the vesting period. When the awards are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Financial Instruments-risk ma_2

Financial Instruments-risk management (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Financial Instruments risk Management [Abstract]
Schedule of Gearing Ratios	The gearing ratios at December 31, 2020 and 2019 were as follows: Amounts in US$‘000 2020 2019 Net Debt 582,679 326,239 Total Equity (109,190) 132,885 Total Capital 473,489 459,124 Gearing Ratio 123 % 71 %

Consolidated Statement of Cas_3

Consolidated Statement of Cash Flow (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Consolidated Statement Of Cash Flow [Abstract]
Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow	The following chart describes non-cash transactions related to the Consolidated Statement of Cash Flow: Amounts in US$‘000 2020 2019 2018 (Decrease) Increase in asset retirement obligation (1,812) 13,299 (4,355) (Decrease) Increase in provisions for other long-term liabilities (1,051) 1,867 (60) Purchase of property, plant and equipment — (733) 1,100
Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow	Changes in working capital shown in the Consolidated Statement of Cash Flow are disclosed as follows: Amounts in US$‘000 2020 2019 2018 Decrease (Increase) in Inventories 1,220 (1,675) 511 Decrease (Increase) in Trade receivables 3,190 (27,839) 3,423 Decrease (Increase) in Prepayments and other receivables and Other assets 38,742 (27,547) (36,061) Customer advance repayments (a) — — (10,000) Security deposit utilized — — 15,600 (Decrease) Increase in Trade and other payables (48,392) 11,964 20,169 (5,240) (45,097) (6,358) (a) In December 2015, the Colombian subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018.
Schedule of reconciliation of liabilities arising from cash flow activities	The following chart shows the movements in the borrowings, lease liabilities and payables to related parties for each of the periods presented: Lease Payables to Amounts in US$‘000 Borrowings Liabilities related parties Total At January 1, 2018 426,204 — 31,184 457,388 Proceeds from borrowings 36,017 — — 36,017 Accrual of borrowing's interests 28,842 — 1,602 30,444 Exchange difference (2) — 4,333 4,331 Foreign currency translation (1,291) — (4,333) (5,624) Principal paid (15,073) — — (15,073) Interest paid (27,695) — — (27,695) Payments to related parties — — (32,786) (32,786) At December 31, 2018 447,002 — — 447,002 Initial recognition of lease liabilities — 14,610 — 14,610 Addition to lease liabilities — 2,496 — 2,496 Accrual of borrowing's interests 29,940 — — 29,940 Exchange difference 5 566 — 571 Foreign currency translation (639) 7 — (632) Unwinding of discount — 419 — 419 Principal paid (9,790) — — (9,790) Interest paid (29,099) — — (29,099) Lease payments — (4,855) — (4,855) At December 31, 2019 437,419 13,243 — 450,662 Proceeds from borrowings 350,000 — — 350,000 Debt issuance costs paid (7,507) — — (7,507) Acquisitions (Note 36.1) — 17,851 — 17,851 Addition to lease liabilities — 561 — 561 Accrual of borrowing's interests 48,232 — — 48,232 Exchange difference — 466 — 466 Foreign currency translation (2,389) (1,641) — (4,030) Unwinding of discount — 1,247 — 1,247 Principal paid (3,575) — — (3,575) Interest paid (37,594) — — (37,594) Lease payments — (9,380) — (9,380) At December 31, 2020 784,586 22,347 — 806,933

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Segment information [Abstract]
Schedule of Segment Information by Segment Areas (Geographical Segments)	Segment areas (geographical segments): Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2020 Revenue 334,606 21,704 12,783 24,599 — — — 393,692 Sale of crude oil 332,461 5,103 891 21,185 — — — 359,640 Sale of gas 2,145 16,601 11,892 3,414 — — — 34,052 Realized gain on commodity risk management contracts 21,059 — — — — — — 21,059 Production and operating costs (92,319) (10,244) (3,876) (18,633) — — — (125,072) Royalties (30,453) (753) (1,049) (3,620) — — — (35,875) Share-based payment (362) (94) — (72) — — — (528) Other operating costs (61,504) (9,397) (2,827) (14,941) — — — (88,669) Operating profit (loss) 144,806 (158,619) 1,215 (32,595) (44,642) (799) (20,029) (110,663) Operating netback 253,763 11,259 6,833 4,540 — — — 276,395 Adjusted EBITDA 218,524 8,148 4,784 1,195 (1,952) (773) (12,395) 217,531 Depreciation (63,687) (33,571) (3,732) (16,564) (401) (52) (66) (118,073) Recognition of impairment losses — (81,967) (1,717) (16,205) (33,975) — — (133,864) Write-off of unsuccessful exploration efforts (1,949) (50,167) (536) — — — — (52,652) Total assets 680,828 101,742 38,172 36,803 4,656 1,127 960,266 — Employees (average) (a) 238 68 11 114 10 2 4 447 Employees at year end (a) 268 57 5 97 5 2 3 437 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2019 Revenue 538,917 32,336 23,049 34,605 — — — 628,907 Sale of crude oil 536,986 10,551 1,469 30,024 — — — 579,030 Sale of gas 1,931 21,785 21,580 4,581 — — — 49,877 Realized gain on commodity risk management contracts 3,888 — — — — — — 3,888 Production and operating costs (116,944) (19,789) (5,953) (26,278) — — — (168,964) Royalties (56,399) (1,181) (1,855) (5,141) — — — (64,576) Share-based payment (231) (31) (29) (38) — — — (329) Other operating costs (60,314) (18,577) (4,069) (21,099) — — — (104,059) Operating profit (loss) 297,783 (26,869) 1,750 (34,124) (7,468) (536) (19,861) 210,675 Operating netback 413,120 12,218 15,055 6,691 — — — 447,084 Adjusted EBITDA 367,058 8,310 11,750 868 (6,540) (535) (17,576) 363,335 Depreciation (46,917) (34,826) (7,445) (15,618) (576) (1) (149) (105,532) Recognition of impairment losses — — — (7,559) — - - (7,559) Write-off of unsuccessful exploration efforts — — (5,120) (13,170) — - - (18,290) Total assets 357,125 249,207 68,480 79,062 53,993 1,119 43,146 852,132 Employees (average) (a) 195 89 13 133 26 2 3 461 Employees at year end (a) 202 77 13 128 14 2 3 439 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2018 Revenue 497,870 37,359 30,053 35,879 — — 601,161 Sale of crude oil 496,341 17,402 1,198 30,549 — — 545,490 Sale of gas 1,529 19,957 28,855 5,330 — — 55,671 Realized loss on commodity risk management contracts (26,098) — — — — — (26,098) Production and operating costs (118,533) (21,899) (8,785) (25,043) — — (174,260) Royalties (62,710) (1,473) (2,820) (4,833) — — (71,836) Share-based payment (461) (226) (37) (154) — — (878) Other operating costs (55,362) (20,200) (5,928) (20,056) — — (101,546) Operating profit (loss) 309,357 (29,139) 4,370 (6,739) (4,529) (16,828) 256,492 Operating netback 352,672 15,153 21,306 8,527 — — 397,658 Adjusted EBITDA 319,447 8,784 17,908 4,576 (7,077) (13,082) 330,556 Depreciation (42,721) (28,203) (10,395) (10,640) (245) (36) (92,240) Reversal of impairment losses 11,531 (6,549) — — — — 4,982 Write-off of unsuccessful exploration efforts (17,665) (6,121) (2,020) (583) — — (26,389) Total assets 383,450 276,449 70,424 87,259 35,817 9,261 862,660 Employees (average) (a) 182 101 12 121 27 2 445 Employees at year end (a) 178 100 12 137 28 2 457 (a) Unaudited
Schedule of Reconciliation of Total Operating Netback to Total Profit (Loss) Before Income Tax	A reconciliation of total Operating netback to total (loss) profit before income tax is provided as follows: Amounts in US$ ‘000 2020 2019 2018 Operating netback 276,395 447,084 397,658 Administrative expenses (43,723) (60,130) (48,028) Geological and geophysical expenses (15,141) (23,619) (19,074) Adjusted EBITDA for reportable segments 217,531 363,335 330,556 Unrealized (loss) gain on commodity risk management contracts (12,978) (26,411) 42,271 Depreciation (a) (118,073) (105,532) (92,240) Share-based payment (8,444) (2,717) (5,446) Impairment and write-off of unsuccessful exploration efforts (186,516) (25,849) (21,407) Lease accounting - IFRS 16 9,380 4,855 — Others (b) (11,563) 2,994 2,758 Operating (loss) profit (110,663) 210,675 256,492 Financial expenses (64,582) (41,070) (39,321) Financial income 3,166 2,360 3,059 Foreign exchange loss (13,008) (2,446) (11,323) (Loss) Profit before tax (185,087) 169,519 208,907 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2020, also includes termination costs (see Note 1.1), and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru (see Note 36.5.1).

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Revenue [Abstract]
Schedule of Information on Revenue	Amounts in US$ ‘000 2020 2019 2018 Sale of crude oil 359,640 579,030 545,490 Sale of gas 34,052 49,877 55,671 393,692 628,907 601,161

Commodity risk management con_2

Commodity risk management contracts (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Commodity risk management contracts [Abstract]
Schedule of Group’s Derivative Contracts	The following table presents the Group’s production hedged during the year ended December 31, 2020 and for the following periods as a consequence of the derivative contracts in force as of December 31, 2020: Period Reference Type Volume bbl/d Average price US$/bbl January 1, 2020 - March 31, 2020 ICE BRENT Zero Premium 3 Ways 18,000 45.00-55.00 Put 74.45 Call 18,000 April 1, 2020 - June 30, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call April 1, 2020 - June 30, 2020 ICE BRENT Zero Premium Collars 7,500 32.33 Put 34.54 Call April 1, 2020 - June 30, 2020 ICE BRENT Fixed Price 7,500 31.67 26,000 July 1, 2020 - September 30, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call July 1, 2020 - September 30, 2020 ICE BRENT Zero Premium Collars 14,500 31.34 Put 38.66 Call July 1, 2020 - September 30, 2020 ICE BRENT Fixed Price 2,000 32.00 27,500 October 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Ways 11,000 45.00-55.00 Put 70.00 Call October 1, 2020 - December 31, 2020 ICE BRENT Zero Premium Collars 12,500 33.76 Put 45.38 Call October 1, 2020 - December 31, 2020 VASCONIA (a) Zero Premium Collars 2,000 30.00 Put 44.25 Call 25,500 January 1, 2021 - March 31, 2021 ICE BRENT Zero Premium Collars 21,000 38.19 Put 51.98 Call January 1, 2021 - March 31, 2021 VASCONIA (a) Zero Premium Collars 2,000 35.00 Put 43.01 Call 23,000 April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 20,500 38.93 Put 52.49 Call 20,500 July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 9,000 40.00 Put 54.34 Call 9,000 October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 9,000 40.00 Put 54.34 Call 9,000 (a) Vasconia Crude (Ice Brent minus Vasconia Differential) The following table presents the Group’s derivative contracts agreed after the balance sheet date: Period Reference Type Volume bbl/d Price US$/bbl January 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 2,500 45.00 Put 59.00 Call April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 1,500 50.00 Put 57.10 Call April 1, 2021 - June 30, 2021 ICE BRENT Zero Premium Collars 1,000 50.00 Put 57.27 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,500 45.00 Put 61.20 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,500 46.00 Put 62.50 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 66.06 Call July 1, 2021 - September 30, 2021 VASCONIA (a) Zero Premium Collars 1,000 41.50 Put 68.15 Call July 1, 2021 - September 30, 2021 VASCONIA (a) Zero Premium Collars 1,000 41.50 Put 68.98 Call July 1, 2021 - September 30, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 80.60 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 1,000 45.00 Put 61.65 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 1,500 45.00 Put 62.03 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 64.17 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 45.00 Put 71.02 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 75.75 Call October 1, 2021 - December 31, 2021 ICE BRENT Zero Premium Collars 2,000 50.00 Put 78.00 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,500 45.00 Put 60.45 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,000 45.00 Put 76.85 Call January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 2,000 50.00 Put 75.00 Call (a) Vasconia Crude (Ice Brent minus Vasconia Differential)
Summary of Gain (Loss) on the Commodity Risk Management Contracts	The table below summarizes the gain (loss) on the commodity risk management contracts: 2020 2019 2018 Realized gain (loss) on commodity risk management contracts 21,059 3,888 (26,098) Unrealized (loss) gain on commodity risk management contracts (12,978) (26,411) 42,271 8,081 (22,523) 16,173

Production and operating costs

Production and operating costs (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Production And Operating Costs [Abstract]
Schedule of Production and Operating Costs	Amounts in US$ '000 2020 2019 2018 Staff costs (Note 11) 14,689 14,213 17,725 Share-based payment (Note 11) 528 329 878 Royalties 35,875 64,576 71,836 Well and facilities maintenance 15,039 27,660 20,262 Operation and maintenance 7,491 7,743 7,756 Consumables 16,776 17,625 17,444 Equipment rental 8,570 10,476 9,317 Safety and Insurance costs 4,505 4,107 3,878 Gas plant costs 1,591 3,414 5,967 Transportation costs 5,622 2,941 2,628 Field camp 3,130 2,583 2,959 Non-operated blocks costs 3,442 1,353 1,327 Other costs 7,814 11,944 12,283 125,072 168,964 174,260

Depreciation (Tables)

Depreciation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Depreciation [Abstract]
Schedule of Depreciation	Amounts in US$ ‘000 2020 2019 2018 Oil and gas properties 89,344 83,276 72,130 Production facilities and machinery 16,820 16,708 17,958 Furniture, equipment and vehicles 2,317 2,096 1,579 Buildings and improvements 490 804 996 Depreciation of property, plant and equipment (a) 108,971 102,884 92,663 Related to: Productive assets 106,164 99,984 90,088 Administrative assets 2,807 2,900 2,575 Depreciation total (a) 108,971 102,884 92,663 (a) Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets.

Staff costs and Directors Rem_2

Staff costs and Directors Remuneration (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Staff costs and Directors Remuneration [Abstract]
Schedule of Staff Costs and Directors Remuneration	2020 2019 2018 Number of employees at year end (a) 437 439 457 Amounts in US$ ‘000 Wages and salaries 49,338 55,325 52,644 Share-based payments (b) (Note 31) 8,444 2,717 5,446 Social security charges 5,712 6,888 7,464 Director’s fees and allowance 2,094 3,266 2,876 65,588 68,196 68,430 Recognized as follows: Production and operating costs 15,217 14,542 18,603 Geological and geophysical expenses 12,893 18,448 15,527 Administrative expenses 37,478 35,206 34,300 65,588 68,196 68,430 Board of Directors’ and key managers’ remuneration Salaries and fees 8,641 13,483 12,452 Share-based payments 7,170 2,251 2,918 Other benefits in kind 232 262 272 16,043 15,996 15,642 (a) Unaudited. (b) The increase in share-based payments in 2020 is explained by the accrual of the 2019 VCP and the 2020 Plan, which were granted in November 2019 and February 2020, respectively.
Schedule of Directors’ Remuneration	Directors’ Remuneration Executive Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Bonus Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (in US$) (No. of Shares) (in US$) Gerald O’Shaughnessy 325,000 — — — 325,000 James F. Park 650,000 (a) 650,000 (b) — — 1,300,000 Pedro E. Aylwin (c) — — — — — Juan Cristóbal Pavez (d) — — 27,500 7,465 122,719 Carlos Gulisano (e) — — 62,500 9,002 162,497 Robert Bedingfield (f) — — 27,500 14,592 185,628 Jamie Coulter — — 22,500 6,874 111,031 Constantin Papadimitriou — — 25,000 13,967 176,875 Somit Varma — — — 4,152 35,624 Sylvia Escovar Gomez — — — 4,152 35,624 (a) The annual salary for US$ 800,000 was voluntary reduced as one of the initiatives to reduce the impact of COVID-19 and oil price crisis. (b) The 2019 annual bonus approved by the Compensation Committee for US$ 798,698 was only received partially in cash for US$ 650,000. (c) Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance. (d) Compensation Committee Chairman until his resignation on June 10, 2020. Afterwards the Chairman is Constantin Papadimitriou. (e) Technical Committee Chairman. (f) Audit Committee Chairman.

Geological and geophysical ex_2

Geological and geophysical expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Geological and geophysical expenses [Abstract]
Schedule of Geological and Geophysical Expenses	Amounts in US$ ‘000 2020 2019 2018 Staff costs (Note 11) 12,653 18,312 15,005 Share-based payment (Note 11) 240 136 522 Allocation to capitalized project (102) (4,834) (5,645) Other services 2,160 4,979 4,069 14,951 18,593 13,951

Administrative expenses (Tables

Administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Administrative expenses [Abstract]
Schedule of Administrative Expenses	Amounts in US$ ‘000 2020 2019 2018 Staff costs (Note 11) 27,708 29,688 27,378 Share-based payment (Note 11) 7,676 2,252 4,046 Consultant fees (a) 8,570 18,685 7,427 Office expenses 1,525 1,386 3,021 Travel expenses 939 4,867 4,519 Director’s fees and allowance (Note 11) 2,094 3,266 2,876 Communication and IT costs 2,937 2,928 2,395 Allocation to joint operations (6,720) (8,008) (7,774) Other administrative expenses 5,586 5,754 8,186 50,315 60,818 52,074 (a) The increase in consultant fees in 2019 is explained mainly by legal and other advisory services related to new business efforts.

Selling expenses (Tables)

Selling expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Selling expenses [Abstract]
Schedule of Selling Expenses	Amounts in US$ ‘000 2020 2019 2018 Transportation (a) 4,787 12,985 2,638 Selling taxes and other 1,057 1,128 1,385 5,844 14,113 4,023 (a) The increase in transportation costs in 2019 is explained primarily due to the difference in accounting for different points of sale in Colombia and costs associated with the operation of the flowline connecting Llanos 34 block to the ODL regional pipeline. Sales at the wellhead have no selling costs associated but generate lower revenue whereas transportation costs for sales to other delivery points are accounted for as selling expenses.

Financial results (Tables)

Financial results (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Financial costs [Abstract]
Schedule of Financial Results	Amounts in US$ '000 2020 2019 2018 Financial expenses Interest and amortization of debt issue costs (48,779) (29,977) (28,955) Interest with related parties (Note 34) — — (1,606) Less: amounts capitalized on qualifying assets — 367 258 Bank charges and other financial results (9,909) (6,900) (5,513) Unwinding of long-term liabilities (5,894) (4,560) (3,505) (64,582) (41,070) (39,321) Financial income Interest received 3,166 2,360 3,059 3,166 2,360 3,059 Foreign exchange gains and losses Foreign exchange loss, net (2,720) (6,163) (11,323) Realized result on currency risk management contracts (9,414) 2,843 — Unrealized result on currency risk management contracts (874) 874 — (13,008) (2,446) (11,323) Total Financial results (74,424) (41,156) (47,585)

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Income tax [Abstract]
Schedule of Components of Income Tax	Amounts in US$ ‘000 2020 2019 2018 Current income tax charge (41,927) (111,371) (101,456) Deferred income tax credit (charge) (Note 18) (5,936) (391) (4,784) (47,863) (111,762) (106,240)
Summary of Income Tax Reconciliation	The tax on the Group’s (loss) profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: Amounts in US$ ‘000 2020 2019 2018 (Loss) Profit before tax (185,087) 169,519 208,907 Tax losses from non-taxable jurisdictions 53,652 49,360 42,808 Taxable profit (131,435) 218,879 251,715 Income tax calculated at domestic tax rates applicable to Profit in the respective countries 12,450 (79,395) (102,211) Tax losses where no deferred tax benefit is recognized (23,117) (2,563) (7,344) Effect of currency translation on tax base (923) (16,795) 3,336 Effect of inflation adjustment for tax purposes (867) 541 — Changes in the income tax rate (Note 16) (925) 1,279 (1,874) Write-down of deferred tax benefits previously recognized (a) (32,565) — — Previously unrecognized tax losses — 1,820 4,882 Out of period adjustment (b) — (9,910) — Non-taxable results (c) (1,916) (6,739) (3,029) Income tax (47,863) (111,762) (106,240) (a) Includes write-down of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (see Note 36.5.1), and write-down of a portion of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2020. (b) Adjustment related to prior periods that increased the income tax expense during the year ended December 31, 2019, due to the increase in deferred tax liabilities as a result of computing as temporary, differences generated between the tax and book basis of Property, plant and equipment, that were originally considered as permanent. The Group concluded that this adjustment was not material to the year ended December 31, 2019 or to any previously reported Consolidated Financial Statements. (c) Includes non-deductible expenses in each jurisdiction.
Summary of Tax Losses Accumulated	The Group has tax losses available which can be utilized against future taxable profit in the following countries: Amounts in US$ ‘000 2020 2019 2018 Chile (a) 403,258 317,644 315,733 Brazil (a) 32,452 37,848 38,011 Argentina (b) 20,734 22,930 5,490 Total tax losses at December 31 456,444 378,422 359,234 (a) Taxable losses have no expiration date. (b) Tax losses accumulated at December 31, 2020 are: US$ 318,000, US$ 788,000, US$ 2,094,000, US$ 10,028,000 and US$ 7,506,000 expiring in 2021, 2022, 2023, 2024 and 2025, respectively.

Deferred income tax (Tables)

Deferred income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of deferred income tax [Abstract]
Schedule of Gross Movement on the Deferred Income Tax Account	The gross movement on the deferred income tax account is as follows: Amounts in US$ ‘000 2020 2019 Deferred income tax at January 1 16,084 16,992 Acquisitions (Note 36.1) 4,071 — Currency translation differences (3,241) (517) Income statement credit (charge) (5,936) (391) Deferred income tax at December 31 10,978 16,084
Schedule of Breakdown and Movement of Deferred Tax Assets and Liabilities	The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year Acquisitions net profit differences Reclassification of year Deferred income tax assets Difference in depreciation rates and other 7,880 2,521 (7,814) (435) (6,780) (4,628) Tax losses 19,054 1,550 (10,600) (2,806) 15,598 22,796 Total 2020 26,934 4,071 (18,414) (3,241) 8,818 18,168 Total 2019 31,793 — (7,485) (517) 3,143 26,934 At the beginning Credited to At the end Amounts in US$ ‘000 of year net profit Reclassification of year Deferred income tax liabilities Difference in depreciation rates and other (29,625) 15,655 6,780 (7,190) Tax losses 18,775 (3,177) (15,598) — Total 2020 (10,850) 12,478 (8,818) (7,190) Total 2019 (14,801) 7,094 (3,143) (10,850)

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of earning per share [Abstract]
Schedule of Earnings per Share	Amounts in US$ ‘000 except for shares 2020 2019 2018 Numerator: (Loss) Profit for the year attributable to owners (232,950) 57,757 72,415 Denominator: Weighted average number of shares used in basic EPS 60,668,185 60,217,523 60,612,230 (Losses) Earnings after tax per share (US$) – basic (3.84) 0.96 1.19 Amounts in US$ ‘000 except for shares 2020 2019 2018 Weighted average number of shares used in basic EPS 60,668,185 60,217,523 60,612,230 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 — 2,433,126 4,758,552 Weighted average number of common shares for the purposes of diluted earnings per shares 60,668,185 62,650,649 65,370,782 (Losses) Earnings after tax per share (US$) – diluted (3.84) 0.92 1.11 (a) For the year ended December 31, 2020, there were 974,159 of potential shares that could have a dilutive impact. They were considered antidilutive due to negative earnings.

