Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36298 |
Entity Registrant Name | GEOPARK LIMITED |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | Calle 94 N° 11-30, 8o floor |
Entity Address, City or Town | Bogotá, |
Entity Address, Country | CO |
Title of 12(b) Security | Common shares, par value US$0.001 per share |
Trading Symbol | GPRK |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 57,621,998 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001464591 |
Auditor Name | Pistrelli, Henry Martin y Asociados S.R.L. |
Auditor Location | Buenos Aires, Argentina |
Auditor Firm ID | 1449 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Mónica Jiménez González |
Entity Address, Address Line One | Calle 94 N° 11-30, 8o floor |
Entity Address, City or Town | Bogotá |
Entity Address, Country | CO |
City Area Code | 57 1 |
Local Phone Number | 743 2337 |
Other Address [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Maurice Blanco, Esq. |
Entity Address, Address Line One | 450 Lexington Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10017 |
City Area Code | 212 |
Local Phone Number | 450 4000 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF INCOME | |||
REVENUE | $ 1,049,579,000 | $ 688,543,000 | $ 393,692,000 |
Commodity risk management contracts (loss) gain | (70,221,000) | (109,191,000) | 8,081,000 |
Production and operating costs | (359,779,000) | (212,790,000) | (125,072,000) |
Geological and geophysical expenses | (10,529,000) | (7,891,000) | (14,951,000) |
Administrative expenses | (50,024,000) | (46,828,000) | (50,315,000) |
Selling expenses | (7,995,000) | (8,730,000) | (5,844,000) |
Depreciation | (96,692,000) | (88,969,