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of property plant and equipments [Abstract]
Schedule of Property, Plant and Equipment	Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost at January 1, 2018 776,504 15,398 157,396 10,361 37,990 64,368 1,062,017 Additions (5,753) (b) 1,706 — — 81,961 43,515 121,429 Acquisitions (Note 36.4.1) 52,925 254 1,616 134 — — 54,929 Currency translation differences (11,525) (130) (884) (30) (15) (882) (13,466) Disposals — (46) (417) — — — (463) Write-off / Impairment reversal 5,109 (c) — (120) (c) — (7) (c) (26,389) (d) (21,407) Transfers 63,794 566 14,503 1,089 (59,332) (20,620) — Assets held for sale (Note 36.2.1) (163,544) — — — — — (163,544) Cost at December 31, 2018 717,510 17,748 172,094 11,554 60,597 59,992 1,039,495 Additions 14,696 (b) 2,052 381 159 96,012 27,449 140,749 Currency translation differences (3,022) (414) (561) (8) (106) (449) (4,560) Disposals — (102) (101) — — (59) (262) Write-off / Impairment (7,559) (c) — — — — (18,290) (e) (25,849) Transfers 83,010 265 24,183 65 (86,916) (20,607) — Reclassification (g) 26,302 — (23,489) — — — 2,813 Cost at December 31, 2019 830,937 19,549 172,507 11,770 69,587 48,036 1,152,386 Additions (2,863) (b) 1,180 — 422 55,267 18,429 72,435 Acquisitions (Note 36.1) 185,533 553 16,181 212 1,199 73,310 276,988 Currency translation differences (14,399) (194) (1,036) (59) (47) (401) (16,136) Disposals — (555) — (227) (33) — (815) Write-off / Impairment (77,667) (c) — (11,357) (c) — (44,840) (c) (52,652) (f) (186,516) Transfers 48,361 174 21,534 324 (62,285) (8,108) — Assets held for sale (Note 36.3.2) (1,285) — — — — — (1,285) Cost at December 31, 2020 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Depreciation and write-down at January 1, 2018 (441,534) (11,916) (86,232) (4,932) — — (544,614) Depreciation (72,130) (1,579) (17,958) (996) — — (92,663) Disposals — 42 149 — — — 191 Currency translation differences 6,292 92 337 26 — — 6,747 Assets held for sale (Note 36.2.1) 148,014 — — — — — 148,014 Depreciation and write-down at December 31, 2018 (359,358) (13,361) (103,704) (5,902) — — (482,325) Depreciation (83,276) (2,096) (16,708) (804) — — (102,884) Disposals — 85 34 — — — 119 Currency translation differences 2,492 223 480 110 — — 3,305 Reclassification (g) (27,664) — 24,851 — — — (2,813) Depreciation and write-down at December 31, 2019 (467,806) (15,149) (95,047) (6,596) — — (584,598) Depreciation (89,344) (2,317) (16,820) (490) — — (108,971) Disposals — 326 — 72 — — 398 Currency translation differences 8,572 155 1,880 39 — — 10,646 Assets held for sale (Note 36.3.2) 133 — — — — — 133 Depreciation and write-down at December 31, 2020 (548,445) (16,985) (109,987) (6,975) — — (682,392) Carrying amount at December 31, 2018 358,152 4,387 68,390 5,652 60,597 59,992 557,170 Carrying amount at December 31, 2019 363,131 4,400 77,460 5,174 69,587 48,036 567,788 Carrying amount at December 31, 2020 420,172 3,722 87,842 5,467 18,848 78,614 614,665 (a) Exploration wells movement and balances are shown in the table below; mining property associated with unproved reserves and resources, seismic and other exploratory assets amount to US$ 75,485,000 (US$ 44,047,000 in 2019 and US$ 48,779,000 in 2018).
Schedule of Exploration Wells Movement and Balances	Amounts in US$ ‘000 Total Exploration wells at December 31, 2018 11,213 Additions 23,082 Write-offs (12,941) Transfers (17,365) Exploration wells at December 31, 2019 3,989 Additions 11,016 Acquisitions 3,129 Write-offs (7,947) Transfers (7,058) Exploration wells at December 31, 2020 3,129

Subsidiary undertakings (Tables

Subsidiary undertakings (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of subsidiary undertakings [Abstract]
Summary of Subsidiaries	Details of the subsidiaries of the Group are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A.U (Argentina) 100% (a) GeoPark Latin America Limited (Bermuda) 100% GeoPark Latin America Limited – Agencia en Chile (Chile) 100% (a) GeoPark Brasil Exploração y Produção de Petróleo e Gás Ltda. (Brazil) 100% (a) GeoPark Chile S.p.A. (Chile) 100% (a) GeoPark Fell S.p.A. (Chile) 100% (a) GeoPark Magallanes Limitada (Chile) 100% (a) GeoPark TdF S.p.A. (Chile) 100% (a) GeoPark Colombia S.A.S. (Colombia) 100% (a) GeoPark Latin America S.L.U. (Spain) 100% (a) GeoPark Colombia S.L.U. (Spain) 100% (a) GeoPark S.A.C. (Peru) 100% (a) GeoPark Perú S.A.C. (Peru) 100% (a) GeoPark Operadora del Perú S.A.C. (Peru) 100% (a) GeoPark Colombia E&P S.A. (Panama) 100% (a) GeoPark Colombia E&P Sucursal Colombia (Colombia) 100% (a) GeoPark Mexico S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark E&P S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) 100% (a) GeoPark (UK) Limited (United Kingdom) 100% Amerisur Resources Limited (United Kingdom) 100% (a) Amerisur Exploración Colombia Limited (British Virgin Islands) 100% (a) Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia) 100% (a) Yarumal S.A.S. (Colombia) 100% (a) (b) Petrodorado South America S.A. (Panama) 100% (a) Petrodorado South America S.A. Sucursal Colombia (Colombia) 100% (a) Fenix Oil & Gas Limited (British Virgin Islands) 100% (a) (b) Fenix Oil & Gas Limited Sucursal Colombia (Colombia) 100% (a) (b) Amerisurexplor Ecuador S.A. (Ecuador) 100% (a) (b) Amerisur S.A. (Paraguay) 100% (a) (b) (a) Indirectly owned. (b) Dormant companies.
Summary of Joint Operations	Name and registered office Ownership interest Joint operations Flamenco Block (Chile) 50% (a) Campanario Block (Chile) 50% (a) Isla Norte Block (Chile) 60% (a) Llanos 34 Block (Colombia) 45% (a) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (b) Sierra del Nevado Block (Argentina) 18% (b) CN-V Block (Argentina) 50% Los Parlamentos (Argentina) 50% Manati Field (Brazil) 10% (c) REC-T-128 Block (Brazil) 70% (a) (c) POT-T-785 Block (Brazil) 70% (a) Morona Block (Peru) 75% (a) (c) Espejo Block (Ecuador) 50% (a) Perico Block (Ecuador) 50% Llanos 86 Block (Colombia) 50% (a) Llanos 87 Block (Colombia) 50% (a) Llanos 104 Block (Colombia) 50% (a) Llanos 123 Block (Colombia) 50% (a) Llanos 124 Block (Colombia) 50% (a) CPO-5 Block (Colombia) 30% Mecaya Block (Colombia) 50% (a) PUT-8 Block (Colombia) 50% (a) PUT-9 Block (Colombia) 50% (a) PUT-12 Block (Colombia) 60% (a) Tacacho Block (Colombia) 50% (a) Terecay Block (Colombia) 50% (a) Llanos 94 Block (Colombia) 50% PUT-36 Block (Colombia) 50% (a) (a) GeoPark is the operator. (b) In process of relinquishment. (c) See Note 36.

Prepayments and other receiva_2

Prepayments and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Prepayments and other receivables [Abstract]
Schedule of Prepayments and other receivables	Amounts in US$ '000 2020 2019 V.A.T. 12,083 27,052 Income tax payments in advance 3,460 20,609 Other prepaid taxes 1,995 1,069 To be recovered from co-ventures (Note 34) 2,236 1,035 Prepayments and other receivables 8,549 8,282 28,323 58,047 Classified as follows: Current 27,263 51,016 Non-current 1,060 7,031 28,323 58,047
Schedule of Movements on the Group Provision for Impairment	Amounts in US$ '000 2020 2019 At January 1 550 546 Foreign exchange (loss) income (25) 4 Uses (381) — 144 550

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Classes of current inventories [abstract]
Schedule of Inventories	Amounts in US$ '000 2020 2019 Crude oil 7,537 4,285 Materials and spares 5,789 7,162 13,326 11,447

Trade receivables (Tables)

Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade receivables.
Schedule of Trade Receivables	Amounts in US$ '000 2020 2019 Trade receivables 46,918 44,178 46,918 44,178

Financial instruments by cate_2

Financial instruments by category (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Schedule of Financial Instruments by Category	Assets as per statement of financial position Amounts in US$ '000 2020 2019 Financial assets at fair value through profit or loss Derivative financial instrument assets 1,013 8,097 Cash and cash equivalents 823 42,212 1,836 50,309 Other financial assets at amortized cost Trade receivables 46,918 44,178 To be recovered from co-venturers (Note 34) 2,236 1,035 Other financial assets (a) 13,392 10,999 Cash and cash equivalents 201,084 68,968 263,630 125,180 Total financial assets 265,466 175,489 (a) Non-current other financial assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other financial assets correspond to short-term investments with original maturities up to twelve months and over three months. Liabilities as per statement of financial position Amounts in US$ ‘000 2020 2019 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 15,094 952 15,094 952 Other financial liabilities at amortized cost Trade payables 63,528 83,991 Payables to LGI (Note 36.6) 3,528 15,000 To be paid to co-venturers (Note 34) 5,760 4,803 Lease liabilities 22,347 13,243 Borrowings 784,586 437,419 879,749 554,456 Total financial liabilities 894,843 555,408
Schedule of Credit Quality of Financial Assets	The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: Amounts in US$ ‘000 2020 2019 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa2 2,321 — Baa3 26,252 25,447 Ba2 3,847 6,156 Ba1 1,333 1,037 B3 32 — B2 — 780 Caa2 — 933 Counterparties without an external credit rating Group1 (a) 13,133 9,825 Total trade receivables 46,918 44,178 (a) Group 1 – existing customers (more than 6 months) with no defaults in the past.
Schedule of Financial Liabilities - contractual undiscounted cash flows	The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 year and 2 years and 5 years years At December 31, 2020 Borrowings 48,311 49,444 538,000 378,875 Lease liabilities 10,890 6,230 5,294 3,653 Trade payables 62,408 1,120 — — To be paid to co-venturers 1,994 3,766 — — Payables to LGI (Note 36.6) 3,528 — — — 127,131 60,560 543,294 382,528 At December 31, 2019 Borrowings 37,621 27,625 507,875 — Lease liabilities 7,442 2,494 4,479 1,053 Trade payables 83,291 700 — — To be paid to co-venturers 28 — 4,775 — Payables to LGI (Note 36.6) 15,000 — — — 143,382 30,819 517,129 1,053
Schedule of Fair Value Hierarchy	The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at December 31, 2020 and 2019 on a recurring basis: At December 31, Amounts in US$ ‘000 Level 1 Level 2 2020 Assets Cash and cash equivalents Money market funds 823 — 823 Derivative financial instrument assets Commodity risk management contracts — 1,013 1,013 Total Assets 823 1,013 1,836 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 15,094 15,094 Total Liabilities — 15,094 15,094 At December 31, Amounts in US$ ‘000 Level 1 Level 2 2019 Assets Cash and cash equivalents Money market funds 42,212 — 42,212 Derivative financial instrument assets Commodity risk management contracts — 444 444 Currency risk management contracts — 874 874 Forward contracts relating to forecast transactions — 6,779 6,779 Total Assets 42,212 8,097 50,309 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 952 952 Total Liabilities — 952 952
Cash At Bank And Other Financial Assets [Member]
Disclosure of detailed information about financial instruments [line items]
Disclosure of credit quality of cash at bank and other financial assets [text block]	Cash at bank and other financial assets (a) Amounts in US$ ‘000 2020 2019 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) A1 — 6,924 A2 122,229 33,633 A3 44,808 13,105 Aaa-mf — 41,219 AAA 18,119 3,894 Ba1 2,343 1,854 Ba2 — 1 Baa1 574 580 Baa2 2,146 5,408 Ba3 43 1,262 Aa2 1,073 — Counterparties without an external credit rating 23,941 14,278 Total 215,276 122,158 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 23,000 (US$ 21,000 in 2019).

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Equity [Abstract]
Schedule of Share Capital	Issued share capital 2020 2019 Common stock (amounts in US$ ‘000) 61 59 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 61,029,772 59,167,584 Total common shares in issue 61,029,772 59,167,584 Authorized share capital US$ per share 0.001 0.001 Number of common shares (US$ 0.001 each) 5,171,949,000 5,171,949,000 Amount in US$ 5,171,949 5,171,949
Schedule of Outstanding Common Shares	Shares Shares issued closing US$(`000) GeoPark common shares history Date (millions) (millions) Closing Shares outstanding at the end of 2018 60.5 60 Stock awards Jan 2019 1.5 62.0 62 Buyback program Mar 2019 (0.7) 61.3 61 Buyback program Jun 2019 (2.3) 59.0 59 Stock awards Jul 2019 1.5 60.5 60 Buyback program Sep 2019 (1.2) 59.3 59 Buyback program Dec 2019 (0.1) 59.2 59 Shares outstanding at the end of 2019 59.2 59 Stock awards Jan 2020 1.5 60.7 61 Stock awards Mar 2020 0.2 60.9 61 Buyback program Mar 2020 (0.3) 60.6 61 Stock awards Nov 2020 0.5 61.1 61 Buyback program Nov 2020 (0.1) 61.0 61 Shares outstanding at the end of 2020 61.0 61

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Borrowings [Abstract]
Schedule of Borrowings	Amounts in US$ ‘000 2020 2019 Outstanding amounts as of December 31 2024 Notes (a) 428,737 427,812 2027 Notes (b) 352,113 — Banco Santander (c) 3,736 9,607 784,586 437,419 Classified as follows: Current 17,689 17,281 Non-current 766,897 420,138 (a) On September 21, 2017, the Company successfully placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act. The Notes carry a coupon of 6.50% per annum. Final maturity of the Notes will be September 21, 2024. The Notes are secured with a (b) On January 17, 2020, the Company successfully placed US$ 350,000,000 Notes, which were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes are fully and unconditionally guaranteed jointly and severally by GeoPark Chile S.p.A. and GeoPark Colombia S.L.U. The Notes were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). The debt issuance cost for this transaction amounted to US$ 5,004,000 (debt issuance effective rate: 5.88%). Final maturity of the Notes will be January 17, 2027. The indenture governing the Notes due 2027 includes incurrence test covenants that provides among other things, that, the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company’s capacity to incur additional indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments, restricted payments and others. As of the date of these Consolidated Financial Statements, the Company is in compliance of all the indenture’s provisions and covenants. The net proceeds from the Notes were used by the Company (i) to make an intercompany loan to its wholly owned subsidiary, GeoPark Colombia S.A.S., providing it with sufficient funds to pay the total consideration for the acquisition of Amerisur (see Note 36.1) and to pay any related fees and expenses, and (ii) for general corporate purposes. (c) In October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited- Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020. In September 2020, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed the refinancing of the outstanding principal with Banco Santander for a total amount of Brazilian Real 19,410,000 (equivalent to US$ 3,441,000 at the moment of the refinancing execution). The interest rate applicable is CDI plus 3.55% per annum. Interests are paid on a monthly basis, and principal will be paid semi-annually in three equal installments in October 2021, April 2022 and October 2022.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Presentation of leases for lessee [abstract]
Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 [text block]	Amounts in US$‘000 Total Operating lease commitments disclosed as at December 31, 2018 69,938 (Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 (34,239) (Less) Short-term leases not recognized as a liability (17,537) (Less) Low-value leases not recognized as a liability (341) Lease liabilities recognized as at January 1, 2019 (at nominal value) 17,821 Lease liabilities recognized as at January 1, 2019 (at present value) 14,610 Classified as follows: Current 7,967 Non-current 6,643
Disclosure of quantitative information about right-of-use assets [text block]	Amounts in US$‘000 Total Right-of-use assets at January 1, 2019 14,610 Additions 2,496 Depreciation (3,644) Right-of-use assets at December 31, 2019 13,462 Additions / changes in estimates 561 Acquisitions (Note 36.1) 16,674 Foreign currency translation (1,223) Depreciation (8,072) Right-of-use assets at December 31, 2020 21,402
Schedule of financial position of lease assets and liabilities	December December January 1, Amounts in US$ ‘000 31, 2020 31, 2019 2019 (a) Right of use assets Production, facilities and machinery 14,806 8,785 9,398 Buildings and improvements 6,596 4,677 5,212 21,402 13,462 14,610 Lease liabilities Current 10,890 7,442 7,967 Non-current 11,457 5,801 6,643 22,347 13,243 14,610 (a) In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases.
Schedule of lease expenses consolidated statement of income	Amounts in US$ ‘000 2020 2019 Depreciation charge of Right of use assets Production, facilities and machinery (6,472) (1,834) Buildings and improvements (1,600) (1,810) (8,072) (3,644) Unwinding of long-term liabilities (included in Financial results) (1,247) (419) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (1,317) (13,463) Expenses related to low-value leases (included in Administrative expenses) (736) (314)

Provisions and other long-ter_2

Provisions and other long-term liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Provisions And Other Long term Liabilities [Abstract]
Disclosure of other provisions [text block]	Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total At January 1, 2019 40,317 447 1,813 42,577 Addition to provision / changes in estimates 13,299 2,267 1,867 17,433 Exchange difference 375 (18) (48) 309 Foreign currency translation (334) — — (334) Amortization — (429) — (429) Unwinding of discount 3,573 — 77 3,650 Amounts used during the year (1,117) — (27) (1,144) At December 31, 2019 56,113 2,267 3,682 62,062 Addition to provision / changes in estimates (1,812) (258) 1,904 (166) Acquisitions (Note 36.1) 5,629 2,339 8,551 16,519 Exchange difference 2,215 (93) 133 2,255 Foreign currency translation (2,057) — — (2,057) Amortization — (387) — (387) Unwinding of discount 4,276 — 371 4,647 Amounts used during the year (272) (40) (139) (451) Liabilities associated with assets held for sale (52) — — (52) At December 31, 2020 64,040 3,828 14,502 82,370

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Trade and other payables [Abstract]
Schedule of Trade and Other Payables	Amounts in US$ ‘000 2020 2019 V.A.T 3,453 6,718 Trade payables 63,528 83,991 Payables to LGI (Note 36.6) 3,528 15,000 Staff costs to be paid 13,752 13,219 Royalties to be paid 5,287 6,294 Taxes and other debts to be paid 9,734 6,795 To be paid to co-venturers (Note 34) 5,760 4,803 105,042 136,820 Classified as follows: Current 100,156 131,345 Non-current 4,886 5,475

Share-based payment (Tables)

Share-based payment (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Share Based Payment [Abstract]
Schedule of Share-based Payment	Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table and explanations: Awards at the Awards granted Awards Awards Awards at Charged to net loss / profit Year of issuance beginning in the year forfeited exercised year end 2020 2019 2018 2020 — 443,252 (38,127) — 405,125 1,274 — — 2018 — — — — — — 416 1,662 2016 — — — — — — 50 866 Subtotal — 443,252 (38,127) — 405,125 1,274 466 2,528 Shares granted to Non-Executive Directors — 60,204 — (60,204) — 665 500 450 Executive Directors Bonus 156,497 — — — 156,497 800 800 600 Employees Bonus (a) — 499,614 — (499,614) — — — — VCP 2019 378,053 — — — 378,053 5,705 951 — VCP 2016 1,488,390 — — (1,488,390) — — — 1,868 2,022,940 1,003,070 (38,127) (2,048,208) 939,675 8,444 2,717 5,446 (a) Out of the provision for bonus compensation recorded in 2019, US$ 4,352,000 were paid in shares in 2020.

Interests in Joint operations (

Interests in Joint operations (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Interests in Joint operations [Abstract]
Schedule of Assets, Liabilities and Results of Joint Operations	The following amounts represent the Group’s share in the assets, liabilities and results of the joint operations which have been recognized in the Consolidated Statement of Financial Position and Statement of Income: Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2020 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 212,914 2,834 215,748 (6,829) 208,919 273,077 203,386 Llanos 32 Block 12.5 % 1,484 — 1,484 (273) 1,211 5,885 4,248 Llanos 86 Block 50 % 137 — 137 — 137 — — Llanos 87 Block 50 % 333 — 333 — 333 — — Llanos 94 Block 50 % 42 — 42 (68) (26) — — Llanos 104 Block 50 % 145 — 145 — 145 — — Llanos 123 Block 50 % 248 — 248 — 248 — — Llanos 124 Block 50 % 240 — 240 — 240 — — Petrodorado South America S.A. Sucursal Colombia CPO-5 Block 30 % 218,298 — 218,298 (455) 217,843 29,552 14,398 Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 1,301 — 1,301 (128) 1,173 — — PUT-8 Block 50 % 2,334 — 2,334 — 2,334 — — PUT-9 Block 50 % 924 — 924 — 924 — — PUT-12 Block 60 % 610 — 610 — 610 — — PUT-36 Block 50 % 31 — 31 — 31 — — Tacacho Block 50 % 3,591 — 3,591 — 3,591 — — Terecay Block 50 % 173 — 173 — 173 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,577) (1,577) — (7,532) Campanario Block 50 % — — — (372) (372) — (16,913) Isla Norte Block 60 % — — — (132) (132) — (9,418) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 13,280 15,557 28,837 (11,515) 17,322 12,286 3,339 REC-T‑128 70 % — 1,152 1,152 (52) 1,100 497 (72) POT-T‑785 70 % 79 — 79 — 79 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 107 107 (164) (57) — (289) Los Parlamentos Block 50 % — — — — — — (244) Puelen Block 18 % — 20 20 (106) (86) — (156) Sierra del Nevado Block 18 % — 7 7 (6) 1 — (13) GeoPark Perú S.A.C. Morona 75 % 3,651 607 4,258 (6,622) (2,364) — (36,980) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 409 29 438 (131) 307 — (464) Perico 50 % 397 52 449 (229) 220 — (543) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2019 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 208,156 3,128 211,284 (6,267) 205,017 513,378 398,953 Llanos 32 Block 12.5 % 1,136 — 1,136 (519) 617 6,053 2,791 Llanos 86 Block 50 % 21 — 21 — 21 — — Llanos 87 Block 50 % 40 — 40 — 40 — — Llanos 104 Block 50 % 26 — 26 — 26 — — GeoPark TdF S.p.A. Flamenco Block 50 % 4,623 — 4,623 (1,382) 3,241 — (313) Campanario Block 50 % 16,445 — 16,445 (331) 16,114 — (156) Isla Norte Block 60 % 8,896 — 8,896 (101) 8,795 — (189) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 18,537 18,066 36,603 (15,980) 20,623 22,376 9,263 POT-T‑747 70 % — — — — — — (1,516) REC-T‑128 70 % 3,886 919 4,805 (143) 4,662 674 57 POT-T-785 70 % 125 — 125 — 125 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 274 274 (237) 37 — (15,451) Puelen Block 18 % — 47 47 (41) 6 — (1,959) Sierra del Nevado Block 18 % — 63 63 (79) (16) — (1,705) GeoPark Perú S.A.C. Morona 75 % 8,921 6,862 15,783 (10,161) 5,622 — (4,976) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 199 321 520 (610) (90) — (272) Perico 50 % 304 61 365 (541) (176) — (176) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2018 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 174,895 3,133 178,028 (2,296) 175,732 469,404 347,772 Llanos 32 Block 12.5 % 2,011 — 2,011 (449) 1,562 5,764 623 GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (428) (373) — (46) GeoPark TdF S.A. Flamenco Block 50 % 4,803 — 4,803 (1,173) 3,630 263 (5,647) Campanario Block 50 % 16,477 — 16,477 (278) 16,199 40 (1,008) Isla Norte Block 60 % 8,920 — 8,920 (72) 8,848 7 (778) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 25,741 6,364 32,105 (839) 31,266 30,053 17,963 POT-T‑747 70 % 202 — 202 — 202 — — REC-T-128 70 % 1,398 — 1,398 (648) 750 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 8,577 328 8,905 (577) 8,328 — (922) Puelen Block 18 % 1,881 13 1,894 (246) 1,648 — (159) Sierra del Nevado Block 18 % 995 10 1,005 (91) 914 — (134) GeoPark Perú S.A.C. Morona 75 % 6,446 — 6,446 (7,016) (570) — —

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Commitments [Abstract]
Schedule of Royalty Commitments	Average daily production in barrels Production Royalty rate Up to 5,000 8% 5,000 to 125,000 8% + (production - 5,000) * 0.1 125,000 to 400,000 20% 400,000 to 600,000 20% + (production - 400,000) * 0.025 Greater than 600,000 25%

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Related Parties [Abstract]
Schedule of Controlling Interests	The main shareholders of GeoPark Limited, a company registered in Bermuda, as of December 31, 2020, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,307,416 13.61 % Gerald E. O’Shaughnessy (b) 6,538,220 10.71 % Compass Group LLC (c) 6,043,917 9.90 % Renaissance Technologies LLC (d) 4,112,342 6.74 % Other shareholders 36,027,877 59.03 % 61,029,772 100.00 % (a) Held by GoodRock LLC (formerly known as Energy Holdings, LLC), which is controlled by James F. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 16, 2021. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP, GPK Holdings, The Globe Resources Group, Inc., and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O´Shaughnessy’s most recent Schedule 13G filed with the SEC on February 12, 2021. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 1, 2021. (d) The information set forth above and listed in the table is based solely on the disclosure set forth in Renaissance’s most recent Schedule 13G filed with the SEC on February 11, 2021.
Schedule of Balances Outstanding and Transactions with Related Parties	Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$ ´000) in the year end Related Party Relationship 2020 To be recovered from co-venturers — 2,236 Joint Operations Joint Operations To be paid to co-venturers — (5,760) Joint Operations Joint Operations Geological and geophysical expenses 130 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 561 — Pedro E. Aylwin Executive Director (b) 2019 To be recovered from co-venturers — 1,035 Joint Operations Joint Operations To be paid to co-venturers — (4,803) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 581 — Pedro E. Aylwin Executive Director (b) 2018 To be recovered from co-venturers — 1,819 Joint Operations Joint Operations To be paid to co-venturers — (8,449) Joint Operations Joint Operations Financial results 1,606 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 547 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. (b) Corresponding to wages and salaries for US$ 336,000 (US$ 390,000 in 2019 and US$ 417,000 in 2018) and bonus for US$ 225,000 (US$ 191,000 in 2019 and US$ 130,000 in 2018).

Auditors Fees (Tables)

Auditors Fees (Tables)	12 Months Ended
	Dec. 31, 2020
Auditor's remuneration [abstract]
Schedule of Fees Paid to Auditors	Amounts in US$‘000 2020 2019 2018 Audit fees 926 763 797 Audit related fees — 510 — Tax services fees 35 165 209 Non-audit services fees — 5 — Total Auditors Fees 961 1,443 1,006

Business transactions (Tables)

Business transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Business transactions [Abstract]
Summary of Combined Consideration Paid for the Acquisition of Amerisur	Amounts in US$‘000 Total Cash 314,163 Total consideration 314,163 Property, plant and equipment (including mineral interest) 276,988 Right-of-use assets 16,674 Deferred income tax asset 4,071 Prepayments and other receivables 30,024 Trade receivables 5,964 Inventories 4,128 Other assets 5,991 Cash and cash equivalents 41,828 Lease liabilities (17,851) Provision for other long-term liabilities (16,519) Current income tax liability (3,426) Trade and other payables (33,709) Total identifiable net assets 314,163
Summary of Assets and Liabilities related to Sale of La Cuerva and Yamu Blocks	Amounts in US$‘000 Total Advance Payment 9,000 Final payment (including working capital adjustment) 7,066 Total consideration 16,066 Assets held for sale 23,211 Liabilities associated with assets held for sale (9,447) Other net current assets 2,416 Total identifiable net assets 16,180 Result of the transaction recognized in the Condensed Consolidated Statement of Income (114)

Impairment test on Property, _2

Impairment test on Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of impairment of assets [Abstract]
Schedule of Oil Price Scenarios Used in Impairment Testing	Table Oil price scenarios (a): Amounts in US$ per Bbl. Weighted market price used for the Year Low price (15%) Middle price (60%) High price (25%) impairment test 2021 45.1 50.1 55.1 50.6 2022 48.8 54.3 59.7 54.8 2023 50.9 56.6 62.2 57.1 2024 52.9 58.8 64.6 59.3 Over 2025 53.9 59.9 65.9 60.5 (a) The percentages indicated between brackets represent the Group estimation regarding each price scenario
Schedule of Amounts of Impairment Loss Reversed (Recognized)	Amounts in US$‘000 2020 2019 2018 Colombia (a) — — 11,531 Chile (b) (81,967) — (6,549) Brazil (c) (1,717) — — Argentina (d) (16,205) (7,559) — Peru (e) (33,975) — — (133,864) (7,559) 4,982 (a) Reversal of previously recognized impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2.1). (b) Recognition of impairment loss in the Fell Block in 2020 due to the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production and in the TdF’s blocks in 2018 due to the termination of the sales agreement with no expected renovation. (c) Recognition of impairment loss in the REC-T-128 Block due to the fair value less cost to sale determined in the context of the farm-out process described in Note 36.3.2. (d) Recognition of impairment loss in the Aguada Baguales and El Porvenir Blocks in 2020 due to the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production, which also led to reduced estimates of the quantities of hydrocarbons recoverable, and in the CN-V Block in 2019 for the total amount capitalized in the block due to a negative revision of reserves. (e) Recognition of impairment loss in the Morona Block due to the situation described in Note 36.5.1.

Supplemental information on o_2

Supplemental information on oil and gas activities (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Supplemental information on oil and gas activities [Abstract]
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development	Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2020 Acquisition of properties Proved 202,913 — — — — 202,913 Unproved 73,310 — — — — 73,310 Total property acquisition 276,223 — — — — 276,223 Exploration 19,142 9,447 668 694 — 29,951 Development 51,793 3,580 412 (3,855) — 51,930 Total costs incurred 70,935 13,027 1,080 (3,161) — 81,881 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2019 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 22,008 8,483 5,219 4,116 — 39,826 Development 68,818 2,611 143 25,109 14,408 111,089 Total costs incurred 90,826 11,094 5,362 29,225 14,408 150,915 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2018 Acquisition of properties Proved — — — 54,541 — 54,541 Unproved — — — — — — Total property acquisition — — — 54,541 — 54,541 Exploration 34,242 6,221 3,217 9,383 1,269 54,332 Development 65,174 3,033 (2,220) 1,836 8,385 76,208 Total costs incurred 99,416 9,254 997 11,219 9,654 130,540
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities	The following table presents the capitalized costs as at December 31, 2020, 2019 and 2018, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2020 Proved properties (a) Equipment, camps and other facilities 115,577 74,363 3,580 4,309 197,829 Mineral interest and wells 511,040 348,366 47,729 61,482 968,617 Other uncompleted projects (b) 13,048 2,158 245 26 15,477 Unproved properties 77,388 — 432 — 77,820 Gross capitalized costs 717,053 424,887 51,986 65,817 1,259,743 Accumulated depreciation (228,929) (345,611) (38,273) (45,619) (658,432) Total net capitalized costs 488,124 79,276 13,713 20,198 601,311 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000, US$ 16,205,000 and US$ 1,717,000, respectively. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2019 Proved properties (a) Equipment, camps and other facilities 79,999 84,069 4,615 3,824 172,507 Mineral interest and wells 282,973 402,392 64,179 81,393 830,937 Other uncompleted projects (b) 19,754 11,984 209 765 32,712 Unproved properties 567 45,681 1,788 — 48,036 Gross capitalized costs 383,293 544,126 70,791 85,982 1,084,192 Accumulated depreciation (172,207) (313,379) (46,370) (30,897) (562,853) Total net capitalized costs 211,086 230,747 24,421 55,085 521,339 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Argentina for US$ 7,559,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2018 Proved properties (a) Equipment, camps and other facilities 83,023 81,459 5,154 2,458 172,094 Mineral interest and wells 189,514 400,338 63,574 64,084 717,510 Other uncompleted projects (b) 24,061 12,233 — 1,836 38,130 Unproved properties 1,676 41,162 7,073 10,081 59,992 Gross capitalized costs 298,274 535,192 75,801 78,459 987,726 Accumulated depreciation (122,479) (281,062) (43,158) (16,363) (463,062) Total net capitalized costs 175,795 254,130 32,643 62,096 524,664 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$ 11,531,000. (b) Do not include Peru capitalized costs.
Schedule of Results of Operations for Oil and Gas Producing Activities	The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2020, 2019 and 2018. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2020 Revenue 334,606 21,704 12,783 24,599 393,692 Production costs, excluding depreciation Operating costs (61,866) (9,491) (2,827) (15,013) (89,197) Royalties (30,453) (753) (1,049) (3,620) (35,875) Total production costs (92,319) (10,244) (3,876) (18,633) (125,072) Exploration expenses (a) (12,493) (50,301) (1,000) (694) (64,488) Accretion expense (b) (670) (1,358) (867) (1,381) (4,276) Impairment loss for non-financial assets — (81,967) (1,717) (16,205) (99,889) Depreciation, depletion and amortization (56,720) (32,233) (2,488) (14,723) (106,164) Results of operations before income tax 172,404 (154,399) 2,835 (27,037) (6,197) Income tax benefit (expense) (55,169) 23,160 (964) 8,112 (24,861) Results of oil and gas operations 117,235 (131,239) 1,871 (18,925) (31,058) Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2019 Revenue 538,917 32,336 23,049 34,605 628,907 Production costs, excluding depreciation Operating costs (60,545) (18,608) (4,098) (21,137) (104,388) Royalties (56,399) (1,181) (1,855) (5,141) (64,576) Total production costs (116,944) (19,789) (5,953) (26,278) (168,964) Exploration expenses (a) (10,921) (126) (6,152) (13,947) (31,146) Accretion expense (b) (813) (1,283) (832) (722) (3,650) Impairment loss reversal for non-financial assets — — — (7,559) (7,559) Depreciation, depletion and amortization (44,906) (34,344) (6,200) (14,534) (99,984) Results of operations before income tax 365,333 (23,206) 3,912 (28,435) 317,604 Income tax benefit (expense) (120,585) 3,481 (1,330) 8,530 (109,904) Results of oil and gas operations 244,748 (19,725) 2,582 (19,905) 207,700 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2018 Revenue 497,870 37,359 30,053 35,879 601,161 Production costs, excluding depreciation Operating costs (55,823) (20,426) (5,965) (20,210) (102,424) Royalties (62,710) (1,473) (2,820) (4,833) (71,836) Total production costs (118,533) (21,899) (8,785) (25,043) (174,260) Exploration expenses (a) (23,953) (6,855) (2,846) (2,277) (35,931) Accretion expense (b) (892) (1,105) (918) (508) (3,423) Impairment loss reversal for non-financial assets 11,531 (6,549) — — 4,982 Depreciation, depletion and amortization (41,850) (27,298) (10,278) (10,662) (90,088) Results of operations before income tax 324,173 (26,347) 7,226 (2,611) 302,441 Income tax benefit (expense) (119,944) 3,952 (2,457) 783 (117,666) Results of oil and gas operations 204,229 (22,395) 4,769 (1,828) 184,775 (a) Do not include Peru costs. (b) Represents accretion of ARO and other environmental liabilities.
Schedule of Reserve Quantity Information	The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2020, 2019, 2018 and 2017 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2020 As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 Oil and Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 43,817.0 1,695.0 39,397.0 2,319.0 32,326.0 1,763.0 21,101.0 — Chile (b) 798.0 19,054.0 898.0 14,406.0 696.0 11,944.0 720.0 8,688.0 Brazil (c) 34.0 13,927.0 48.0 14,872.0 55.0 17,339.0 76.0 23,821.0 Argentina (d) 1,685.0 5,599.0 1,658.0 5,785.0 2,058.0 6,207.0 — — Peru (e) — — — — — — 9,502.0 — Total consolidated 46,334.0 40,275.0 42,001.0 37,382.0 35,135.0 37,253.0 31,399.0 32,509.0 Net proved undeveloped Colombia (f) 45,240.0 — 51,212.0 — 42,449.0 359.0 44,398.0 — Chile (g) 1,229.0 5,661.0 2,809.0 6,413.0 2,622.0 8,823.0 3,423.0 11,329.0 Argentina (h) 104.0 — 1,370.0 450.0 1,440.0 3,174.0 — — Peru (e) — — 19,210.0 — 18,460.0 — 9,215.0 — Total consolidated 46,573.0 5,661.0 74,601.0 6,863.0 64,971.0 12,356.0 57,036.0 11,329.0 Total proved reserves 92,907.0 45,936.0 116,602.0 44,245.0 100,106.0 49,609.0 88,435.0 43,838.0 (a) Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86%, 8%, 3% and 3% (Llanos 34 Block and Llanos 32 Block account for 97% and 3% in 2019, Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% (Fell Block accounts for 100% in 2019 and 2018, Fell Block and Flamenco Block account for 98% and 2% in 2017) of the proved developed reserves, respectively. (c) BCAM‑40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 50%, 26% and 24% (Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 49%, 30% and 21% in 2019 and 48%, 33% and 19% in 2018) of the proved developed reserves, respectively. (e) Morona Block accounts for 100% of the reserves. (f) Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91%, 5% and 4% (Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019, Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017) of the proved undeveloped reserves, respectively. (g) Fell Block accounts for 100% (Fell Block accounts for 100% in 2019 and 2018, Fell Block and Flamenco Block account for 97% and 3% in 2017) of the proved undeveloped reserves, respectively. (h) Aguada Baguales Block accounts for 100% (Aguada Baguales Block accounts for 100% in 2019, Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped reserves, respectively.
Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas	Net proved reserves (developed and undeveloped) of oil and condensate: Thousands of barrels Colombia Chile Brazil Argentina Peru Total Reserves as of December 31, 2017 65,499.0 4,143.0 76.0 — 18,717.0 88,435.0 Increase (decrease) attributable to: Revisions (a) 9,826.0 (586.0) (6.0) — (257.0) 8,977.0 Extensions and discoveries (b) 8,839.0 41.0 — — — 8,880.0 Purchase of Minerals in place (c) — — — 3,968.0 — 3,968.0 Production (9,389.0) (280.0) (15.0) (470.0) — (10,154.0) Reserves as of December 31, 2018 74,775.0 3,318.0 55.0 3,498.0 18,460.0 100,106.0 Increase (decrease) attributable to: Revisions (d) 18,341.0 541.0 4.0 95.0 750.0 19,731.0 Extensions and discoveries (e) 8,071.0 36.0 — — — 8,107.0 Production (10,578.0) (188.0) (11.0) (565.0) — (11,342.0) Reserves as of December 31, 2019 90,609.0 3,707.0 48.0 3,028.0 19,210.0 116,602.0 Increase (decrease) attributable to: Revisions (f) (1,964.0) (1,825.0) (7.0) (734.0) — (4,530.0) Extensions and discoveries (g) 4,545.0 279.0 — — — 4,824.0 Purchase or (Sales) of Minerals in place (h) 6,853.0 — — — (19,210.0) (12,357.0) Production (10,986.0) (134.0) (7.0) (505.0) — (11,632.0) Reserves as of December 31, 2020 89,057.0 2,027.0 34.0 1,789.0 — 92,907.0 (a) For the year ended December 31, 2018, the Group’s oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were: - - - (b) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block. (c) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. (d) For the year ended December 31, 2019, the Group’s oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were: - A technical revision of the expected results of future wells in Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl . - Better than expected performance from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance of the Aguada Baguales Field wells ; and in Chile (0.3 mmbbl) mostly in Yagan Norte, Konawentru, Alakaluf and Yagan Fields. - An updated geological model for the Situche Field in Morona Block originated a new estimation of the proved original oil in place volumes that increment the proved undevelop reserves of the block in 0.7 mmbbl . - Such increase was partially offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and Argentina, respectively. - There were also better well types consider for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccessful well. (e) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in Llanos 34 Block and Azogue field discovery in Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field. (f) For the year ended December 31, 2020, the Group’s oil and condensate proved reserves were revised downward by 4.5 mmbbl. The primary factors leading to the above were: - Lower average oil prices resulted in a 4.2 mmbbl, 1.1 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia, Argentina and Chile, respectively. - A reduction of 1.6 mmbbl in Chile due to the revision of the type well in Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl associated to revision of the type of well in Aguada Baguales fields. - Lower than expected performance from the existing wells in Colombia that reduced the proved developed reserves from the Jacana, Tigana and Tigui fields (2.8 mmbbl). - Such decrease was partially offset by a better performance of proved undeveloped reserves in Colombia (5.1 mmbbl) originated by a new estimation of original oil in place and better type wells considered in Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells. (g) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to Jauke Field discovery in Fell Block. (h) Purchase of Minerals in place refers to the CPO-5 and Platanillo Blocks acquisition during 2020 in Colombia. The reduction in Peru is due to the decision to retire from the Morona Block (see Note 36.5.1). Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2017 — 20,017.0 23,821.0 — 43,838.0 Increase (decrease) attributable to: Revisions (a) — 544.0 (679.0) — (135.0) Extensions and discoveries (b) 2,122.0 3,909.0 — — 6,031.0 Purchase of Minerals in place (c) — — — 10,452.0 10,452.0 Production — (3,703.0) (5,803.0) (1,071.0) (10,577.0) Reserves as of December 31, 2018 2,122.0 20,767.0 17,339.0 9,381.0 49,609.0 Increase (decrease) attributable to: Revisions (d) 621.0 (167.0) 1,812.0 (1,791.0) 475.0 Extensions and discoveries (e) 295.0 5,386.0 — — 5,681.0 Production (719.0) (5,167.0) (4,279.0) (1,355.0) (11,520.0) Reserves as of December 31, 2019 2,319.0 20,819.0 14,872.0 6,235.0 44,245.0 Increase (decrease) attributable to: Revisions (f) (211.0) (385.0) 1,840.0 889.0 2,133.0 Extensions and discoveries (g) — 10,456.0 — — 10,456.0 Production (413.0) (6,175.0) (2,785.0) (1,525.0) (10,898.0) Reserves as of December 31, 2020 1,695.0 24,715.0 13,927.0 5,599.0 45,936.0 (a) For the year ended December 31, 2018, the Group’s proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of: - Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet). - Lower than expected performance from existing wells in BCAM‑40 Block, resulting in a decrease of 0.7 billion cubic feet. - The above was partially offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile. (b) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia. (c) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. (d) For the year ended December 31, 2019, the Group’s proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to Pampa Larga, Ache and Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in Manati Field; Colombia (0.6 billion cubic feet) due to a better performance of Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performance of wells in Aguada Baguales. The above was partially offset by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in Challaco Bajo Field. Lower average prices resulted in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina (e) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos 32 Block, in Colombia. (f) For the year ended December 31, 2020, the Group’s proved natural gas reserves were revised upwards by 2.1 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to Jauke and Ache Fields, in Brazil (3.0 billion cubic feet) associated to new gas sales plateau in 2021 and forward which leads to better-than-expected performance of Manati Field and in Argentina (1.9 billion cubic feet) due to better performance of the Puesto Touquet and El Porvenir Blocks. - The above was partially offset by lower-than-expected performance of proved undeveloped reserves in Chile (5.8 billion cubic feet) due to revisions of the type of well in Pampa Larga Field. - Lower average prices resulted in a decrease of 2.5 billion cubic feet, 1.2 billion cubic feet and 1.2 billion cubic feet reduction in gas reserves in Chile, Brazil and Argentina, respectively. (g) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile.
Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves	Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total At December 31, 2020 Future cash inflows 2,561,947 130,200 68,857 83,125 — 2,844,129 Future production costs (850,029) (82,290) (36,254) (65,536) — (1,034,109) Future development costs (197,859) (28,620) (2,355) (24,640) — (253,474) Future income taxes (409,276) — (327) — — (409,603) Undiscounted future net cash flows 1,104,783 19,290 29,921 (7,051) — 1,146,943 10% annual discount (345,550) (2,258) (4,543) 7,032 — (345,319) Standardized measure of discounted future net cash flows 759,233 17,032 25,378 (19) — 801,624 At December 31, 2019 Future cash inflows 4,323,914 294,202 86,191 187,064 1,255,239 6,146,610 Future production costs (1,159,621) (104,688) (32,608) (118,797) (512,607) (1,928,321) Future development costs (276,804) (35,420) (2,166) (49,595) (278,388) (642,373) Future income taxes (858,700) (5,594) (1,409) (2,251) (143,416) (1,011,370) Undiscounted future net cash flows 2,028,789 148,500 50,008 16,421 320,828 2,564,546 10% annual discount (715,217) (44,277) (6,626) (5,080) (199,611) (970,811) Standardized measure of discounted future net cash flows 1,313,572 104,223 43,382 11,341 121,217 1,593,735 At December 31, 2018 Future cash inflows 4,059,619 317,437 102,104 277,429 1,352,159 6,108,748 Future production costs (983,782) (156,724) (49,255) (173,053) (441,801) (1,804,615) Future development costs (207,630) (39,360) (3,752) (54,400) (293,468) (598,610) Future income taxes (848,519) (2,515) (2,231) (6,610) (189,922) (1,049,797) Undiscounted future net cash flows 2,019,688 118,838 46,866 43,366 426,968 2,655,726 10% annual discount (640,625) (29,008) (5,317) (8,499) (188,435) (871,884) Standardized measure of discounted future net cash flows 1,379,063 89,830 41,549 34,867 238,533 1,783,842
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves	Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Present value at December 31, 2017 814,002 75,239 69,957 — 90,534 1,049,732 Sales of hydrocarbon, net of production costs (380,829) (18,923) (24,781) (21,243) — (445,776) Net changes in sales price and production costs 397,064 16,093 (15,170) — 191,288 589,275 Changes in estimated future development costs (18,632) 413 (1,426) — 9,611 (10,034) Extensions and discoveries less related costs 271,933 12,323 — — — 284,256 Development costs incurred 85,880 2,980 — 737 — 89,597 Revisions of previous quantity estimates 257,540 (4,517) (1,879) — (7,098) 244,046 Purchase of Minerals in place — — — 55,373 — 55,373 Net changes in income taxes (185,118) (1,368) 6,808 — (65,585) (245,263) Accretion of discount 137,223 7,590 8,040 — 19,783 172,636 Present value at December 31, 2018 1,379,063 89,830 41,549 34,867 238,533 1,783,842 Sales of hydrocarbon, net of production costs (411,528) (14,284) (17,289) (13,280) — (456,381) Net changes in sales price and production costs (299,642) 12,799 6,923 (20,694) (48,823) (349,437) Changes in estimated future development costs (268,377) (22,163) 1,165 573 (175,248) (464,050) Extensions and discoveries less related costs 182,857 17,300 — — — 200,157 Development costs incurred 69,694 4,023 445 4,325 — 78,487 Revisions of previous quantity estimates 415,349 9,508 5,482 (2,358) 11,992 439,973 Purchase of Minerals in place — — — — — — Net changes in income taxes 23,398 (2,025) 729 3,760 51,917 77,779 Accretion of discount 222,758 9,235 4,378 4,148 42,846 283,365 Present value at December 31, 2019 1,313,572 104,223 43,382 11,341 121,217 1,593,735 Sales of hydrocarbon, net of production costs (221,620) (12,803) 8,080 (10,454) — (236,797) Net changes in sales price and production costs (975,716) (117,895) (14,580) (113) — (1,108,304) Changes in estimated future development costs 514,317 20,870 (19,606) (2,587) — 512,994 Extensions and discoveries less related costs 59,898 13,914 — — — 73,812 Development costs incurred 69,694 10,743 394 445 — 81,276 Revisions of previous quantity estimates (27,190) (13,002) 3,519 (10) — (36,683) Purchase or (Sales) of Minerals in place 90,315 — — — (121,217) (30,902) Net changes in income taxes (281,264) — (290) — — (281,554) Accretion of discount 217,227 10,982 4,479 1,359 — 234,047 Present value at December 31, 2020 759,233 17,032 25,378 (19) — 801,624

General Information (Narrative)

General Information (Narrative) (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Apr. 30, 2020$ / bblMMBbls	Aug. 31, 2020USD ($)	Dec. 31, 2020USD ($)$ / bblMMBbls	Dec. 31, 2019installment	Mar. 01, 2020$ / bbl
Disclosure of general information [line items]
Price per Barrels of oil | $ / bbl	16		30		50
Volume of oil output cut | MMBbls	9.7
Capital Expenditure Reduction Percent			60.00%
Cost Savings in Reduced Workforce		$ 3,949,000
Colombia [Member]
Disclosure of general information [line items]
Number of Installments, Income Tax Liability Payment, COVID 19 | installment				12
Minimum
Disclosure of general information [line items]
Oil output cut due to demand destruction | MMBbls			3
Adjusted capital expenditures			$ 65,000,000
Capital Expenditure Preliminary Estimated Amount			$ 180,000,000
Maximum
Disclosure of general information [line items]
Oil output cut due to demand destruction | MMBbls			5
Adjusted capital expenditures			$ 75,000,000
Capital Expenditure Preliminary Estimated Amount			$ 200,000,000

Summary of significant accoun_3

Summary of significant accounting policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020	Dec. 31, 2017	Sep. 30, 2017
Disclosure summary of significant accounting policies [Line Items]
Notional amount				$ 350,000,000		$ 425,000,000
Cash and cash equivalents	$ 201,907,000	$ 111,180,000	$ 127,727,000		$ 134,755,000
Percentage of debt maturing in more than five years	97.00%
Capitalisation rate of borrowing costs eligible for capitalisation		6.90%	6.90%
Borrowing costs capitalised	$ 0	$ 367,000	$ 258,000
Write-off of Unsuccessful Exploration Efforts	52,652,000	18,290,000	26,389,000
Impairment loss	$ 133,864,000	$ 7,559,000
Net Reversal Of Impairment Loss			$ 4,982,000
Maximum
Disclosure summary of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Period of lease term	7 years
Minimum
Disclosure summary of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Period of lease term	1 year

Financial Instruments-risk ma_3

Financial Instruments-risk management (Schedule of Gearing Ratios) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Financial Instruments risk Management [Abstract]
Net Debt	$ 582,679	$ 326,239
Total Equity	(109,190)	132,885	$ 143,021	$ 126,840
Capital	$ 473,489	$ 459,124
Gearing Ratio	123.00%	71.00%

Financial Instruments-risk ma_4

Financial Instruments-risk management (Narrative) (Details)

1 Months Ended

12 Months Ended

Jan. 31, 2020USD ($)

Dec. 31, 2020USD ($)$ / bblitemcustomer

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Sep. 30, 2020BRL (R$)

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)

Apr. 30, 2020$ / bbl

Mar. 01, 2020$ / bbl

Dec. 31, 2019GBP (£)

Dec. 31, 2019USD ($)

Oct. 31, 2018BRL (R$)

Oct. 31, 2018USD ($)

Sep. 30, 2017USD ($)

Disclosure Of Financial Instruments-risk management [Line Items]

Adjustments for gains (losses) on change in fair value of derivatives

$ 83,700,000

$ 92,050,000

Foreign exchange gain (loss)

$ (13,008,000)

$ (2,446,000)

$ (11,323,000)

Percentage of debt maturing in more than five years

97.00%

Notional amount

$ 350,000,000

$ 425,000,000

Borrowings

$ 784,586,000

$ 437,419,000

Borrowings, maturity

September 21, 2024

Gearing Ratio

123.00%

71.00%

Price per Barrels of oil | $ / bbl

30

16

50

Banco Santander [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings

$ 3,736,000

R$ 19410000

$ 3,441,000

$ 9,607,000

R$ 77640000

$ 20,000,000

2027 Notes [Member] | Issuance of Notes [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Notional amount

$ 350,000,000

Borrowings, interest rate

5.50%

Percentage of price of borrowings

99.285%

Yield

5.625%

Amerisur Resources Limited [Member] | Cash flow hedges [member]

Disclosure Of Financial Instruments-risk management [Line Items]

Notional amount | £

£ 241,682,496

Local Customers [Member] | Neuquen Basin [Member] | Argentina [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

4.00%

Percentage Of Entity's Production Sold To Customer Type

68.00%

Major Refineries [Member] | Neuquen Basin [Member] | Argentina [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

2.00%

Percentage Of Entity's Production Sold To Customer Type

32.00%

Local Customers and Petrobras Brazil [Member] | Maximum | Brazil [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

1.00%

1.00%

Fixed interest rate [member] | 2024 Notes [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings, interest rate

6.50%

Fixed interest rate [member] | 2027 Notes [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings, interest rate

5.50%

Currency risk [member]

Disclosure Of Financial Instruments-risk management [Line Items]

Description Of Currency Devaluation Effect On Post Tax Loss

If the Colombian Peso, the Chilean Peso, the Argentine Peso and the Peruvian Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax loss for the year would have been lower by US$ 9,057,000 (post-tax profit lower by US$ 645,000 in 2019 and US$ 57,000 in 2018).

Currency risk [member] | Argentine Peso [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Currency Devaluation Percentage Against Dollar

41.00%

59.00%

102.00%

Currency risk [member] | Chilean Peso [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Currency Devaluation Percentage Against Dollar

8.00%

Currency Revaluation Percentage Against Dollar

5.00%

13.00%

Currency risk [member] | Colombian Peso [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Currency Devaluation Percentage Against Dollar

5.00%

1.00%

Currency Revaluation Percentage Against Dollar

9.00%

Currency risk [member] | Brazilian Real [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Currency Devaluation Percentage Against Dollar

29.00%

4.00%

17.00%

Description Of Currency Devaluation Effect On Post Tax Loss

If the Brazilian Real had devalued 10% against the US dollar, with all other variables held constant, post-tax loss for the year would have been higher by US$ 909,000 (post-tax profit lower by US$ 927,000 in 2019 and post-tax profit lower by US$ 515,000 in 2018).

Foreign exchange gain (loss)

$ (4,205,000)

$ (664,000)

$ 5,862,000

Currency risk [member] | Peruvian Peso [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Currency Devaluation Percentage Against Dollar

9.00%

4.00%

Currency Revaluation Percentage Against Dollar

2.00%

Liquidity risk [member]

Disclosure Of Financial Instruments-risk management [Line Items]

Cash

$ 201,907,000

Percentage of debt maturing in more than five years

97.00%

Barrels of oil equivalent per day in production at year end | item

40,000

Liquidity risk [member] | Trafigura [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Available credit line

$ 75,000,000

Commodity price risk [member]

Disclosure Of Financial Instruments-risk management [Line Items]

Description of fluctuation in price levels

If oil and methanol prices had fallen by 10% compared to actual prices during the year, with all other variables held constant, considering the impact of the derivative contracts in place, post-tax loss for the year would have been higher by US$ 21,014,000 (post-tax profit lower by US$ 38,340,000 in 2019 and US$ 13,709,000 in 2018).

Interest Rate Risk [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings

$ 3,736,000

Percentage of borrowings bearing variable interest rate

0.50%

Interest Rate Risk [Member] | Fixed interest rate [member] | 2024 Notes [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings

$ 425,000,000

Interest Rate Risk [Member] | Fixed interest rate [member] | 2027 Notes [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Borrowings

$ 350,000,000

Credit Risk [Member] | Minimum

Disclosure Of Financial Instruments-risk management [Line Items]

Gearing Ratio

60.00%

60.00%

60.00%

Credit Risk [Member] | Maximum

Disclosure Of Financial Instruments-risk management [Line Items]

Gearing Ratio

80.00%

80.00%

80.00%

Credit Risk [Member] | ENAP [Member] | Chile [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

1.00%

2.00%

3.00%

Credit Risk [Member] | Methanex Chile SpA [Member] | Chile [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

4.00%

3.00%

3.00%

Credit Risk [Member] | Petrobras Brazil [Member] | Brazil [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

3.00%

4.00%

5.00%

Credit Risk [Member] | Grupo Albanesi [Member] | Argentina [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

1.00%

Credit Risk [Member] | Three Clients [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Percentage of entity's revenue

83.00%

Credit Risk [Member] | Three Clients [Member] | Colombian subsidiary [Member]

Disclosure Of Financial Instruments-risk management [Line Items]

Concentration risk, number of customers | customer

3

Percentage of entity's revenue

98.00%

Consolidated Statement of Cas_4

Consolidated Statement of Cash Flow (Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Consolidated Statement Of Cash Flow [Abstract]
(Decrease) Increase in asset retirement obligation	$ (1,812)	$ 13,299	$ (4,355)
(Decrease) Increase in provisions for other long-term liabilities	$ (1,051)	1,867	(60)
Purchase of property, plant and equipment		$ (733)	$ 1,100

Consolidated Statement of Cas_5

Consolidated Statement of Cash Flow (Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Consolidated Statement Of Cash Flow [Abstract]
Decrease (Increase) in Inventories	$ 1,220	$ (1,675)	$ 511
Decrease (Increase) in Trade receivables	3,190	(27,839)	3,423
Decrease (Increase) in Prepayments and other receivables and Other assets	38,742	(27,547)	(36,061)
Customer advance repayments			(10,000)
Security deposit utilised			15,600
(Decrease) Increase in Trade and other payables	(48,392)	11,964	20,169
Increase (decrease) in working capital	$ (5,240)	$ (45,097)	$ (6,358)

Consolidated Statement of Cas_6

Consolidated Statement of Cash Flow - Movements in the borrowings, lease liabilities and payables to related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	$ 450,662	$ 447,002	$ 457,388
Proceeds from borrowings	350,000	0	36,017
Debt issuance costs paid	(7,507)	0	0
Initial recognition of lease liabilities		14,610
Acquisitions (Note 36.1)	17,851
Addition to lease liabilities	561	2,496
Accrual of borrowing's interests	48,232	29,940	30,444
Exchange difference	466	571	4,331
Foreign currency translation	(4,030)	(632)	(5,624)
Unwinding of discount	1,247	419
Principal paid	(3,575)	(9,790)	(15,073)
Interest paid	(37,594)	(29,099)	(27,695)
Payment to related parties			(32,786)
Lease payments	(9,380)	(4,855)	0
Balances at end of period	806,933	450,662	447,002
Borrowing [Member]
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	437,419	447,002	426,204
Proceeds from borrowings	350,000		36,017
Debt issuance costs paid	(7,507)
Accrual of borrowing's interests	48,232	29,940	28,842
Exchange difference		5	(2)
Foreign currency translation	(2,389)	(639)	(1,291)
Principal paid	(3,575)	(9,790)	(15,073)
Interest paid	(37,594)	(29,099)	(27,695)
Balances at end of period	784,586	437,419	447,002
Lease liabilities [member]
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	13,243
Initial recognition of lease liabilities		14,610
Acquisitions (Note 36.1)	17,851
Addition to lease liabilities	561	2,496
Exchange difference	466	566
Foreign currency translation	(1,641)	7
Unwinding of discount	1,247	419
Lease payments	(9,380)	(4,855)
Balances at end of period	$ 22,347	$ 13,243
Payables to related parties [member]
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period			31,184
Accrual of borrowing's interests			1,602
Exchange difference			4,333
Foreign currency translation			(4,333)
Payment to related parties			$ (32,786)

Segment information (Schedule o

Segment information (Schedule of Segment Information by Segment Areas (Geographical Segments) (Details) item in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Disclosure of Segment information [Line Items]
Revenue	$ 393,692,000	$ 628,907,000	$ 601,161,000
Sale of crude oil	359,640,000	579,030,000	545,490,000
Sale of gas	34,052,000	49,877,000	55,671,000
Royalties	(35,875,000)	(64,576,000)	(71,836,000)
Share-based payment	(8,444,000)	(2,717,000)	(5,446,000)
Operating profit (loss)	(110,663,000)	210,675,000	256,492,000
Depreciation	(118,073,000)	(105,532,000)	(92,240,000)
Impairment loss (recognized) reversed for non-financial assets	(133,864,000)	(7,559,000)	4,982,000
Write-off of unsuccessful exploration efforts	(52,652,000)	(18,290,000)	$ (26,389,000)
Total assets	$ 960,266,000	$ 852,132,000
Employees at year end | item	437	439	457
Other Segments [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 393,692,000	$ 628,907,000	$ 601,161,000
Sale of crude oil	359,640,000	579,030,000	545,490,000
Sale of gas	34,052,000	49,877,000	55,671,000
Realized loss on commodity risk management contracts	21,059,000	3,888,000	(26,098,000)
Production and operating costs	(125,072,000)	(168,964,000)	(174,260,000)
Royalties	(35,875,000)	(64,576,000)	(71,836,000)
Share-based payment	(528,000)	(329,000)	(878,000)
Other operating costs	(88,669,000)	(104,059,000)	(101,546,000)
Operating profit (loss)	(110,663,000)	210,675,000	256,492,000
Operating netback	276,395,000	447,084,000	397,658,000
Adjusted EBITDA	217,531,000	363,335,000	330,556,000
Depreciation	(118,073,000)	(105,532,000)	(92,240,000)
Impairment loss (recognized) reversed for non-financial assets	(133,864,000)	(7,559,000)	4,982,000
Write-off of unsuccessful exploration efforts	(52,652,000)	(18,290,000)	(26,389,000)
Total assets	$ 960,266,000	$ 852,132,000	$ 862,660,000
Employees (average) | item	447	461	445
Employees at year end | item	437	439	457
Chile [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 21,704,000	$ 32,336,000	$ 37,359,000
Sale of crude oil	5,103,000	10,551,000	17,402,000
Sale of gas	16,601,000	21,785,000	19,957,000
Realized loss on commodity risk management contracts	0	0	0
Production and operating costs	(10,244,000)	(19,789,000)	(21,899,000)
Royalties	(753,000)	(1,181,000)	(1,473,000)
Share-based payment	(94,000)	(31,000)	(226,000)
Other operating costs	(9,397,000)	(18,577,000)	(20,200,000)
Operating profit (loss)	(158,619,000)	(26,869,000)	(29,139,000)
Operating netback	11,259,000	12,218,000	15,153,000
Adjusted EBITDA	8,148,000	8,310,000	8,784,000
Depreciation	(33,571,000)	(34,826,000)	(28,203,000)
Impairment loss (recognized) reversed for non-financial assets	(81,967,000)	0	(6,549,000)
Write-off of unsuccessful exploration efforts	(50,167,000)	0	(6,121,000)
Total assets	$ 101,742,000	$ 249,207,000	$ 276,449,000
Employees (average) | item	68	89	101
Employees at year end | item	57	77	100
Brazil [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 12,783,000	$ 23,049,000	$ 30,053,000
Sale of crude oil	891,000	1,469,000	1,198,000
Sale of gas	11,892,000	21,580,000	28,855,000
Realized loss on commodity risk management contracts	0	0	0
Production and operating costs	(3,876,000)	(5,953,000)	(8,785,000)
Royalties	(1,049,000)	(1,855,000)	(2,820,000)
Share-based payment	0	(29,000)	(37,000)
Other operating costs	(2,827,000)	(4,069,000)	(5,928,000)
Operating profit (loss)	1,215,000	1,750,000	4,370,000
Operating netback	6,833,000	15,055,000	21,306,000
Adjusted EBITDA	4,784,000	11,750,000	17,908,000
Depreciation	(3,732,000)	(7,445,000)	(10,395,000)
Impairment loss (recognized) reversed for non-financial assets	(1,717,000)	0	0
Write-off of unsuccessful exploration efforts	(536,000)	(5,120,000)	(2,020,000)
Total assets	$ 38,172,000	$ 68,480,000	$ 70,424,000
Employees (average) | item	11	13	12
Employees at year end | item	5	13	12
Colombia [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 334,606,000	$ 538,917,000	$ 497,870,000
Sale of crude oil	332,461,000	536,986,000	496,341,000
Sale of gas	2,145,000	1,931,000	1,529,000
Realized loss on commodity risk management contracts	21,059,000	3,888,000	(26,098,000)
Production and operating costs	(92,319,000)	(116,944,000)	(118,533,000)
Royalties	(30,453,000)	(56,399,000)	(62,710,000)
Share-based payment	(362,000)	(231,000)	(461,000)
Other operating costs	(61,504,000)	(60,314,000)	(55,362,000)
Operating profit (loss)	144,806,000	297,783,000	309,357,000
Operating netback	253,763,000	413,120,000	352,672,000
Adjusted EBITDA	218,524,000	367,058,000	319,447,000
Depreciation	(63,687,000)	(46,917,000)	(42,721,000)
Impairment loss (recognized) reversed for non-financial assets	0	0	11,531,000
Write-off of unsuccessful exploration efforts	(1,949,000)	0	(17,665,000)
Total assets	$ 680,828,000	$ 357,125,000	$ 383,450,000
Employees (average) | item	238	195	182
Employees at year end | item	268	202	178
Peru [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 0	$ 0	$ 0
Sale of crude oil	0	0	0
Sale of gas	0	0	0
Realized loss on commodity risk management contracts	0	0	0
Production and operating costs	0	0	0
Royalties	0	0	0
Share-based payment	0	0	0
Other operating costs	0	0	0
Operating profit (loss)	(44,642,000)	(7,468,000)	(4,529,000)
Operating netback	0	0
Adjusted EBITDA	(1,952,000)	(6,540,000)	(7,077,000)
Depreciation	(401,000)	(576,000)	(245,000)
Impairment loss (recognized) reversed for non-financial assets	(33,975,000)	0	0
Write-off of unsuccessful exploration efforts	0	0	0
Total assets	$ 4,656,000	$ 53,993,000	$ 35,817,000
Employees (average) | item	10	26	27
Employees at year end | item	5	14	28
Argentina [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 24,599,000	$ 34,605,000	$ 35,879,000
Sale of crude oil	21,185,000	30,024,000	30,549,000
Sale of gas	3,414,000	4,581,000	5,330,000
Realized loss on commodity risk management contracts	0	0	0
Production and operating costs	(18,633,000)	(26,278,000)	(25,043,000)
Royalties	(3,620,000)	(5,141,000)	(4,833,000)
Share-based payment	(72,000)	(38,000)	(154,000)
Other operating costs	(14,941,000)	(21,099,000)	(20,056,000)
Operating profit (loss)	(32,595,000)	(34,124,000)	(6,739,000)
Operating netback	4,540,000	6,691,000	8,527,000
Adjusted EBITDA	1,195,000	868,000	4,576,000
Depreciation	(16,564,000)	(15,618,000)	(10,640,000)
Impairment loss (recognized) reversed for non-financial assets	(16,205,000)	(7,559,000)	0
Write-off of unsuccessful exploration efforts	0	(13,170,000)	(583,000)
Total assets	$ 36,803,000	$ 79,062,000	$ 87,259,000
Employees (average) | item	114	133	121
Employees at year end | item	97	128	137
Ecuador [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 0	$ 0
Sale of crude oil	0	0
Sale of gas	0	0
Realized loss on commodity risk management contracts	0	0
Production and operating costs	0	0
Royalties	0	0
Share-based payment	0	0
Other operating costs	0	0
Operating profit (loss)	(799,000)	(536,000)
Operating netback	0	0
Adjusted EBITDA	(773,000)	(535,000)
Depreciation	(52,000)	(1,000)
Impairment loss (recognized) reversed for non-financial assets	0
Write-off of unsuccessful exploration efforts	0	0
Total assets	$ 1,127,000	$ 1,119,000
Employees (average) | item	2	2
Employees at year end | item	2	2
Corporate [Member]
Disclosure of Segment information [Line Items]
Revenue			$ 0
Sale of crude oil			0
Sale of gas			0
Realized loss on commodity risk management contracts			0
Production and operating costs			0
Royalties			0
Share-based payment			0
Other operating costs			0
Operating profit (loss)			(16,828,000)
Adjusted EBITDA			(13,082,000)
Depreciation			(36,000)
Write-off of unsuccessful exploration efforts			0
Total assets			$ 9,261,000
Employees (average) | item			2
Employees at year end | item			2
Corporate [Member] | Other Segments [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 0	$ 0
Sale of crude oil	0	0
Sale of gas	0	0
Realized loss on commodity risk management contracts	0	0
Production and operating costs	0	0
Royalties	0	0
Share-based payment	0	0
Other operating costs	0	0
Operating profit (loss)	(20,029,000)	(19,861,000)
Operating netback	0	0
Adjusted EBITDA	(12,395,000)	(17,576,000)
Depreciation	(66,000)	(149,000)
Impairment loss (recognized) reversed for non-financial assets	0
Write-off of unsuccessful exploration efforts	0	0
Total assets	$ 96,938,000	$ 43,146,000
Employees (average) | item	4	3
Employees at year end | item	3	3

Segment information (Schedule_2

Segment information (Schedule of Reconciliation of Total Operating Netback to Total Profit (Loss) Before Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Segment information [Line Items]
Administrative expenses	$ (50,315)	$ (60,818)	$ (52,074)
Geological and geophysical expenses	(14,951)	(18,593)	(13,951)
Unrealized (loss) gain on commodity risk management contracts	(12,978)	(26,411)	42,271
Depreciation	(118,073)	(105,532)	(92,240)
Share-based payment	(8,444)	(2,717)	(5,446)
Operating (loss) profit	(110,663)	210,675	256,492
Financial expenses	(64,582)	(41,070)	(39,321)
Financial income	3,166	2,360	3,059
Foreign exchange loss	(13,008)	(2,446)	(11,323)
(Loss) Profit before tax	(185,087)	169,519	208,907
Reportable segments [member]
Disclosure of Segment information [Line Items]
Operating netback	276,395	447,084	397,658
Administrative expenses	(43,723)	(60,130)	(48,028)
Geological and geophysical expenses	(15,141)	(23,619)	(19,074)
Adjusted EBITDA for reportable segments	217,531	363,335	330,556
Unrealized (loss) gain on commodity risk management contracts	(12,978)	(26,411)	42,271
Depreciation	(118,073)	(105,532)	(92,240)
Share-based payment	(8,444)	(2,717)	(5,446)
Impairment and write-off of unsuccessful exploration efforts	(186,516)	(25,849)	(21,407)
Lease accounting - IFRS 16	9,380	4,855
Others	(11,563)	2,994	2,758
Operating (loss) profit	(110,663)	210,675	256,492
Financial expenses	(64,582)	(41,070)	(39,321)
Financial income	3,166	2,360	3,059
Foreign exchange loss	(13,008)	(2,446)	(11,323)
(Loss) Profit before tax	$ (185,087)	$ 169,519	$ 208,907

Segment information (Narrative)

Segment information (Narrative) (Details)	12 Months Ended			24 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Chile [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage	15.50%	8.00%	6.00%
Colombia [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage	82.00%	61.00%	78.00%
Brazil [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage	0.50%	4.00%	2.00%
Argentina [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage	1.00%	15.00%	7.00%
Peru [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage	0.50%	12.00%	7.00%
Ecuador [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage				0.50%

Revenue (Schedule of Informatio

Revenue (Schedule of Information on Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Revenue [Abstract]
Sale of crude oil	$ 359,640	$ 579,030	$ 545,490
Sale of gas	34,052	49,877	55,671
Revenue	$ 393,692	$ 628,907	$ 601,161

Commodity risk management con_3

Commodity risk management contracts (Schedule of Group’s Derivative Contracts) (Details)	12 Months Ended
	Dec. 31, 2020bbl$ / bbl	Jan. 01, 2022$ / bbl	Oct. 01, 2021$ / bbl	Jul. 01, 2021$ / bbl	Apr. 01, 2021$ / bbl	Jan. 01, 2021$ / bbl
Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		45
January 1, 2020 - March 31, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium 3 Ways
Derivative contracts, number of instruments held | bbl	18,000
January 1, 2020 - March 31, 2020 | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	45
January 1, 2020 - March 31, 2020 | Written put options [member] | Maximum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	55
January 1, 2020 - March 31, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	74.45
April 1, 2020 - June 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, number of instruments held | bbl	26,000
April 1, 2020 - June 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium 3 Ways
Derivative contracts, number of instruments held | bbl	11,000
April 1, 2020 - June 30, 2020 | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	45
April 1, 2020 - June 30, 2020 | Written put options [member] | Maximum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	55
April 1, 2020 - June 30, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	70
April 1, 2020 - June 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	7,500
April 1, 2020 - June 30, 2020 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	32.33
April 1, 2020 - June 30, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	34.54
April 1, 2020 - June 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Fixed Price
Derivative contracts, number of instruments held | bbl	7,500
Derivative Price	31.67
July 1, 2020 - September 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, number of instruments held | bbl	27,500
July 1, 2020 - September 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium 3 Ways
Derivative contracts, number of instruments held | bbl	11,000
July 1, 2020 - September 30, 2020 | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	45
July 1, 2020 - September 30, 2020 | Written put options [member] | Maximum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	55
July 1, 2020 - September 30, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	70
July 1, 2020 - September 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	14,500
July 1, 2020 - September 30, 2020 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	31.34
July 1, 2020 - September 30, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	38.66
July 1, 2020 - September 30, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Fixed Price
Derivative contracts, number of instruments held | bbl	2,000
Derivative Price	32
October 1, 2020 - December 31, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, number of instruments held | bbl	25,500
October 1, 2020 - December 31, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium 3 Ways
Derivative contracts, number of instruments held | bbl	11,000
October 1, 2020 - December 31, 2020 | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	45
October 1, 2020 - December 31, 2020 | Written put options [member] | Maximum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	55
October 1, 2020 - December 31, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	70
October 1, 2020 - December 31, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	12,500
October 1, 2020 - December 31, 2020 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	33.76
October 1, 2020 - December 31, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	45.38
October 1, 2020 - December 31, 2020
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
October 1, 2020 - December 31, 2020 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	30
October 1, 2020 - December 31, 2020 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	44.25
January 1, 2021 - March 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, number of instruments held | bbl	23,000
January 1, 2021 - March 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	21,000
January 1, 2021 - March 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	38.19
January 1, 2021 - March 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	51.98
January 1, 2021 - March 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
January 1, 2021 - March 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	35
January 1, 2021 - March 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	43.01
April 1, 2021 - June 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	20,500
April 1, 2021 - June 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	38.93
April 1, 2021 - June 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	52.49
January 1, 2021 - June 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,500
January 1, 2021 - June 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price						45
January 1, 2021 - June 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price						59
April 1, 2021 - June 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,500
April 1, 2021 - June 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price					50
April 1, 2021 - June 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price					57.10
April 1, 2021 - June 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,000
April 1, 2021 - June 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price					50
April 1, 2021 - June 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price					57.27
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	9,000
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	40
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	54.34
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,500
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				45
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				61.20
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,500
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				46
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				62.50
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				45
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				66.06
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,000
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				41.50
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				68.15
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,000
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				41.50
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				68.98
July 1, 2021 - September 30, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
July 1, 2021 - September 30, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				50
July 1, 2021 - September 30, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price				80.60
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	9,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	40
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	54.34
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			45
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			61.65
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	1,500
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			45
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			62.03
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			45
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			64.17
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			45
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			71.02
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			50
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			75.75
October 1, 2021 - December 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
October 1, 2021 - December 31, 2021 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			50
October 1, 2021 - December 31, 2021 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price			78
January 1, 2022 - March 31, 2022
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,500
January 1, 2022 - March 31, 2022 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		45
January 1, 2022 - March 31, 2022 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		60.45
January 1, 2022 - March 31, 2022
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
January 1, 2022 - March 31, 2022 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		50
January 1, 2022 - March 31, 2022 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		75
January 1, 2022 - March 31, 2022
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, number of instruments held | bbl	2,000
January 1, 2022 - March 31, 2022 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price		76.85
Derivative Contract Period Four [Member] | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	31.67
Derivative Contract Period Eight [Member] | Written put options [member] | Minimum
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	32

Commodity risk management con_4

Commodity risk management contracts (Summary of Gain (Loss) on the Commodity Risk Management Contracts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Consolidated Statement Of Comprehensive Income [Abstract]
Realized (loss) gain on commodity risk management contracts	$ 21,059	$ 3,888	$ (26,098)
Unrealized gain (loss) on commodity risk management contracts	(12,978)	(26,411)	42,271
Total	$ 8,081	$ (22,523)	$ 16,173

Production and operating cost_2

Production and operating costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Production And Operating Costs [Abstract]
Staff costs (Note 11)	$ 14,689	$ 14,213	$ 17,725
Share-based payment (Note 11)	528	329	878
Royalties	35,875	64,576	71,836
Well and facilities maintenance	15,039	27,660	20,262
Operation and maintenance	7,491	7,743	7,756
Consumables	16,776	17,625	17,444
Equipment rental	8,570	10,476	9,317
Safety and Insurance costs	4,505	4,107	3,878
Gas plant costs	1,591	3,414	5,967
Transportation costs	5,622	2,941	2,628
Field camp	3,130	2,583	2,959
Non-operated blocks costs	3,442	1,353	1,327
Other costs	7,814	11,944	12,283
Operating expense	$ 125,072	$ 168,964	$ 174,260

Depreciation (Details)

Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	$ 108,971	$ 102,884	$ 92,663
Oil and gas properties [Member]
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	89,344	83,276	72,130
Machinery [member]
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	16,820	16,708	17,958
Furniture and Fixtures [Member]
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	2,317	2,096	1,579
Buildings and improvements
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	490	804	996
Productive Land [Member]
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	106,164	99,984	90,088
Administrative Assets [Member]
Disclosure Of Depreciation [Line Items]
Depreciation, property, plant and equipment	$ 2,807	$ 2,900	$ 2,575

Staff costs and Directors Rem_3

Staff costs and Directors Remuneration (Schedule of Staff Costs and Directors Remuneration) (Details) item in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Disclosure of Staff costs and Directors Remuneration [Line Items]
Number of employees at year end | item	437	439	457
Wages and salaries	$ 49,338	$ 55,325	$ 52,644
Share-based payments (Note 31)	8,444	2,717	5,446
Social security charges	5,712	6,888	7,464
Director's fees and allowance	2,094	3,266	2,876
Employee benefits expense	65,588	68,196	68,430
Salaries and fees	8,641	13,483	12,452
Share-based payments	7,170	2,251	2,918
Other benefits in kind	232	262	272
Key Management Personnel Compensation	16,043	15,996	15,642
Production and operating costs [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	15,217	14,542	18,603
Geological and geophysical expenses [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	12,893	18,448	15,527
Administrative expenses [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	$ 37,478	$ 35,206	$ 34,300

Staff costs and Directors Rem_4

Staff costs and Directors Remuneration (Schedule of Directors’ Remuneration) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)shares
Gerald O'Shaughnessy [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 325,000
Director Fees Paid as Shares | shares	0
James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 1,300,000
Director Fees Paid as Shares | shares	0
Pedro Aylwin [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Director Fees Paid as Shares | shares	0
Juan Cristobal Pavez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 122,719
Director Fees Paid as Shares | shares	7,465
Carlos Gulisano [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 162,497
Director Fees Paid as Shares | shares	9,002
Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 185,628
Director Fees Paid as Shares | shares	14,592
Jamie Coulter [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 111,031
Director Fees Paid as Shares | shares	6,874
Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 176,875
Director Fees Paid as Shares | shares	13,967
Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 35,624
Director Fees Paid as Shares | shares	4,152
Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 35,624
Director Fees Paid as Shares | shares	4,152
Executive Directors' Fees [Member] | Gerald O'Shaughnessy [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 325,000
Executive Directors' Fees [Member] | James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	650,000
Annual bonus approved	800,000
Executive Directors' Fees [Member] | Pedro Aylwin [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Juan Cristobal Pavez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Carlos Gulisano [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Jamie Coulter [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Fees [Member] | Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Gerald O'Shaughnessy [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	650,000
Annual bonus approved	798,698
Cash paid for annual bonus	650,000
Executive Directors' Bonus [Member] | Pedro Aylwin [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Juan Cristobal Pavez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Carlos Gulisano [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Jamie Coulter [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Executive Directors' Bonus [Member] | Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees [Member] | Gerald O'Shaughnessy [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees [Member] | James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees [Member] | Pedro Aylwin [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees [Member] | Juan Cristobal Pavez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	27,500
Non-Executive Directors' Fees [Member] | Carlos Gulisano [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	62,500
Non-Executive Directors' Fees [Member] | Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	27,500
Non-Executive Directors' Fees [Member] | Jamie Coulter [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	22,500
Non-Executive Directors' Fees [Member] | Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	25,000
Non-Executive Directors' Fees [Member] | Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees [Member] | Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 0

Staff costs and Directors Rem_5

Staff costs and Directors Remuneration (Narrative) (Details)	1 Months Ended
	Jan. 31, 2020shares
Value Creation Plan [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Number Of Share Options Granted In Share based Payment	439,075

Geological and geophysical ex_3

Geological and geophysical expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Geological and geophysical expenses [Abstract]
Staff costs (Note 11)	$ 12,653	$ 18,312	$ 15,005
Share-based payment (Notes 11)	240	136	522
Allocation to capitalised project	(102)	(4,834)	(5,645)
Other services	2,160	4,979	4,069
Geological and geophysical expenses	$ 14,951	$ 18,593	$ 13,951

Administrative expenses (Detail

Administrative expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Administrative expenses [Abstract]
Staff costs (Note 11)	$ 27,708	$ 29,688	$ 27,378
Share-based payment (Notes 11)	7,676	2,252	4,046
Consultant fees	8,570	18,685	7,427
Office expenses	1,525	1,386	3,021
Travel expenses	939	4,867	4,519
Director's fees and allowance (Note 11)	2,094	3,266	2,876
Communication and IT costs	2,937	2,928	2,395
Allocation to joint operations	(6,720)	(8,008)	(7,774)
Other administrative expenses	5,586	5,754	8,186
Administrative expenses	$ 50,315	$ 60,818	$ 52,074

Selling expenses (Details)

Selling expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Selling expenses [Abstract]
Transportation	$ 4,787	$ 12,985	$ 2,638
Selling taxes and other	1,057	1,128	1,385
Selling expenses	$ 5,844	$ 14,113	$ 4,023

Financial results (Details)

Financial results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial expenses
Interest and amortization of debt issue costs	$ (48,779)	$ (29,977)	$ (28,955)
Interest with related parties (Note 34)			(1,606)
Less: amounts capitalised on qualifying assets		367	258
Bank charges and other financial results	(9,909)	(6,900)	(5,513)
Unwinding of long-term liabilities	(5,894)	(4,560)	(3,505)
Financial expenses total	(64,582)	(41,070)	(39,321)
Financial income
Interest received	3,166	2,360	3,059
Financial income total	3,166	2,360	3,059
Foreign exchange gains and losses
Foreign exchange loss, net	(2,720)	(6,163)	(11,323)
Realized result on currency risk management contracts	(9,414)	2,843
Unrealized result on currency risk management contracts	(874)	874
Foreign exchange gains and losses total	(13,008)	(2,446)	(11,323)
Total Financial results	$ (74,424)	$ (41,156)	$ (47,585)

Tax reforms (Details)

Tax reforms (Details) - installment	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Maximum
Disclosure of Tax reforms [Line Items]
Applicable tax rate				34.00%
Minimum
Disclosure of Tax reforms [Line Items]
Applicable tax rate				15.00%
Tax on deemed income [Member]
Disclosure of Tax reforms [Line Items]
Tax Rate on Dividends for Non Resident Shareholders				10.00%	7.50%
Colombia [Member]
Disclosure of Tax reforms [Line Items]
Number of installments, income tax liability payment, COVID 19					12
Colombia [Member] | Maximum
Disclosure of Tax reforms [Line Items]
Presumptive taxable income tax rate					1.50%
Colombia [Member] | Minimum
Disclosure of Tax reforms [Line Items]
Presumptive taxable income tax rate				0.50%
Colombia [Member] | Scenario Forecasts [Member]
Disclosure of Tax reforms [Line Items]
Applicable tax rate		30.00%	31.00%
Presumptive taxable income tax rate			0.00%
Colombia [Member] | Surcharge [Member]
Disclosure of Tax reforms [Line Items]
Applicable tax rate				32.00%	33.00%	37.00%
Chile [Member]
Disclosure of Tax reforms [Line Items]
Applicable tax rate				27.00%
Individual tax Rate				44.45%
Income tax rate on foreign investors resident in treaty countries				35.00%
Spain [Member]
Disclosure of Tax reforms [Line Items]
Percentage of Income Tax Exemption On Dividend And Capital Gains Income	95.00%
Argentina [Member]
Disclosure of Tax reforms [Line Items]
Applicable tax rate				30.00%
Income with holding tax dividend distribution tax rate				13.00%	7.00%
Restriction on deductibility of foreign exchange differences				30.00%

Income tax (Schedule of Compone

Income tax (Schedule of Components of Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Income tax [Abstract]
Current tax	$ (41,927)	$ (111,371)	$ (101,456)
Deferred income tax (Note 18)	(5,936)	(391)	(4,784)
Tax expense (income), continuing operations	$ (47,863)	$ (111,762)	$ (106,240)

Income tax (Summary of Income T

Income tax (Summary of Income Tax Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Income tax [Abstract]
(Loss) Profit before tax	$ (185,087)	$ 169,519	$ 208,907
Tax losses from non-taxable jurisdictions	53,652	49,360	42,808
Taxable profit	(131,435)	218,879	251,715
Income tax calculated at domestic tax rates applicable to Profit in the respective countries	12,450	(79,395)	(102,211)
Tax losses where no deferred tax benefit is recognized	(23,117)	(2,563)	(7,344)
Effect of currency translation on tax base	(923)	(16,795)	3,336
Effect of inflation adjustment for tax purposes	(867)	541
Changes in the income tax rate (Note 16)	(925)	1,279	(1,874)
Write-down of deferred tax benefits previously recognized	(32,565)
Previously unrecognized tax losses	0	1,820	4,882
Out of period adjustment (a)		(9,910)
Non-taxable results	(1,916)	(6,739)	(3,029)
Income tax	$ (47,863)	$ (111,762)	$ (106,240)

Income tax (Summary of Tax Loss

Income tax (Summary of Tax Losses Accumulated) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Income tax [Line Items]
Unused tax losses, deferred tax asset was recognised	$ 456,444	$ 378,422	$ 359,234
Chile [Member]
Disclosure Of Income tax [Line Items]
Unused tax losses, deferred tax asset was recognised	403,258	317,644	315,733
Brazil [Member]
Disclosure Of Income tax [Line Items]
Unused tax losses, deferred tax asset was recognised	32,452	37,848	38,011
Argentina [Member]
Disclosure Of Income tax [Line Items]
Unused tax losses, deferred tax asset was recognised	$ 20,734	$ 22,930	$ 5,490

Income tax (Schedule of Expirin

Income tax (Schedule of Expiring Dates for Tax Losses) (Details)	Dec. 31, 2020USD ($)
2021
Disclosure Of Income tax [Line Items]
Taxable losses	$ 318,000
Later than one year and not later than two years [member]
Disclosure Of Income tax [Line Items]
Taxable losses	788,000
2022
Disclosure Of Income tax [Line Items]
Taxable losses	2,094,000
2024
Disclosure Of Income tax [Line Items]
Taxable losses	10,028,000
2025
Disclosure Of Income tax [Line Items]
Taxable losses	$ 7,506,000

Income tax (Narrative) (Details

Income tax (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Disclosure Of Income tax [Line Items]
Applicable tax rate	15.00%
Maximum
Disclosure Of Income tax [Line Items]
Applicable tax rate	34.00%

Deferred income tax (Schedule o

Deferred income tax (Schedule of Gross Movement on the Deferred Income Tax Account) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of deferred income tax [Abstract]
Deferred income tax at January 1	$ 16,084	$ 16,992
Acquisitions	4,071
Currency translation differences	(3,241)	(517)
Income statement (charge) credit	(5,936)	(391)
Deferred tax at 31 December	$ 10,978	$ 16,084

Deferred income tax (Schedule_2

Deferred income tax (Schedule of Breakdown and Movement of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of deferred income tax [Line Items]
At the beginning of year	$ 26,934	$ 31,793
Acquisitions	4,071
(Charged) credited to net profit	(18,414)	(7,485)
Currency translation differences	(3,241)	(517)
Reclassified to assets	8,818	3,143
At end of year	18,168	26,934
At the beginning of year	(10,850)	(14,801)
Credited to net profit	12,478	7,094
Reclassified from liabilities	(8,818)	(3,143)
At end of year	(7,190)	(10,850)
Taxable losses
Disclosure of deferred income tax [Line Items]
At the beginning of year	18,775
(Charged) credited to net profit	(3,177)
At end of year		18,775
Reclassified to Liabilities	(15,598)
Deferred Tax Liabilities, Asset From Taxable Losses	0
Difference in depreciation rates and other
Disclosure of deferred income tax [Line Items]
At the beginning of year	(29,625)
Credited to net profit	15,655
Reclassified from liabilities	6,780
At end of year	(7,190)	(29,625)
Difference in depreciation rates and other
Disclosure of deferred income tax [Line Items]
At the beginning of year	7,880
Acquisitions	2,521
(Charged) credited to net profit	(7,814)
Currency translation differences	(435)
Reclassified to assets	(6,780)
At end of year	(4,628)	7,880
Taxable losses
Disclosure of deferred income tax [Line Items]
At the beginning of year	19,054
Acquisitions	1,550
(Charged) credited to net profit	(10,600)
Currency translation differences	(2,806)
Reclassified from assets	15,598
At end of year	$ 22,796	$ 19,054

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2011
Numerator:
Profit (Loss) for the year attributable to owners	$ (232,950)	$ 57,757	$ 72,415
Denominator:
Weighted average number of shares used in basic EPS	60,668,185	60,217,523	60,612,230
Earnings (Losses) after tax per share (US$) – basic	$ (3.84)	$ 0.96	$ 1.19
Weighted average number of shares used in basic EPS	60,668,185	60,217,523	60,612,230
Stock awards at US$ 0.001	0	2,433,126	4,758,552
Weighted average number of common shares for the purposes of diluted earnings per shares	60,668,185	62,650,649	65,370,782
Earnings (Losses) after tax per share (US$) – diluted	$ (3.84)	$ 0.92	$ 1.11
Par value per share	$ 0.001	$ 0.001		$ 0.001
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share	974,159

Property, plant and equipment_2

Property, plant and equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	$ 567,788	$ 557,170
Depreciation	(108,971)	(102,884)	$ (92,663)
Assets held for sale (Note 36.2)		2,813	(163,544)
Property, plant and equipment at year-end	614,665	567,788	557,170
Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	363,131	358,152
Depreciation	(89,344)	(83,276)	(72,130)
Assets held for sale (Note 36.2)		26,302	(163,544)
Property, plant and equipment at year-end	420,172	363,131	358,152
Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	4,400	4,387
Assets held for sale (Note 36.2)		0	0
Property, plant and equipment at year-end	3,722	4,400	4,387
Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	77,460	68,390
Assets held for sale (Note 36.2)		(23,489)	0
Property, plant and equipment at year-end	87,842	77,460	68,390
Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	5,174	5,652
Depreciation	(490)	(804)	(996)
Assets held for sale (Note 36.2)		0	0
Property, plant and equipment at year-end	5,467	5,174	5,652
Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	69,587	60,597
Assets held for sale (Note 36.2)		0	0
Property, plant and equipment at year-end	18,848	69,587	60,597
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	48,036	59,992
Assets held for sale (Note 36.2)		0	0
Property, plant and equipment at year-end	78,614	48,036	59,992
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	1,152,386	1,039,495	1,062,017
Additions	72,435	140,749	121,429
Currency translation differences	(16,136)	(4,560)	(13,466)
Disposals	815	262	463
Write-off / Impairment loss	(186,516)	(25,849)	(21,407)
Transfers	0	0	0
Acquisitions (Note 36.4)	276,988		54,929
Assets held for sale (Note 36.2)	(1,285)
Property, plant and equipment at year-end	1,297,057	1,152,386	1,039,495
Gross carrying amount [member] | Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	830,937	717,510	776,504
Additions		14,696
Retirements, property, plant and equipment	2,863		5,753
Currency translation differences	(14,399)	(3,022)	(11,525)
Disposals	0	0	0
Write-off / Impairment loss	(77,667)	(7,559)	5,109
Transfers	48,361	83,010	63,794
Acquisitions (Note 36.4)	185,533		52,925
Assets held for sale (Note 36.2)	(1,285)
Property, plant and equipment at year-end	968,617	830,937	717,510
Gross carrying amount [member] | Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	19,549	17,748	15,398
Additions	1,180	2,052	1,706
Currency translation differences	(194)	(414)	(130)
Disposals	555	102	46
Write-off / Impairment loss	0	0	0
Transfers	174	265	566
Acquisitions (Note 36.4)	553		254
Assets held for sale (Note 36.2)	0
Property, plant and equipment at year-end	20,707	19,549	17,748
Gross carrying amount [member] | Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	172,507	172,094	157,396
Additions	0	381	0
Currency translation differences	(1,036)	(561)	(884)
Disposals	0	101	417
Write-off / Impairment loss	(11,357)	0	(120)
Transfers	21,534	24,183	14,503
Acquisitions (Note 36.4)	16,181		1,616
Assets held for sale (Note 36.2)	0
Property, plant and equipment at year-end	197,829	172,507	172,094
Gross carrying amount [member] | Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	11,770	11,554	10,361
Additions	422	159	0
Currency translation differences	(59)	(8)	(30)
Disposals	227	0	0
Write-off / Impairment loss	0	0	0
Transfers	324	65	1,089
Acquisitions (Note 36.4)	212		134
Assets held for sale (Note 36.2)	0
Property, plant and equipment at year-end	12,442	11,770	11,554
Gross carrying amount [member] | Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	69,587	60,597	37,990
Additions	55,267	96,012	81,961
Currency translation differences	(47)	(106)	(15)
Disposals	33	0	0
Write-off / Impairment loss	(44,840)	0	(7)
Transfers	(62,285)	(86,916)	(59,332)
Acquisitions (Note 36.4)	1,199		0
Assets held for sale (Note 36.2)	0
Property, plant and equipment at year-end	18,848	69,587	60,597
Gross carrying amount [member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	48,036	59,992	64,368
Additions	18,429	27,449	43,515
Currency translation differences	(401)	(449)	(882)
Disposals	0	59	0
Write-off / Impairment loss	(52,652)	(18,290)	(26,389)
Transfers	(8,108)	(20,607)	(20,620)
Acquisitions (Note 36.4)	73,310		0
Assets held for sale (Note 36.2)	0
Property, plant and equipment at year-end	78,614	48,036	59,992
Accumulated depreciation, amortisation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(584,598)	(482,325)	(544,614)
Currency translation differences	10,646	3,305	6,747
Depreciation	(108,971)	(102,884)	(92,663)
Disposals	(398)	(119)	(191)
Assets held for sale (Note 36.2)	133	(2,813)	148,014
Property, plant and equipment at year-end	(682,392)	(584,598)	(482,325)
Accumulated depreciation, amortisation and impairment [member] | Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(467,806)	(359,358)	(441,534)
Currency translation differences	8,572	2,492	6,292
Depreciation	(89,344)	(83,276)	(72,130)
Disposals	0	0	0
Assets held for sale (Note 36.2)	133	(27,664)	148,014
Property, plant and equipment at year-end	(548,445)	(467,806)	(359,358)
Accumulated depreciation, amortisation and impairment [member] | Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(15,149)	(13,361)	(11,916)
Currency translation differences	155	223	92
Depreciation	(2,317)	(2,096)	(1,579)
Disposals	(326)	(85)	(42)
Assets held for sale (Note 36.2)	0	0	0
Property, plant and equipment at year-end	(16,985)	(15,149)	(13,361)
Accumulated depreciation, amortisation and impairment [member] | Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(95,047)	(103,704)	(86,232)
Currency translation differences	1,880	480	337
Depreciation	(16,820)	(16,708)	(17,958)
Disposals	0	(34)	(149)
Assets held for sale (Note 36.2)	0	24,851	0
Property, plant and equipment at year-end	(109,987)	(95,047)	(103,704)
Accumulated depreciation, amortisation and impairment [member] | Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(6,596)	(5,902)	(4,932)
Currency translation differences	39	110	26
Depreciation	(490)	(804)	(996)
Disposals	(72)	0	0
Assets held for sale (Note 36.2)	0	0	0
Property, plant and equipment at year-end	(6,975)	(6,596)	(5,902)
Accumulated depreciation, amortisation and impairment [member] | Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	0	0	0
Currency translation differences	0	0	0
Depreciation	0	0	0
Disposals	0	0	0
Assets held for sale (Note 36.2)	0	0	0
Property, plant and equipment at year-end	0	0	0
Accumulated depreciation, amortisation and impairment [member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	0	0	0
Currency translation differences	0	0	0
Depreciation	0	0	0
Disposals	0	0	0
Assets held for sale (Note 36.2)	0	0	0
Property, plant and equipment at year-end	$ 0	$ 0	$ 0

Property, plant and equipment_3

Property, plant and equipment (Schedule of Exploration Wells Movement and Balances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at year-end	$ 614,665	$ 567,788	$ 557,170
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at year-end	78,614	48,036	59,992
Exploration Wells [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Additions	11,016	23,082
Acquisitions	3,129
Write-offs	(7,947)	(12,941)
Transfers	(7,058)	(17,365)
Property, plant and equipment at year-end	$ 3,129	$ 3,989	$ 11,213

Property, plant and equipment_4

Property, plant and equipment (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 614,665	$ 567,788	$ 557,170
Number of unsuccessful exploration wells | item	3
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 78,614	48,036	59,992
Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	18,848	69,587	60,597
seismic and other exploratory assets [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	75,485	44,047	48,779
Exploration Wells [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	3,129	$ 3,989	$ 11,213
Number of unsuccessful exploration wells | item		5	9
Exploration Wells [Member] | Exploration and evaluation assets [member] | Colombia [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of unsuccessful exploration wells | item			4
Exploration Wells [Member] | Exploration and evaluation assets [member] | Brazil [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of unsuccessful exploration wells | item		1	2
Exploration Wells [Member] | Exploration and evaluation assets [member] | Argentina [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of unsuccessful exploration wells | item		4	3
Exploration Wells [Member] | Exploration and evaluation assets [member] | Period of capitalization less than one year [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 3,129

Subsidiary undertakings (Summar

Subsidiary undertakings (Summary of Subsidiaries and Joint Operations) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tranquilo Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in joint operation			50.00%
Flamenco Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Flamenco Block (Chile)
Proportion of ownership interest in joint operation	50.00%
Campanario Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Campanario Block (Chile)
Proportion of ownership interest in joint operation	50.00%
Isla Norte Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Isla Norte Block (Chile)
Proportion of ownership interest in joint operation	60.00%
Llanos 34 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 34 Block (Colombia)
Proportion of ownership interest in joint operation	45.00%
Llanos 32 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 32 Block (Colombia)
Proportion of ownership interest in joint operation	12.50%
Puelen Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Puelen Block (Argentina)
Proportion of ownership interest in joint operation	18.00%
Sierra del Nevado Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Sierra del Nevado Block (Argentina)
Proportion of ownership interest in joint operation	18.00%
CN-V Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	CN-V Block (Argentina)
Proportion of ownership interest in joint operation	50.00%
Los Parlamentos Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Los Parlamentos (Argentina)
Proportion of ownership interest in joint operation	50.00%
Manati Field (Brazil)
Disclosure of subsidiaries [line items]
Name of joint venture	Manati Field (Brazil)
Proportion of ownership interest in joint operation	10.00%
POT-T-747 [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in joint operation		70.00%	70.00%
RECT128 [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	REC-T-128 Block (Brazil)
Proportion of ownership interest in joint operation	70.00%	70.00%	70.00%
POT-T-785 Block (Brazil) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	POT-T-785 Block (Brazil)
Proportion of ownership interest in joint operation	70.00%
Morona Block, Peru [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Morona Block (Peru)
Proportion of ownership interest in joint operation	75.00%
Espejo Block (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Espejo Block (Ecuador)
Proportion of ownership interest in joint operation	50.00%
Perico Block (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Perico Block (Ecuador)
Proportion of ownership interest in joint operation	50.00%
Llanos 86 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 86 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Llanos 87 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 87 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Llanos 104 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 104 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Llanos 123 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 123 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Llanos 124 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 124 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
CPO-5 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	CPO-5 Block (Colombia)
Proportion of ownership interest in joint operation	30.00%
Mecaya Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Mecaya Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
PUT-8 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-8 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
PUT-9 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-9 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
PUT-12 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-12 Block (Colombia)
Proportion of ownership interest in joint operation	60.00%
Tacacho Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Tacacho Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Terecay Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Terecay Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
Llanos 94 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 94 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
PUT-36 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-36 Block (Colombia)
Proportion of ownership interest in joint operation	50.00%
GeoPark Argentina Limited – Argentinean Branch (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Argentina S.A.U (Argentina)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Latin America Limited (Bermuda) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Latin America Limited (Bermuda)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Latin America Limited – Agencia en Chile (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Latin America Limited – Agencia en Chile (Chile)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Brazil Exploração y Produção de Petróleo e Gás Ltda. (Brazil) [member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Brasil Exploração y Produção de Petróleo e Gás Ltda. (Brazil)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Chile S.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Chile S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Fell S.p.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Fell S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Magallanes Limitada (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Magallanes Limitada (Chile)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark TdF S.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark TdF S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Colombia S.A.S. (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia S.A.S. (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Latin America S.L.U. (Spain) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Latin America S.L.U. (Spain)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Colombia Coöperatie U.A. (The Netherlands) [member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia S.L.U. (Spain)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark S.A.C. (Peru) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark S.A.C. (Peru)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Perú S.A.C. (Peru) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Perú S.A.C. (Peru)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Operadora del Perú S.A.C. (Peru) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Operadora del Perú S.A.C. (Peru)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Colombia E&P S.A. (Panama) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia E&P S.A. (Panama)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Colombia E&P Sucursal Colombia (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia E&P Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Mexico S.A.P.I. de C.V. (Mexico) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Mexico S.A.P.I. de C.V. (Mexico)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark E&P S.A.P.I. de C.V. (Mexico) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark E&P S.A.P.I. de C.V. (Mexico)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador)
Proportion of ownership interest in subsidiaries	100.00%
GeoPark (UK) Limited (United Kingdom) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark (UK) Limited (United Kingdom)
Proportion of ownership interest in subsidiaries	100.00%
Amerisur Resources Limited (United Kingdom) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Resources Limited (United Kingdom)
Proportion of ownership interest in subsidiaries	100.00%
Amerisur Exploración Colombia Limited (British Virgin Islands) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Exploración Colombia Limited (British Virgin Islands)
Proportion of ownership interest in subsidiaries	100.00%
Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
Yarumal S.A.S. (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Yarumal S.A.S. (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
Petrodorado South America S.A. (Panama) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Petrodorado South America S.A. (Panama)
Proportion of ownership interest in subsidiaries	100.00%
Petrodorado South America S.A. Sucursal Colombia (Colombia) {Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Petrodorado South America S.A. Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
Fenix Oil & Gas Limited (British Virgin Islands) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Fenix Oil & Gas Limited (British Virgin Islands)
Proportion of ownership interest in subsidiaries	100.00%
Fenix Oil & Gas Limited Sucursal Colombia (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Fenix Oil & Gas Limited Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100.00%
Amerisurexplor Ecuador S.A. (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisurexplor Ecuador S.A. (Ecuador)
Proportion of ownership interest in subsidiaries	100.00%
Amerisur S.A. (Paraguay) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur S.A. (Paraguay)
Proportion of ownership interest in subsidiaries	100.00%

Prepayments and other receiva_3

Prepayments and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Prepayments and other receivables [Line Items]
V.A.T.	$ 12,083	$ 27,052
Income tax payments in advance	3,460	20,609
Other prepaid taxes	1,995	1,069
Prepayments and other receivables	8,549	8,282
Total prepayments and accrued income	28,323	58,047
Current	27,263	51,016
Non current	1,060	7,031
Entities with joint control or significant influence over entity [member]
Disclosure of Prepayments and other receivables [Line Items]
To be recovered from co-ventures (Note 34)	$ 2,236	$ 1,035	$ 1,819

Prepayments and other receiva_4

Prepayments and other receivables (Schedule of Movements on the Group Provision for Impairment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Prepayments and other receivables [Abstract]
At 1 January	$ 550	$ 546
Foreign exchange (loss) income	(25)	4
Uses	(381)
At 31 December	$ 144	$ 550

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Inventories [Abstract]
Crude oil	$ 7,537	$ 4,285
Materials and spares	5,789	7,162
Inventories	$ 13,326	$ 11,447

Trade receivables (Schedule of

Trade receivables (Schedule of Trade Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Trade receivables [Abstract].
Trade receivables	$ 46,918	$ 44,178

Trade receivables (Narrative) (

Trade receivables (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Financial assets	$ 265,466	$ 175,489
Trade receivables [member]
Disclosure of financial assets [line items]
Credit period for trade receivables	30 days
Later than three months [member] | Trade receivables [member]
Disclosure of financial assets [line items]
Financial assets	$ 0	0
Later than one month and not later than two months [member] | Trade receivables [member]
Disclosure of financial assets [line items]
Financial assets	$ 0	$ 0

Financial instruments by cate_3

Financial instruments by category (Schedule of Total Financial Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Transfers of fair values between level 2 or level 3 during the period for assets or liabilities	$ 0
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss	1,836,000	$ 50,309,000
Other financial assets at amortized cost
Financial assets at amortised cost	263,630,000	125,180,000
Financial assets	265,466,000	175,489,000
Derivative Financial Instrument Assets [Member]
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss	1,013,000	8,097,000
Cash and cash equivalents [Member]
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss	823,000	42,212,000
Other financial assets at amortized cost
Financial assets at amortised cost	201,084,000	68,968,000
Trade receivables [member]
Other financial assets at amortized cost
Financial assets at amortised cost	46,918,000	44,178,000
Financial assets	46,918,000	44,178,000
To be recovered from co-venturers [Member]
Other financial assets at amortized cost
Financial assets at amortised cost	2,236,000	1,035,000
Other financial assets [Member]
Other financial assets at amortized cost
Financial assets at amortised cost	$ 13,392,000	$ 10,999,000

Financial instruments by cate_4

Financial instruments by category (Schedule of Total Financial Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities at fair value through profit and loss
Financial liabilities	$ 894,843	$ 555,408
Derivative financial instrument liabilities	15,094	952
Financial liabilities at fair value through profit or loss	15,094	952
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	879,749	554,456
Trade payables [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	63,528	83,991
Payables To LGI [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	3,528	15,000
To be paid to co-venturers [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	5,760	4,803
Lease liabilities [member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	22,347	13,243
Borrowing [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	$ 784,586	$ 437,419

Financial instruments by cate_5

Financial instruments by category (Schedule of Credit Quality of Financial Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Financial instruments by category [Line Items]
Financial assets	$ 265,466	$ 175,489
Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	46,918	44,178
External Credit Grade Aa2 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	2,321	0
External Credit Grade Baa3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	26,252	25,447
External Credit Grade Ba2 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	3,847	6,156
External credit grade Ba1 | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	1,333	1,037
External Credit Grade B3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	32	0
External Credit Grade B2 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	0	780
External credit grade Caa2 | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	0	933
Counterparties Without an External Credit Rating [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	0	0
Without an External Credit Rating, Group1 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	$ 13,133	$ 9,825

Financial instruments by cate_6

Financial instruments by category (Schedule of Cash at Bank and Other Financial Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Financial instrument category [Line Items]
Financial assets	$ 265,466	$ 175,489
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	215,276	122,158
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A1 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	0	6,924
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A2 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	122,229	33,633
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A3 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	44,808	13,105
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Aaa [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	18,119	3,894
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Aaa-mf [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	0	41,219
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba1 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	2,343	1,854
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba2
Disclosure of Financial instrument category [Line Items]
Financial assets	0	1
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Baa1+ [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	574	580
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Baa2 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	2,146	5,408
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba3 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	43	1,262
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit Grade Aa2 [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	1,073	0
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | Counterparties Without an External Credit Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	$ 23,941	$ 14,278

Financial instruments by cate_7

Financial instruments by category (Schedule of Financial Liabilities - contractual undiscounted cash flows) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Lease liabilities	$ 22,347	$ 13,243
To be paid to co-venturers	3,528	15,000
Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	5,760	4,803	$ 8,449
2021
Disclosure of detailed information about financial instruments [line items]
Borrowings	48,311	37,621
Lease liabilities	10,890	7,442
Trade payables	62,408	83,291
Non-derivative financial liabilities, undiscounted cash flows	127,131	143,382
2021 | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	1,994	28
2021 | LG International Corporation [Member]
Disclosure of detailed information about financial instruments [line items]
Payables to related parties	3,528	15,000
Later than one year and not later than two years [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	49,444	27,625
Lease liabilities	6,230	2,494
Trade payables	1,120	700
Non-derivative financial liabilities, undiscounted cash flows	60,560	30,819
Later than one year and not later than two years [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	3,766	0
Later than one year and not later than two years [member] | LG International Corporation [Member]
Disclosure of detailed information about financial instruments [line items]
Payables to related parties	0	0
Later than two years and not later than five years [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	538,000	507,875
Lease liabilities	5,294	4,479
Trade payables	0	0
Non-derivative financial liabilities, undiscounted cash flows	543,294	517,129
Later than two years and not later than five years [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	0	4,775
Later than two years and not later than five years [member] | LG International Corporation [Member]
Disclosure of detailed information about financial instruments [line items]
Payables to related parties	0	0
Falling due over 5 years[member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	378,875	0
Lease liabilities	3,653	1,053
Trade payables	0	0
Non-derivative financial liabilities, undiscounted cash flows	382,528	1,053
Falling due over 5 years[member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	0	0
Falling due over 5 years[member] | LG International Corporation [Member]
Disclosure of detailed information about financial instruments [line items]
Payables to related parties	$ 0	$ 0

Financial instruments by cate_8

Financial instruments by category (Schedule of Fair Value Hierarchy) (Details) - Recurring fair value measurement [member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Categories of financial assets [abstract]
Derivative financial assets	$ 1,836,000	$ 50,309,000
Liabilities
Derivative financial liabilities	15,094,000	952,000
Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets	823,000	42,212,000
Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	823,000	42,212,000
Liabilities
Derivative financial liabilities	0	0
Level 1 of fair value hierarchy [member] | Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets	823,000	42,212,000
Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	1,013,000	8,097,000
Liabilities
Derivative financial liabilities	15,094,000	952,000
Level 2 of fair value hierarchy [member] | Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets	0	0
Commodity price risk [member]
Categories of financial assets [abstract]
Derivative financial assets	1,013,000	444,000
Liabilities
Derivative financial liabilities	15,094,000	952,000
Commodity price risk [member] | Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	0	0
Liabilities
Derivative financial liabilities	0	0
Commodity price risk [member] | Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	1,013,000	444,000
Liabilities
Derivative financial liabilities	$ 15,094,000	952,000
Currency risk [member]
Categories of financial assets [abstract]
Derivative financial assets		874
Currency risk [member] | Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets		0
Currency risk [member] | Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets		874
Forward Contracts Relating to Forecast Transactions [Member]
Categories of financial assets [abstract]
Derivative financial assets		6,779,000
Forward Contracts Relating to Forecast Transactions [Member] | Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets		0
Forward Contracts Relating to Forecast Transactions [Member] | Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets		$ 6,779,000

Financial instruments by cate_9

Financial instruments by category (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Financial instruments by category [Abstract]
Cash on hand	$ 23,000	$ 21,000	$ 20,000
Financial liabilities, at fair value	$ 797,126,000	$ 453,956,000

Equity (Schedule of Share Capit

Equity (Schedule of Share Capital) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2011
Disclosure Of Share capital [Line Items]
Common stock (amounts in US$ ‘000)	$ 61,000	$ 59,000	$ 60,000
Common shares, of nominal US$ 0.001	61,029,772	59,167,584
US$ per share	$ 0.001	$ 0.001		$ 0.001
Number of common shares (US$ 0.001 each)	5,171,949,000	5,171,949,000
Amount in US$	$ 5,171,949	$ 5,171,949
Ordinary shares [member]
Disclosure Of Share capital [Line Items]
Common shares, of nominal US$ 0.001	61,029,772	59,167,584

Equity (Schedule of Outstanding

Equity (Schedule of Outstanding Common Shares) (Details) - USD ($) $ in Thousands	Nov. 04, 2020	Feb. 10, 2020	Nov. 30, 2020	Sep. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jul. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Disclosure Of Share capital [Line Items]
Number of shares issued							59,167,584						59,167,584		61,029,772
Treasury Stock Purchased, Shares	101,986	316,445											4,318,320	145,917
Number of shares outstanding							59,200,000						59,200,000	60,500,000	61,000,000
Issued capital							$ 59						$ 59	$ 60	$ 61
Stock awards One [Member]
Disclosure Of Share capital [Line Items]
The date of common shares movement.			Nov. 1, 2020		Mar. 1, 2020	Jan. 1, 2020			Jul. 1, 2019			Jan. 1, 2019
Number of shares issued			500,000		200,000	1,500,000			1,500,000			1,500,000
Number of shares outstanding				61,100,000	60,900,000	60,700,000			60,500,000			62,000,000
Issued capital				$ 61	$ 61	$ 61			$ 60			$ 62
Buyback program [Member]
Disclosure Of Share capital [Line Items]
The date of common shares movement.			Nov. 1, 2020		Mar. 1, 2020			Sep. 1, 2019		Jun. 1, 2019	Mar. 1, 2019		Dec. 1, 2019
Treasury Stock Purchased, Shares				100,000	300,000		100,000	(1,200,000)		(2,300,000)	(700,000)
Number of shares outstanding				61,000,000	60,600,000		59,200,000	59,300,000		59,000,000	61,300,000		59,200,000
Issued capital				$ 61	$ 61		$ 59	$ 59		$ 59	$ 61		$ 59

Equity (Narrative) (Details)

Equity (Narrative) (Details)	Nov. 12, 2020USD ($)shares	Nov. 04, 2020USD ($)shares	Apr. 08, 2020USD ($)	Feb. 10, 2020USD ($)shares	Jan. 02, 2020USD ($)shares	Dec. 10, 2019USD ($)	Nov. 06, 2019shares	Jul. 08, 2019shares	Feb. 10, 2019$ / sharesshares	Jan. 02, 2019USD ($)shares	Dec. 20, 2018	Dec. 20, 2018shares	Dec. 31, 2020USD ($)itemshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Disclosure Of Share capital [Line items]
Common shares issued to Non-Executive Directors															33,145
Purchase of treasury shares | $		$ 938,000		$ 3,071,000									$ 71,272,000		$ 1,801,000
Treasury Stock Purchased, Shares		101,986		316,445										4,318,320	145,917
Percentage of number of shares repurchase		10.00%		10.00%							10.00%
Maximum shares can buyback		6,062,000		5,930,000								6,063,000
Number of share options granted in share-based payment arrangement | item													1,003,070
Cash dividend per share		0.0206					0.0413
Dividends paid | $		$ 2,516,000	$ 2,343,000			$ 2,444,000							$ 4,859,000	$ 2,444,000	$ 0
Stock dividend per share | $ / shares									$ 0.004
Dividend distributed during the period shares									242,650
Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period								1,484,847
Share capital | $													$ 4,352,000
Share Premium [Member]
Disclosure Of Share capital [Line items]
Number of shares issued during the period								4,311,000
Issue of equity | $					$ 4,668,000					$ 4,668,000
Non Executive Directors [Member] | Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period													60,204	29,220
Non Executive Directors [Member] | Share Premium [Member]
Disclosure Of Share capital [Line items]
Number of shares issued during the period													665,000	499,000	449,000
Employee Benefit Trust [Member] | Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period	499,614
Share capital | $	$ 1,000
Employee Benefit Trust [Member] | Share Premium [Member]
Disclosure Of Share capital [Line items]
Number of shares issued during the period	4,351,000
Management [Member] | Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period					2,976,781					2,976,781
Director | Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period					878,150					878,150
Value Creation Plan [Member]
Disclosure Of Share capital [Line items]
Share based compensation arrangement shares vesting percentage													50.00%	50.00%
Director | Value Creation Plan [Member]
Disclosure Of Share capital [Line items]
Percentage of shares under share based compensation														20.00%

Borrowings (Schedule of Share C

Borrowings (Schedule of Share Capital) (Details)	Dec. 31, 2020USD ($)	Sep. 30, 2020BRL (R$)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2018BRL (R$)	Oct. 31, 2018USD ($)
Disclosure Of Borrowings [Line Items]
Borrowings	$ 784,586,000			$ 437,419,000
Current borrowings	17,689,000			17,281,000
Non-current portion of non-current borrowings	766,897,000			420,138,000
Notes 2024 [Member]
Disclosure Of Borrowings [Line Items]
Borrowings	428,737,000			427,812,000
Notes 2027 [Member]
Disclosure Of Borrowings [Line Items]
Borrowings	352,113,000
Banco Santander [Member]
Disclosure Of Borrowings [Line Items]
Borrowings	$ 3,736,000	R$ 19410000	$ 3,441,000	$ 9,607,000	R$ 77640000	$ 20,000,000

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details)	Jan. 17, 2020USD ($)	Sep. 30, 2020BRL (R$)installment	Oct. 31, 2018BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Oct. 31, 2018USD ($)	Sep. 30, 2017USD ($)
Disclosure Of Borrowings [Line Items]
Notional amount								$ 350,000,000		$ 425,000,000
Borrowings, maturity				September 21, 2024
Payments for debt issue costs				$ 7,507,000	$ 0	$ 0
Number of Installments | installment		3
Line of credit facilities, remaining borrowing capacity				$ 125,608,000
Debt issuance effective rate				6.90%
Borrowings				$ 784,586,000	$ 437,419,000
Maximum
Disclosure Of Borrowings [Line Items]
Ratio Of Net Debt To Adjusted EBITDA	3.25			3.25
Minimum
Disclosure Of Borrowings [Line Items]
Ratio Of Adjusted EBITDA To Interest	2.5			2.25
Notes 2027 [Member]
Disclosure Of Borrowings [Line Items]
Borrowings, interest rate	5.50%
Notional amount	$ 350,000,000
Debt Instrument Issued Price, Percent	99.285%
Borrowings Yield Rate	5.625%
Payments for debt issue costs	$ 5,004,000
Debt issuance effective rate	5.88%
Borrowings				$ 352,113,000
Notes [Member]
Disclosure Of Borrowings [Line Items]
Borrowings, interest rate										6.50%
Notional amount										$ 425,000,000
Payments for debt issue costs	$ 5,004,000			$ 6,683,000
Debt issuance effective rate	5.88%
Banco Santander [Member]
Disclosure Of Borrowings [Line Items]
Notional amount		R$ 19410000	R$ 77640000				$ 3,441,000		$ 20,000,000
Borrowings, interest rate basis			Interbank certificate of deposit
Banco Santander [Member] | Floating interest rate [member]
Disclosure Of Borrowings [Line Items]
Adjustment to base rate		3.55%	2.25%				3.55%		2.25%

Leases - IFRS 16 (Details)

Leases - IFRS 16 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of initial application of standards or interpretations [line items]
Lease liabilities recognized as at January 1, 2019 (at present value)	$ 22,347	$ 13,243
Current	10,890	7,442
Non-current	$ 11,457	$ 5,801
IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Weighted average incremental borrowing rate			9.40%
Operating lease commitments disclosed as at December 31, 2018 (Note 33.3)				$ 69,938
(Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16			$ (34,239)
(Less) Short-term leases not recognized as a liability			(17,537)
(Less) Low-value leases not recognized as a liability			(341)
Lease liabilities recognized as at January 1, 2019 (at nominal value)			17,821
Lease liabilities recognized as at January 1, 2019 (at present value)			14,610
Current			7,967
Non-current			$ 6,643

Leases - Recognition of assets

Leases - Recognition of assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets, Beginning balance	$ 13,462
Depreciation	(8,072)	$ (3,644)
Right-of-use assets, Ending balance	21,402	13,462
IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets, Beginning balance	13,462	14,610
Additions / changes in estimates	561	2,496
Acquisitions	16,674
Foreign currency translation	(1,223)
Depreciation	(8,072)	(3,644)
Right-of-use assets, Ending balance	$ 21,402	$ 13,462

Leases - Statement of Financial

Leases - Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	$ 21,402	$ 13,462
Lease Liabilities
Current	10,890	7,442
Non-current	11,457	5,801
Total lease liabilities	22,347	13,243
Production facilities and machinery [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	14,806	8,785
Buildings and improvements
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	6,596	4,677
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	$ 21,402	$ 13,462	$ 14,610	$ 14,610
Lease Liabilities
Current			7,967
Non-current			6,643
Total lease liabilities			14,610
IFRS 16 | Production facilities and machinery [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets			9,398
IFRS 16 | Buildings and improvements
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets			$ 5,212

Leases - Statement of Income (D

Leases - Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	$ (8,072)	$ (3,644)
Unwinding of long-term liabilities (included in Financial results)	(1,247)	(419)
Expenses related to short-term leases (included in Production and operating cost and Administrative expenses)	(1,317)	(13,463)
Expenses related to low-value leases (include in Administrative expenses)	(736)	(314)
Production facilities and machinery [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	(6,472)	(1,834)
Buildings and improvements
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	$ (1,600)	$ (1,810)

Provisions and other long-ter_3

Provisions and other long-term liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020
Disclosure of other provisions [line items]
Other provisions at beginning of period	$ 62,062,000	$ 42,577,000
Addition to provision / changes in estimates	(166,000)	17,433,000
Acquisitions	16,519,000
Exchange difference	2,255,000	309,000
Foreign currency translation	(2,057,000)	(334,000)
Amortization	(387,000)	(429,000)
Unwinding of discount	4,647,000	3,650,000
Amounts used during the year	(451,000)	(1,144,000)
Liabilities associated with assets held for sale	(52,000)
Other provisions at end of period	82,370,000	62,062,000
Amount of Assets Under Freeze	6,102,000		$ 4,465,600
Provision for decommissioning, restoration and rehabilitation costs [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	56,113,000	40,317,000
Addition to provision / changes in estimates	(1,812,000)	13,299,000
Acquisitions	5,629,000
Exchange difference	2,215,000	375,000
Foreign currency translation	(2,057,000)	(334,000)
Unwinding of discount	4,276,000	3,573,000
Amounts used during the year	(272,000)	(1,117,000)
Liabilities associated with assets held for sale	(52,000)
Other provisions at end of period	64,040,000	56,113,000
Provision For Deferred Income [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	2,267,000	447,000
Addition to provision / changes in estimates	(258,000)	2,267,000
Acquisitions	2,339,000
Exchange difference	(93,000)	(18,000)
Amortization	(387,000)	(429,000)
Unwinding of discount	0	0
Amounts used during the year	(40,000)
Other provisions at end of period	3,828,000	2,267,000
Miscellaneous other provisions [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	3,682,000	1,813,000
Addition to provision / changes in estimates	1,904,000	1,867,000
Acquisitions	8,551,000
Exchange difference	133,000	(48,000)
Unwinding of discount	371,000	77,000
Amounts used during the year	(139,000)	(27,000)
Other provisions at end of period	$ 14,502,000	$ 3,682,000

Trade and other payables (Sched

Trade and other payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Trade and other payables [Abstract]
V.A.T	$ 3,453	$ 6,718
Trade payables	63,528	83,991
Payables to LGI	3,528	15,000
Staff costs to be paid	13,752	13,219
Royalties to be paid	5,287	6,294
Taxes and other debts to be paid	9,734	6,795
To be paid to co-venturers	5,760	4,803
Total trade and other payables	105,042	136,820
Current	100,156	131,345
Non current	$ 4,886	$ 5,475

Trade and other payables (Narra

Trade and other payables (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Trade and other payables [Abstract]
Average credit period Expressed As Creditor Days	110 days	94 days

Share-based payment (Schedule o

Share-based payment (Schedule of Share-based Payment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	2,022,940
Number of share options granted in share-based payment arrangement	1,003,070
Number of share options forfeited in share-based payment arrangement	(38,127)
Number of share options exercised in share-based payment arrangement	(2,048,208)
Number of share options outstanding in share-based payment arrangement	939,675	2,022,940
Expense from share-based payment transactions with employees | $	$ 8,444	$ 2,717	$ 5,446
Shares granted to Non-Executive Director [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	60,204
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	(60,204)
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 665	$ 500	450
VCP 2019 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	156,497
Number of share options granted in share-based payment arrangement	0
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	156,497	156,497
Expense from share-based payment transactions with employees | $	$ 800	$ 800	600
Executive Directors' Bonus [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	499,614
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	(499,614)
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 0	$ 0	0
VCP 2016 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	378,053
Number of share options granted in share-based payment arrangement	0
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	378,053	378,053
Expense from share-based payment transactions with employees | $	$ 5,705	$ 951	0
Stock awards for service contracts [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	1,488,390
Number of share options granted in share-based payment arrangement	0
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	(1,488,390)
Number of share options outstanding in share-based payment arrangement	0	1,488,390
Expense from share-based payment transactions with employees | $	$ 0	$ 0	1,868
Year Of Issuance 2018 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	443,252
Number of share options forfeited in share-based payment arrangement	(38,127)
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	405,125	0
Expense from share-based payment transactions with employees | $	$ 1,274	$ 0	0
Year of issuance 2016 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	0
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 0	$ 416	1,662
Year of issuance 2014 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	0
Number of share options forfeited in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 0	$ 50	866
Issuance [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	443,252
Number of share options forfeited in share-based payment arrangement	(38,127)
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	405,125	0
Expense from share-based payment transactions with employees | $	$ 1,274	$ 466	$ 2,528

Share-based payment (Narrative)

Share-based payment (Narrative) (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)item	Dec. 31, 2020USD ($)shares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018USD ($)Yitem	Dec. 31, 2016bblitem$ / shares
Disclosure Of Share-based Payment [Line Items]
Number of instruments granted in share-based payment arrangement	800,000			200,000	1,619,105
Number of salaries | item				3	3
Share Based Compensation Maximum Number Of Salaries Denominator | Y				3
Description of vesting requirements for share-based payment arrangement, share price threshold | $ / shares					$ 3
Number of shares issued | shares		61,029,772	59,167,584
Description of maximum term of options granted for share-based payment arrangement				10-year
Bonus Compensation Payment | $		$ 4,352,000
Value Creation Plan [Member]
Disclosure Of Share-based Payment [Line Items]
Maximum awards payable in variable number of shares in share-based payment arrangement | shares			3,024,172
Stock market price | $ / shares			$ 19.42
Share based compensation arrangement shares vesting percentage		50.00%	50.00%
Value Creation Plan [Member] | Director
Disclosure Of Share-based Payment [Line Items]
Percentage of shares under share based compensation			20.00%
Minimum
Disclosure Of Share-based Payment [Line Items]
Number of salaries | item	3
Maximum
Disclosure Of Share-based Payment [Line Items]
Number of salaries | item	6
Number of shares issued | shares		5,000,000

Interests in Joint operations_2

Interests in Joint operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Interests in Joint operations [Line Items]
PP and E	$ 614,665	$ 567,788	$ 557,170
Total Assets	960,266	852,132
Total Liabilities	(1,069,456)	(719,247)
Revenue	$ 393,692	$ 628,907	$ 601,161
Llanos 34 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	45.00%	45.00%	45.00%
PP and E	$ 212,914	$ 208,156	$ 174,895
Other Assets	2,834	3,128	3,133
Total Assets	215,748	211,284	178,028
Total Liabilities	(6,829)	(6,267)	(2,296)
Net Assets/ (Liabilities)	208,919	205,017	175,732
Revenue	273,077	513,378	469,404
Operating profit (loss)	$ 203,386	$ 398,953	$ 347,772
Llanos 32 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	12.50%	12.50%	12.50%
PP and E	$ 1,484	$ 1,136	$ 2,011
Other Assets	0	0	0
Total Assets	1,484	1,136	2,011
Total Liabilities	(273)	(519)	(449)
Net Assets/ (Liabilities)	1,211	617	1,562
Revenue	5,885	6,053	5,764
Operating profit (loss)	$ 4,248	$ 2,791	$ 623
Llanos 86 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%
PP and E	$ 137	$ 21
Other Assets	0	0
Total Assets	137	21
Total Liabilities	0	0
Net Assets/ (Liabilities)	137	21
Revenue	0	0
Operating profit (loss)	$ 0	$ 0
Llanos 87 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%
PP and E	$ 333	$ 40
Other Assets	0	0
Total Assets	333	40
Total Liabilities	0	0
Net Assets/ (Liabilities)	333	40
Revenue	0	0
Operating profit (loss)	$ 0	$ 0
Llanos 94 Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 42
Other Assets	0
Total Assets	42
Total Liabilities	(68)
Net Assets/ (Liabilities)	(26)
Revenue	0
Operating profit (loss)	$ 0
Llanos 104 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%
PP and E	$ 145	$ 26
Other Assets	0	0
Total Assets	145	26
Total Liabilities	0	0
Net Assets/ (Liabilities)	145	26
Revenue	0	0
Operating profit (loss)	$ 0	$ 0
Llanos 123 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 248
Other Assets	0
Total Assets	248
Total Liabilities	0
Net Assets/ (Liabilities)	248
Revenue	0
Operating profit (loss)	$ 0
Llanos 124 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 240
Other Assets	0
Total Assets	240
Total Liabilities	0
Net Assets/ (Liabilities)	240
Revenue	0
Operating profit (loss)	$ 0
Tranquilo Block (Chile) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest			50.00%
PP and E			$ 0
Other Assets			55
Total Assets			55
Total Liabilities			(428)
Net Assets/ (Liabilities)			(373)
Revenue			0
Operating profit (loss)			$ (46)
CPO-5 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	30.00%
PP and E	$ 218,298
Other Assets	0
Total Assets	218,298
Total Liabilities	(455)
Net Assets/ (Liabilities)	217,843
Revenue	29,552
Operating profit (loss)	$ 14,398
Mecaya Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 1,301
Other Assets	0
Total Assets	1,301
Total Liabilities	(128)
Net Assets/ (Liabilities)	1,173
Revenue	0
Operating profit (loss)	$ 0
PUT-8 Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 2,334
Other Assets	0
Total Assets	2,334
Total Liabilities	0
Net Assets/ (Liabilities)	2,334
Revenue	0
Operating profit (loss)	$ 0
PUT-9 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 924
Other Assets	0
Total Assets	924
Total Liabilities	0
Net Assets/ (Liabilities)	924
Revenue	0
Operating profit (loss)	$ 0
PUT-12 Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	60.00%
PP and E	$ 610
Other Assets	0
Total Assets	610
Total Liabilities	0
Net Assets/ (Liabilities)	610
Revenue	0
Operating profit (loss)	$ 0
PUT-36 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 31
Other Assets	0
Total Assets	31
Total Liabilities	0
Net Assets/ (Liabilities)	31
Revenue	0
Operating profit (loss)	$ 0
Tacacho Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 3,591
Other Assets	0
Total Assets	3,591
Total Liabilities	0
Net Assets/ (Liabilities)	3,591
Revenue	0
Operating profit (loss)	$ 0
Terecay Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 173
Other Assets	0
Total Assets	173
Total Liabilities	0
Net Assets/ (Liabilities)	173
Revenue	0
Operating profit (loss)	$ 0
Flamenco Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%	50.00%
PP and E	$ 0	$ 4,623	$ 4,803
Other Assets	0	0	0
Total Assets		4,623	4,803
Total Liabilities	(1,577)	(1,382)	(1,173)
Net Assets/ (Liabilities)	(1,577)	3,241	3,630
Revenue	0	0	263
Operating profit (loss)	$ (7,532)	$ (313)	$ (5,647)
Campanario Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%	50.00%
PP and E	$ 0	$ 16,445	$ 16,477
Other Assets	0	0	0
Total Assets		16,445	16,477
Total Liabilities	(372)	(331)	(278)
Net Assets/ (Liabilities)	(372)	16,114	16,199
Revenue	0	0	40
Operating profit (loss)	$ (16,913)	$ (156)	$ (1,008)
Isla Norte Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	60.00%	60.00%	60.00%
PP and E	$ 0	$ 8,896	$ 8,920
Other Assets	0	0	0
Total Assets		8,896	8,920
Total Liabilities	(132)	(101)	(72)
Net Assets/ (Liabilities)	(132)	8,795	8,848
Revenue	0	0	7
Operating profit (loss)	$ (9,418)	$ (189)	$ (778)
Manati field [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	10.00%	10.00%	10.00%
PP and E	$ 13,280	$ 18,537	$ 25,741
Other Assets	15,557	18,066	6,364
Total Assets	28,837	36,603	32,105
Total Liabilities	(11,515)	(15,980)	(839)
Net Assets/ (Liabilities)	17,322	20,623	31,266
Revenue	12,286	22,376	30,053
Operating profit (loss)	$ 3,339	$ 9,263	$ 17,963
POT-T-747 [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest		70.00%	70.00%
PP and E		$ 0	$ 202
Other Assets		0	0
Total Assets		0	202
Total Liabilities		0
Net Assets/ (Liabilities)		0	202
Revenue		0	0
Operating profit (loss)		$ (1,516)	$ 0
RECT128 [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	70.00%	70.00%	70.00%
PP and E	$ 0	$ 3,886	$ 1,398
Other Assets	1,152	919	0
Total Assets	1,152	4,805	1,398
Total Liabilities	(52)	(143)	(648)
Net Assets/ (Liabilities)	1,100	4,662	750
Revenue	497	674	0
Operating profit (loss)	$ (72)	$ 57	$ 0
POT T 785 [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	70.00%	70.00%
PP and E	$ 79	$ 125
Other Assets	0	0
Total Assets	79	125
Total Liabilities	0	0
Net Assets/ (Liabilities)	79	125
Revenue	0	0
Operating profit (loss)	$ 0	$ 0
CN-V Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%	50.00%
PP and E	$ 0	$ 0	$ 8,577
Other Assets	107	274	328
Total Assets	107	274	8,905
Total Liabilities	(164)	(237)	(577)
Net Assets/ (Liabilities)	(57)	37	8,328
Revenue	0	0	0
Operating profit (loss)	$ (289)	$ (15,451)	$ (922)
Los Parlamentos Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%
PP and E	$ 0
Other Assets	0
Total Liabilities	0
Revenue	0
Operating profit (loss)	$ (244)
Puelen Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	18.00%	18.00%	18.00%
PP and E	$ 0	$ 0	$ 1,881
Other Assets	20	47	13
Total Assets	20	47	1,894
Total Liabilities	(106)	(41)	(246)
Net Assets/ (Liabilities)	(86)	6	1,648
Revenue	0	0	0
Operating profit (loss)	$ (156)	$ (1,959)	$ (159)
Sierra del Nevado Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	18.00%	18.00%	18.00%
PP and E	$ 0	$ 0	$ 995
Other Assets	7	63	10
Total Assets	7	63	1,005
Total Liabilities	(6)	(79)	(91)
Net Assets/ (Liabilities)	1	(16)	914
Revenue	0	0	0
Operating profit (loss)	$ (13)	$ (1,705)	$ (134)
Morona [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	75.00%	75.00%	75.00%
PP and E	$ 3,651	$ 8,921	$ 6,446
Other Assets	607	6,862	0
Total Assets	4,258	15,783	6,446
Total Liabilities	(6,622)	(10,161)	(7,016)
Net Assets/ (Liabilities)	(2,364)	5,622	(570)
Revenue	0	0	0
Operating profit (loss)	$ (36,980)	$ (4,976)	$ 0
Espejo [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%
PP and E	$ 409	$ 199
Other Assets	29	321
Total Assets	438	520
Total Liabilities	(131)	(610)
Net Assets/ (Liabilities)	307	(90)
Revenue	0	0
Operating profit (loss)	$ (464)	$ (272)
Perico [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50.00%	50.00%
PP and E	$ 397	$ 304
Other Assets	52	61
Total Assets	449	365
Total Liabilities	(229)	(541)
Net Assets/ (Liabilities)	220	(176)
Revenue	0	0
Operating profit (loss)	$ (543)	$ (176)

Commitments (Schedule of Royalt

Commitments (Schedule of Royalty Commitments) (Details)	12 Months Ended
	Dec. 31, 2020
up to 5,000 [Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	Up to 5,000
Description Of Applicable Production Royalty Rate	8%
5,000 to 125,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	5,000 to 125,000
Description Of Applicable Production Royalty Rate	8% + (production - 5,000) * 0.1
125,000 to 400,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	125,000 to 400,000
Description Of Applicable Production Royalty Rate	20%
400,000 to 600,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	400,000 to 600,000
Description Of Applicable Production Royalty Rate	20% + (production - 400,000) * 0.025
Greater than 600,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	Greater than 600,000
Description Of Applicable Production Royalty Rate	25%

Commitments (Narrative) (Detail

Commitments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)itembbl	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 30, 2021USD ($)	Oct. 14, 2020USD ($)	Apr. 07, 2020USD ($)
Disclosure Of Commitments [Line Items]
Royalty Expense	$ 35,875,000	$ 64,576,000	$ 71,836,000
Royalty maximum production benchmark | item	15
Royalty benchmark percentage of total calculation	75.00%
Accumulated production of fields benchmark minimum | bbl	5,000,000
Flamenco Block [Member]
Disclosure Of Commitments [Line Items]
Investment Assumption Percentage	100.00%
Campanario Block [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5.00%
Capital commitments	$ 5,002,000
CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,542,000
Coati Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,500,000
Mecaya Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,000,000
Mecaya, Private Agreement With Other Partner in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	600,000
Isla Norte Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	867,000
REC-T-58 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	140,000
REC-T-67 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	140,000
REC-T-77 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	140,000
POT-T-834 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 140,000
Espejo and Perico Blocks [Member]
Disclosure Of Commitments [Line Items]
Working interest percentage	50.00%
Perico Blocks [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 12,109,000
PUT-8 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	13,107,000
PUT-9 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,365,000				$ 10,550,000
PUT-12 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments						$ 14,347,000
PUT-30 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	26,929,000
Tacacho Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,080,000
Tacacho, Other Partener in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	1,224,000
Terecay Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,046,000
Terecay Other Partner in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,856,000
Pott785Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	67,000
VIM 3 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	9,290,800
Los Parlamentos Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments				$ 6,000,000
Working interest percentage				50.00%
Llanos 104 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	7,068,000
PUT-14 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	16,122,000
PUT-36 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	9,482,000
Llanos 123 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	5,686,000
Llanos 124 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	8,417,000
Llanos 86 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	7,954,000
Llanos 94 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	9,147,000
Llanos 87 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	11,034,000
Espejo Blocks [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	17,648,000
Colombia [Member]
Disclosure Of Commitments [Line Items]
Royalty Expense	30,453,000	56,399,000	62,710,000
Colombia [Member] | Llanos 32 [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 3,350,000
Llanos 32 [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	1.00%
CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	23.00%
Platanillo Block [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	0.00%
Previous Owners of Block [Member]
Disclosure Of Commitments [Line Items]
Accrued Overriding Royalty Payments	$ 14,018,000	$ 24,700,000	$ 20,551,000
Previous Owners of Block [Member] | Llanos 34 Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	4.00%
Previous Owners of Block [Member] | CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	2.50%
Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Gas [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	7.50%
Provinces of Mendoza [Member] | Crude Oil [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	15.00%
Chilean Government [Member] | Crude Oil [Member] | Fell Block [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5.00%
Chilean Government [Member] | Gas [Member] | Fell Block [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	3.00%
Minimum | Andaquies, Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	1.20%
Minimum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5.00%
Maximum | Andaquies, Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	8.50%
Maximum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	10.00%

Related parties (Schedule of Co

Related parties (Schedule of Controlling Interests) (Details) - shares	Dec. 31, 2020	Jan. 16, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Number of shares issued	61,029,772		59,167,584
Percentage of voting equity interests acquired	100.00%	100.00%
James F. Park [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	8,307,416
Percentage of voting equity interests acquired	13.61%
Gerald O'Shaughnessy [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	6,538,220
Percentage of voting equity interests acquired	10.71%
Compass Group LLC [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	6,043,917
Percentage of voting equity interests acquired	9.90%
Renaissance Technologies LLC
Disclosure of classes of share capital [line items]
Number of shares issued	4,112,342
Percentage of voting equity interests acquired	6.74%
Other shareholders [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	36,027,877
Percentage of voting equity interests acquired	59.03%

Related parties (Schedule of Ba

Related parties (Schedule of Balances Outstanding and Transactions with Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Related parties [Line Items]
Finance costs	$ 64,582	$ 41,070	$ 39,321
Administrative expenses	50,315	60,818	52,074
Geological and geophysical expenses	14,951	18,593	$ 13,951
Amounts payable, related party transactions	(3,528)	(15,000)
Description of nature of related party relationship			Joint Operations
Entities with joint control or significant influence over entity [member]
Disclosure Of Related parties [Line Items]
Amounts payable, related party transactions	(5,760)	(4,803)	$ (8,449)
Amounts receivable, related party transactions	$ 2,236	$ 1,035	$ 1,819
Description of nature of related party relationship	Joint Operations	Joint Operations	Joint Operations
Carlos Gulisano [Member]
Disclosure Of Related parties [Line Items]
Geological and geophysical expenses	$ 130	$ 160	$ 170
Description of nature of related party relationship	Non-Executive Director (a)	Non-Executive Director (a)	Non-Executive Director (a)
Pedro Aylwin [Member]
Disclosure Of Related parties [Line Items]
Administrative expenses	$ 561	$ 581	$ 547
Description of nature of related party relationship	Executive Director (b)	Executive Director (b)	Executive Director (b)
LG International Corp [Member]
Disclosure Of Related parties [Line Items]
Finance costs			$ 1,606
Description of nature of related party relationship			Partner

Related parties (Narrative) (De

Related parties (Narrative) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of classes of share capital held by him personally [Line Items]
Number of shares outstanding	61	59.2	60.5
Wages and salaries	$ 49,338,000	$ 55,325,000	$ 52,644,000
Pedro Aylwin [Member]
Disclosure of classes of share capital held by him personally [Line Items]
Wages and salaries	336,000	390,000	417,000
Other long-term employee benefits	$ 225,000	$ 191,000	$ 130,000

Auditors Fees (Details)

Auditors Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Auditors Fees [Abstract]
Audit fees	$ 926	$ 763	$ 797
Audit related fees	0	510	0
Tax services fees	35	165	209
Non-audit services fees	0	5	0
Total Auditors Fees	$ 961	$ 1,443	$ 1,006

Business transactions (Summary

Business transactions (Summary of Assets and Liabilities related to Sale of La Cuerva and Yamu Blocks) (Details) - USD ($)	1 Months Ended
	Jul. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about business combination [line items]
Liabilities associated with assets held for sale		$ (52,000)	$ 0
La Cuerva and Yamu blocks [Member]
Disclosure of detailed information about business combination [line items]
Advance Payment	$ 9,000,000
Final payment (including working capital adjustment)	7,066,000
Total consideration	16,066,000
Assets held for sale	23,211,000
Liabilities associated with assets held for sale	(9,447,000)
Other net current assets	2,416,000
Total identifiable net assets	16,180,000
Result of the transaction recognized in the Condensed Consolidated Statement of Income	$ (114,000)

Business transactions (Summar_2

Business transactions (Summary of Consideration Paid in the Acquisition of Amerisur) (Details) - Amerisur Resources Limited [Member] $ in Thousands	Dec. 31, 2020USD ($)
Disclosure of detailed information about business combination [line items]
Cash	$ 314,163
Total consideration	314,163
Property, plant and equipment (including mineral interest)	276,988
Right-of-use assets	16,674
Deferred income tax asset	4,071
Prepayment and other receivables	30,024
Trade receivables	5,964
Inventories	4,128
Other assets	5,991
Cash and cash equivalents	41,828
Lease liabilities	(17,851)
Provision for other long-term liabilities	16,519
Current income tax liability	(3,426)
Trade and other payables recognised as of acquisition date	(33,709)
Total identifiable net assets	$ 314,163

Business transactions (Narrativ

Business transactions (Narrative) (Details)

Jul. 15, 2020USD ($)

Jan. 16, 2020USD ($)item

Nov. 18, 2018installmentitem

Nov. 02, 2018USD ($)

Feb. 28, 2021USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Dec. 31, 2020USD ($)item

Nov. 22, 2020USD ($)

Jul. 31, 2020USD ($)

Nov. 30, 2018USD ($)

Nov. 28, 2018USD ($)

Mar. 27, 2018USD ($)

Disclosure of detailed information about business combination [line items]

Revenue

$ 42,855,000

Net loss

$ 5,523,000

Percentage of voting equity interests acquired

100.00%

100.00%

LG International Corp [Member]

Disclosure of detailed information about business combination [line items]

First Contingent Payment, Amount

$ 5,000,000

Contingent consideration arrangements and indemnification assets recognised as of acquisition date

$ 81,000,000

Additional Contingent Payments, Number | item

3

Contingent Consideration Installments, Number | installment

2

Consideration installment

$ 11,500,000

$ 15,000,000

Number of contingent payments | item

2

Amerisur Resources Limited [Member]

Disclosure of detailed information about business combination [line items]

Consideration transferred, acquisition-date fair value

$ 314,163,000

Cash transferred

314,163,000

Manati Block [Member]

Disclosure of detailed information about business combination [line items]

Percent of Ownership Interest Sold

10.00%

Total Consideration Receivable

$ 27,787,000

$ 144,400,000

Fixed Consideration Receivable

124,400,000

Earn Out Consideration Receivable

$ 20,000,000

Morona Block [Member]

Disclosure of detailed information about business combination [line items]

Impairment loss recognised in profit or loss, property, plant and equipment

$ 33,976,000

Write Down of Value Added Tax Credit

6,017,000

Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset

8,353,000

Provision for Environmental Obligations

$ 1,886,000

REC-T-128 [Member]

Disclosure of detailed information about business combination [line items]

Percent of Ownership Interest Sold

70.00%

Total Consideration Receivable

$ 1,100,000

Fixed Consideration Receivable

$ 710,000

La Cuerva and Yamu blocks [Member]

Disclosure of detailed information about business combination [line items]

Adjustment For Working Capital

$ 1,934,000

Disposal Group Classified As Held For Sale Advance Payments received

$ 9,000,000

Disposal Group Classified As Held For Sale Contingent Asset Subject To Condition

2,000,000

Disposal Group Classified As Held For Sale Acquisition Date Total Consideration Recognised

$ 18,000,000

Later than one year [member] | LG International Corp [Member]

Disclosure of detailed information about business combination [line items]

Contingent Payment For Mile Stone

5,000,000

Contingent Consideration Installment Amount

15,000,000

Later than one year and not later than two years [member] | LG International Corp [Member]

Disclosure of detailed information about business combination [line items]

Contingent Payment For Mile Stone

5,000,000

Contingent Consideration Installment Amount

15,000,000

2022 | LG International Corp [Member]

Disclosure of detailed information about business combination [line items]

Contingent Payment For Mile Stone

$ 5,000,000

Los Parlamentos Exploratory Block [Member] | La Cuerva and Yamu blocks [Member]

Disclosure of detailed information about business combination [line items]

Disposal Group Classified As Held For Sale Percentage Of Working Interest sold

100

Acquisition [member] | LG International Corp [Member]

Disclosure of detailed information about business combination [line items]

Consideration installment

$ 3,500,000

Acquisition [member] | Amerisur Resources Limited [Member]

Disclosure of detailed information about business combination [line items]

Cash transferred

$ 314,163,077

Acquisition [member] | Amerisur Resources Limited [Member] | Colombia [Member]

Disclosure of detailed information about business combination [line items]

Number of Exploration Blocks | item

13

Acquisition [member] | Putumayo Basin Block [Member] | Amerisur Resources Limited [Member]

Disclosure of detailed information about business combination [line items]

Number of Exploration Blocks | item

12

Acquisition [member] | Llanos Basin [Member] | Amerisur Resources Limited [Member]

Disclosure of detailed information about business combination [line items]

Number of Exploration Blocks | item

1

Aguada Baguales El Porvenir And Puesto Touquet Blocks [Member]

Disclosure of detailed information about business combination [line items]

Adjustment For Working Capital

$ 3,150,000

Percentage of voting equity interests acquired

100.00%

Consideration transferred, acquisition-date fair value

$ 52,000,000

Impairment test on Property, _3

Impairment test on Property, plant and equipment (Schedule of Oil Price Scenarios Used in Impairment Testing) (Details)	Dec. 31, 2020$ / bbl
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Estimation regarding price percentage for low price scenario	15.00%
Estimation regarding price percentage for middle price scenario	60.00%
Estimation regarding price percentage for high price scenario	25.00%
2021
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Low price (15%)	45.1
Middle price (60%)	50.1
High price (25%)	55.1
Weighted market price used for the impairment test	50.6
2022
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Low price (15%)	48.8
Middle price (60%)	54.3
High price (25%)	59.7
Weighted market price used for the impairment test	54.8
2023
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Low price (15%)	50.9
Middle price (60%)	56.6
High price (25%)	62.2
Weighted market price used for the impairment test	57.1
2024
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Low price (15%)	52.9
Middle price (60%)	58.8
High price (25%)	64.6
Weighted market price used for the impairment test	59.3
Over 2025
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Low price (15%)	53.9
Middle price (60%)	59.9
High price (25%)	65.9
Weighted market price used for the impairment test	60.5

Impairment test on Property, _4

Impairment test on Property, plant and equipment (Schedule of Amounts of Impairment Loss Reversed (Recognized)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	$ (133,864)	$ (7,559)	$ 4,982
Colombia [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	0	0	11,531
Chile [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	(81,967)	0	(6,549)
Brazil [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	(1,717)	0	0
Argentina [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	(16,205)	(7,559)	0
Peru [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
impairment loss reversed (recognized)	$ (33,975)	$ 0	$ 0

Impairment test on Property, _5

Impairment test on Property, plant and equipment (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure Of Impairment test on Property, plant and equipment [Abstract]
Number of projected oil price scenarios | item	3
Impairment loss (reversal of impairment loss) recognised in profit or loss | $	$ 133,864	$ 7,559	$ (4,982)

Supplemental information on o_3

Supplemental information on oil and gas activities (Schedule of Costs Incurred in Exploration, Property Acquisitions and Development) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	$ 202,913	$ 0	$ 54,541
Acquisition of properties, Unproved	73,310	0	0
Total property acquisition	276,223	0	54,541
Exploration	29,951	39,826	54,332
Development	51,930	111,089	76,208
Total costs incurred	81,881	150,915	130,540
Colombia [Member]
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	202,913	0	0
Acquisition of properties, Unproved	73,310	0	0
Total property acquisition	276,223	0	0
Exploration	19,142	22,008	34,242
Development	51,793	68,818	65,174
Total costs incurred	70,935	90,826	99,416
Chile [Member]
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	9,447	8,483	6,221
Development	3,580	2,611	3,033
Total costs incurred	13,027	11,094	9,254
Brazil [Member]
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	668	5,219	3,217
Development	412	143	(2,220)
Total costs incurred	1,080	5,362	997
Argentina [Member]
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	0	0	54,541
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	54,541
Exploration	694	4,116	9,383
Development	(3,855)	25,109	1,836
Total costs incurred	(3,161)	29,225	11,219
Peru [Member]
Costs incurred, acquisition of properties [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	0	0	1,269
Development	0	14,408	8,385
Total costs incurred	$ 0	$ 14,408	$ 9,654

Supplemental information on o_4

Supplemental information on oil and gas activities (Schedule of Capitalized Costs Related to Oil and Gas Producing Activities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	$ 197,829	$ 172,507	$ 172,094
Proved properties, Mineral interest and wells	968,617	830,937	717,510
Proved properties, Other uncompleted projects	15,477	32,712	38,130
Unproved properties	77,820	48,036	59,992
Gross capitalised costs	1,259,743	1,084,192	987,726
Accumulated depreciation	(658,432)	(562,853)	(463,062)
Total net capitalised costs	601,311	521,339	524,664
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	115,577	79,999	83,023
Proved properties, Mineral interest and wells	511,040	282,973	189,514
Proved properties, Other uncompleted projects	13,048	19,754	24,061
Unproved properties	77,388	567	1,676
Gross capitalised costs	717,053	383,293	298,274
Accumulated depreciation	(228,929)	(172,207)	(122,479)
Total net capitalised costs	488,124	211,086	175,795
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	74,363	84,069	81,459
Proved properties, Mineral interest and wells	348,366	402,392	400,338
Proved properties, Other uncompleted projects	2,158	11,984	12,233
Unproved properties		45,681	41,162
Gross capitalised costs	424,887	544,126	535,192
Accumulated depreciation	(345,611)	(313,379)	(281,062)
Total net capitalised costs	79,276	230,747	254,130
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	3,580	4,615	5,154
Proved properties, Mineral interest and wells	47,729	64,179	63,574
Proved properties, Other uncompleted projects	245	209
Unproved properties	432	1,788	7,073
Gross capitalised costs	51,986	70,791	75,801
Accumulated depreciation	(38,273)	(46,370)	(43,158)
Total net capitalised costs	13,713	24,421	32,643
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	4,309	3,824	2,458
Proved properties, Mineral interest and wells	61,482	81,393	64,084
Proved properties, Other uncompleted projects	26	765	1,836
Unproved properties			10,081
Gross capitalised costs	65,817	85,982	78,459
Accumulated depreciation	(45,619)	(30,897)	(16,363)
Total net capitalised costs	$ 20,198	$ 55,085	$ 62,096

Supplemental information on o_5

Supplemental information on oil and gas activities (Schedule of Results of Operations for Oil and Gas Producing Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	$ 393,692	$ 628,907	$ 601,161
Production costs, excluding depreciation
Operating costs	(89,197)	(104,388)	(102,424)
Royalties	(35,875)	(64,576)	(71,836)
Total production costs	(125,072)	(168,964)	(174,260)
Exploration expenses	(64,488)	(31,146)	(35,931)
Accretion expense	(4,276)	(3,650)	(3,423)
Impairment loss reversal for non-financial assets	(99,889)	(7,559)	4,982
Depreciation, depletion and amortization	(106,164)	(99,984)	(90,088)
Results of operations before income tax	(6,197)	317,604	302,441
Income tax benefit (expense)	(24,861)	(109,904)	(117,666)
Results of oil and gas operations	(31,058)	207,700	184,775
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	334,606	538,917	497,870
Production costs, excluding depreciation
Operating costs	(61,866)	(60,545)	(55,823)
Royalties	(30,453)	(56,399)	(62,710)
Total production costs	(92,319)	(116,944)	(118,533)
Exploration expenses	(12,493)	(10,921)	(23,953)
Accretion expense	(670)	(813)	(892)
Impairment loss reversal for non-financial assets	0		11,531
Depreciation, depletion and amortization	(56,720)	(44,906)	(41,850)
Results of operations before income tax	172,404	365,333	324,173
Income tax benefit (expense)	(55,169)	(120,585)	(119,944)
Results of oil and gas operations	117,235	244,748	204,229
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	21,704	32,336	37,359
Production costs, excluding depreciation
Operating costs	(9,491)	(18,608)	(20,426)
Royalties	(753)	(1,181)	(1,473)
Total production costs	(10,244)	(19,789)	(21,899)
Exploration expenses	(50,301)	(126)	(6,855)
Accretion expense	(1,358)	(1,283)	(1,105)
Impairment loss reversal for non-financial assets	(81,967)		(6,549)
Depreciation, depletion and amortization	(32,233)	(34,344)	(27,298)
Results of operations before income tax	(154,399)	(23,206)	(26,347)
Income tax benefit (expense)	23,160	3,481	3,952
Results of oil and gas operations	(131,239)	(19,725)	(22,395)
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	12,783	23,049	30,053
Production costs, excluding depreciation
Operating costs	(2,827)	(4,098)	(5,965)
Royalties	(1,049)	(1,855)	(2,820)
Total production costs	(3,876)	(5,953)	(8,785)
Exploration expenses	(1,000)	(6,152)	(2,846)
Accretion expense	(867)	(832)	(918)
Impairment loss reversal for non-financial assets	(1,717)
Depreciation, depletion and amortization	(2,488)	(6,200)	(10,278)
Results of operations before income tax	2,835	3,912	7,226
Income tax benefit (expense)	(964)	(1,330)	(2,457)
Results of oil and gas operations	1,871	2,582	4,769
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	24,599	34,605	35,879
Production costs, excluding depreciation
Operating costs	(15,013)	(21,137)	(20,210)
Royalties	(3,620)	(5,141)	(4,833)
Total production costs	(18,633)	(26,278)	(25,043)
Exploration expenses	(694)	(13,947)	(2,277)
Accretion expense	(1,381)	(722)	(508)
Impairment loss reversal for non-financial assets	(16,205)	(7,559)	0
Depreciation, depletion and amortization	(14,723)	(14,534)	(10,662)
Results of operations before income tax	(27,037)	(28,435)	(2,611)
Income tax benefit (expense)	8,112	8,530	783
Results of oil and gas operations	$ (18,925)	$ (19,905)	$ (1,828)

Supplemental information on o_6

Supplemental information on oil and gas activities (Schedule of Reserve Quantity Information) (Details)	Dec. 31, 2020MBblsMMcf	Dec. 31, 2019MBblsMMcf	Dec. 31, 2018MBblsMMcf	Dec. 31, 2017MBblsMMcf
Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	46,334	42,001	35,135	31,399
Undeveloped reserves for properties, net	46,573	74,601	64,971	57,036
Proved developed and undeveloped reserves for properties, net	92,907	116,602	100,106	88,435
Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	40,275	37,382	37,253	32,509
Undeveloped reserves for properties, net | MMcf	5,661	6,863	12,356	11,329
Proved developed and undeveloped reserves for properties, net | MMcf	45,936	44,245	49,609	43,838
Colombia [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	43,817	39,397	32,326	21,101
Undeveloped reserves for properties, net	45,240	51,212	42,449	44,398
Proved developed and undeveloped reserves for properties, net	89,057	90,609	74,775	65,499
Colombia [Member] | Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	1,695	2,319	1,763
Undeveloped reserves for properties, net | MMcf	0	0	359
Proved developed and undeveloped reserves for properties, net | MMcf	1,695	2,319	2,122	0
Chile [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	798	898	696	720
Undeveloped reserves for properties, net	1,229	2,809	2,622	3,423
Proved developed and undeveloped reserves for properties, net	2,027	3,707	3,318	4,143
Chile [Member] | Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	19,054	14,406	11,944	8,688
Undeveloped reserves for properties, net | MMcf	5,661	6,413	8,823	11,329
Proved developed and undeveloped reserves for properties, net | MMcf	24,715	20,819	20,767	20,017
Brazil [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	34	48	55	76
Proved developed and undeveloped reserves for properties, net	34	48	55	76
Brazil [Member] | Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	13,927	14,872	17,339	23,821
Proved developed and undeveloped reserves for properties, net | MMcf	13,927	14,872	17,339	23,821
Argentina [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	1,685	1,658	2,058
Undeveloped reserves for properties, net	104	1,370	1,440
Proved developed and undeveloped reserves for properties, net	1,789	3,028	3,498
Argentina [Member] | Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	5,599	5,785	6,207
Undeveloped reserves for properties, net | MMcf	0	450	3,174
Proved developed and undeveloped reserves for properties, net | MMcf	5,599	6,235	9,381	0
Peru [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net	0	0	0	9,502
Undeveloped reserves for properties, net	0	19,210	18,460	9,215
Proved developed and undeveloped reserves for properties, net		19,210	18,460	18,717
Peru [Member] | Naturals gas [Member]
Disclosure Of Supplemental informations on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	0	0	0
Undeveloped reserves for properties, net | MMcf	0	0	0

Supplemental information on o_7

Supplemental information on oil and gas activities (Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas) (Details)	12 Months Ended
	Dec. 31, 2020MBblsMMcf	Dec. 31, 2019MBblsMMcf	Dec. 31, 2018MBblsMMcf
Oil And Condensates [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	116,602	100,106	88,435
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls	(4,530)	19,731	8,977
Extensions and discoveries | MBbls	4,824	8,107	8,880
Purchases of minerals in place | MBbls	(12,357)		3,968
Productions | MBbls	(11,632)	(11,342)	(10,154)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls	92,907	116,602	100,106
Oil And Condensates [Member] | Colombia [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	90,609	74,775	65,499
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls	(1,964)	18,341	9,826
Extensions and discoveries | MBbls	4,545	8,071	8,839
Purchases of minerals in place | MBbls	6,853		0
Productions | MBbls	(10,986)	(10,578)	(9,389)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls	89,057	90,609	74,775
Oil And Condensates [Member] | Chile [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	3,707	3,318	4,143
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls	(1,825)	541	(586)
Extensions and discoveries | MBbls	279	36	41
Productions | MBbls	(134)	(188)	(280)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls	2,027	3,707	3,318
Oil And Condensates [Member] | Brazil [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	48	55	76
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls	(7)	4	(6)
Productions | MBbls	(7)	(11)	(15)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls	34	48	55
Oil And Condensates [Member] | Argentina [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	3,028	3,498
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls	(734)	95
Purchases of minerals in place | MBbls			3,968
Productions | MBbls	(505)	(565)	(470)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls	1,789	3,028	3,498
Oil And Condensates [Member] | Peru [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MBbls	19,210	18,460	18,717
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MBbls		750	(257)
Purchases of minerals in place | MBbls	(19,210)
Proved reserves of oil, condensate and natural gas, net at the end | MBbls		19,210	18,460
Naturals gas [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf	44,245	49,609	43,838
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MMcf	2,133	475	(135)
Extensions and discoveries | MMcf	10,456	5,681	6,031
Purchases of minerals in place | MMcf			10,452
Productions | MMcf	(10,898)	(11,520)	(10,577)
Proved reserves of oil, condensate and natural gas, net at the end | MMcf	45,936	44,245	49,609
Naturals gas [Member] | Colombia [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf	2,319	2,122	0
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MMcf	(211)	621	0
Extensions and discoveries | MMcf	0	295	2,122
Purchases of minerals in place | MMcf			0
Productions | MMcf	(413)	(719)	0
Proved reserves of oil, condensate and natural gas, net at the end | MMcf	1,695	2,319	2,122
Naturals gas [Member] | Chile [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf	20,819	20,767	20,017
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MMcf	(385)	(167)	544
Extensions and discoveries | MMcf	10,456	5,386	3,909
Purchases of minerals in place | MMcf			0
Productions | MMcf	(6,175)	(5,167)	(3,703)
Proved reserves of oil, condensate and natural gas, net at the end | MMcf	24,715	20,819	20,767
Naturals gas [Member] | Brazil [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf	14,872	17,339	23,821
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MMcf	1,840	1,812	(679)
Extensions and discoveries | MMcf	0	0	0
Purchases of minerals in place | MMcf			0
Productions | MMcf	(2,785)	(4,279)	(5,803)
Proved reserves of oil, condensate and natural gas, net at the end | MMcf	13,927	14,872	17,339
Naturals gas [Member] | Argentina [Member]
Supplemental information on oil and gas activities [Line Items]
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf	6,235	9,381	0
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract]
Revisions | MMcf	889	(1,791)	0
Extensions and discoveries | MMcf	0	0	0
Purchases of minerals in place | MMcf			10,452
Productions | MMcf	(1,525)	(1,355)	(1,071)
Proved reserves of oil, condensate and natural gas, net at the end | MMcf	5,599	6,235	9,381

Supplemental information on o_8

Supplemental information on oil and gas activities (Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental information on oil and gas activities [Line Items]
Future cash inflows	$ 2,844,129	$ 6,146,610	$ 6,108,748
Future production costs	(1,034,109)	(1,928,321)	(1,804,615)
Future development costs	(253,474)	(642,373)	(598,610)
Future income taxes	(409,603)	(1,011,370)	(1,049,797)
Undiscounted future net cash flows	1,146,943	2,564,546	2,655,726
10% annual discount	(345,319)	(970,811)	(871,884)
Standardized measure of discounted future net cash flows	801,624	1,593,735	1,783,842	$ 1,049,732
Chile [Member]
Supplemental information on oil and gas activities [Line Items]
Future cash inflows	130,200	294,202	317,437
Future production costs	(82,290)	(104,688)	(156,724)
Future development costs	(28,620)	(35,420)	(39,360)
Future income taxes		(5,594)	(2,515)
Undiscounted future net cash flows	19,290	148,500	118,838
10% annual discount	(2,258)	(44,277)	(29,008)
Standardized measure of discounted future net cash flows	17,032	104,223	89,830	75,239
Colombia [Member]
Supplemental information on oil and gas activities [Line Items]
Future cash inflows	2,561,947	4,323,914	4,059,619
Future production costs	(850,029)	(1,159,621)	(983,782)
Future development costs	(197,859)	(276,804)	(207,630)
Future income taxes	(409,276)	(858,700)	(848,519)
Undiscounted future net cash flows	1,104,783	2,028,789	2,019,688
10% annual discount	(345,550)	(715,217)	(640,625)
Standardized measure of discounted future net cash flows	759,233	1,313,572	1,379,063	814,002
Brazil [Member]
Supplemental information on oil and gas activities [Line Items]
Future cash inflows	68,857	86,191	102,104
Future production costs	(36,254)	(32,608)	(49,255)
Future development costs	(2,355)	(2,166)	(3,752)
Future income taxes	(327)	(1,409)	(2,231)
Undiscounted future net cash flows	29,921	50,008	46,866
10% annual discount	(4,543)	(6,626)	(5,317)
Standardized measure of discounted future net cash flows	25,378	43,382	41,549	69,957
Argentina [Member]
Supplemental information on oil and gas activities [Line Items]
Future cash inflows	83,125	187,064	277,429
Future production costs	(65,536)	(118,797)	(173,053)
Future development costs	(24,640)	(49,595)	(54,400)
Future income taxes	0	(2,251)	(6,610)
Undiscounted future net cash flows	(7,051)	16,421	43,366
10% annual discount	7,032	(5,080)	(8,499)
Standardized measure of discounted future net cash flows	(19)	11,341	34,867	0
Peru [Member]
Supplemental information on oil and gas activities [Line Items]
Future cash inflows		1,255,239	1,352,159
Future production costs		(512,607)	(441,801)
Future development costs		(278,388)	(293,468)
Future income taxes		(143,416)	(189,922)
Undiscounted future net cash flows		320,828	426,968
10% annual discount		(199,611)	(188,435)
Standardized measure of discounted future net cash flows	$ 0	$ 121,217	$ 238,533	$ 90,534

Supplemental information on o_9

Supplemental information on oil and gas activities (Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	$ 1,593,735	$ 1,783,842	$ 1,049,732
Sales of hydrocarbon, net of production costs	(236,797)	(456,381)	(445,776)
Net changes in sales price and production costs	(1,108,304)	(349,437)	589,275
Changes in estimated future development costs related to oil and gas reserves	512,994	(464,050)	(10,034)
Extensions and discoveries, less related costs	73,812	200,157	284,256
Development costs incurred	81,276	78,487	89,597
Revisions of previous quantity estimates	(36,683)	439,973	244,046
Purchase of Minerals in place			55,373
Purchase of Minerals in place	(30,902)
Net changes in income taxes	(281,554)	77,779	(245,263)
Accretion Of Discounts	234,047	283,365	172,636
Balance Ending	801,624	1,593,735	1,783,842
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	104,223	89,830	75,239
Sales of hydrocarbon, net of production costs	(12,803)	(14,284)	(18,923)
Net changes in sales price and production costs	(117,895)	12,799	16,093
Changes in estimated future development costs related to oil and gas reserves	20,870	(22,163)	413
Extensions and discoveries, less related costs	13,914	17,300	12,323
Development costs incurred	10,743	4,023	2,980
Revisions of previous quantity estimates	(13,002)	9,508	(4,517)
Purchase of Minerals in place			0
Purchase of Minerals in place	0	0
Net changes in income taxes	0	(2,025)	(1,368)
Accretion Of Discounts	10,982	9,235	7,590
Balance Ending	17,032	104,223	89,830
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	43,382	41,549	69,957
Sales of hydrocarbon, net of production costs	8,080	(17,289)	(24,781)
Net changes in sales price and production costs	(14,580)	6,923	(15,170)
Changes in estimated future development costs related to oil and gas reserves	(19,606)	1,165	(1,426)
Extensions and discoveries, less related costs	0	0	0
Development costs incurred	394	445	0
Revisions of previous quantity estimates	3,519	5,482	(1,879)
Purchase of Minerals in place			0
Purchase of Minerals in place	0	0
Net changes in income taxes	(290)	729	6,808
Accretion Of Discounts	4,479	4,378	8,040
Balance Ending	25,378	43,382	41,549
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	1,313,572	1,379,063	814,002
Sales of hydrocarbon, net of production costs	(221,620)	(411,528)	(380,829)
Net changes in sales price and production costs	(975,716)	(299,642)	397,064
Changes in estimated future development costs related to oil and gas reserves	514,317	(268,377)	(18,632)
Extensions and discoveries, less related costs	59,898	182,857	271,933
Development costs incurred	69,694	69,694	85,880
Revisions of previous quantity estimates	(27,190)	415,349	257,540
Purchase of Minerals in place			0
Purchase of Minerals in place	90,315	0
Net changes in income taxes	(281,264)	23,398	(185,118)
Accretion Of Discounts	217,227	222,758	137,223
Balance Ending	759,233	1,313,572	1,379,063
Peru [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	121,217	238,533	90,534
Sales of hydrocarbon, net of production costs	0	0	0
Net changes in sales price and production costs	0	(48,823)	191,288
Changes in estimated future development costs related to oil and gas reserves	0	(175,248)	9,611
Extensions and discoveries, less related costs	0	0	0
Development costs incurred	0	0	0
Revisions of previous quantity estimates	0	11,992	(7,098)
Purchase of Minerals in place			0
Purchase of Minerals in place	(121,217)	0
Net changes in income taxes	0	51,917	(65,585)
Accretion Of Discounts	0	42,846	19,783
Balance Ending	0	121,217	238,533
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	11,341	34,867	0
Sales of hydrocarbon, net of production costs	(10,454)	(13,280)	(21,243)
Net changes in sales price and production costs	(113)	(20,694)	0
Changes in estimated future development costs related to oil and gas reserves	(2,587)	573	0
Extensions and discoveries, less related costs	0	0	0
Development costs incurred	445	4,325	737
Revisions of previous quantity estimates	(10)	(2,358)	0
Purchase of Minerals in place			55,373
Purchase of Minerals in place	0	0
Net changes in income taxes	0	3,760	0
Accretion Of Discounts	1,359	4,148	0
Balance Ending	$ (19)	$ 11,341	$ 34,867

Supplemental information on _10

Supplemental information on oil and gas activities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)BcfMMBbls	Dec. 31, 2019USD ($)BcfMMBbls	Dec. 31, 2018USD ($)BcfMMBbls	Dec. 31, 2017
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $	$ 133,864,000	$ 7,559,000
Discount rate used in current estimate of value in use	10.00%	10.00%	10.00%
Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions		19.7
Proved Developed And Undeveloped Reserves From Existing Wells Revisions		12.3
Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions | Bcf	2.1	0.5	0.1
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf			0.7
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $	$ 81,967,000		$ 6,549,000
Chile [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions			0.3
Proved Developed And Undeveloped Reserves From Existing Wells Revisions		0.3
Chile [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf	7.9	2.2
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf	5.8	(2.4)
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | Bcf	2.5
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $	$ 1,717,000
Brazil [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf	3	1.8
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | Bcf	1.2
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reversal of impairment loss | $			$ 11,531,000
Colombia [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions	5.1		0.7
Proved Developed And Undeveloped Reserves From Existing Wells Revisions	6.3		15.4
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions		(0.3)
Colombia [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf		0.6
Peru [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions			1
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions			1.3
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $	$ 16,205,000	$ 7,559,000
Argentina [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves From Existing Wells Revisions	0.50	0.4
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions		(0.3)
Proved Developed And Undeveloped Reserves Due To Lower Average Prices	1.1
Argentina [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf	1.9	0.1
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf		(1.3)
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | Bcf	1.2	0.5
Colombia and Chile [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions			9
Oil and gas properties [Member] | Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves From Existing Wells Revisions	0.1
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions	1.6
Proved Developed And Undeveloped Reserves Due To Lower Average Prices	0.3
Oil and gas properties [Member] | Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions	4.5
Proved Developed And Undeveloped Reserves Due To Lower Average Prices	4.2
Oil and gas properties [Member] | Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions	0.2
Oil and gas properties [Member] | Colombia and Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves From Existing Wells Revisions	2.8
Fell Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	100.00%	100.00%	100.00%	98.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve	100.00%	100.00%	100.00%	97.00%
Fell Block [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions			(0.8)
Flamenco Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve				2.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve				3.00%
Cuerva Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve			1.50%	1.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve			2.00%	2.00%
Llanos 32 [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	3.00%	3.00%	1.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve	5.00%	4.00%
Llanos 34 Blocks [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	86.00%	97.00%	96.00%	98.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve	91.00%	96.00%	97.00%	97.00%
Llanos 34 Blocks [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions			(6.3)
CPO-5 Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	8.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve	4.00%
Platanillo Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	3.00%
Morona Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	100.00%
Morona Block [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions		0.7
BCAM-40 Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	100.00%
Fell Block in Chile [Member] | Oil and gas properties [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | Bcf			(2)
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | Bcf			2.5
Yamu Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve			1.50%	1.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve			1.00%	1.00%
Aguada Baguales Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	50.00%	49.00%	48.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve	100.00%	100.00%	75.00%
Puesto Touquet Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	26.00%	30.00%	33.00%
El Porvenir Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportional interest of net proved developed reserve	24.00%	21.00%	19.00%
Reserves Proportional Interest Of Net Proved Undeveloped Reserve			25.00%
Kiuaku Loij and Konawentru Field [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves From Existing Wells Revisions		0.2
Argentina Challaco [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions		(0.04)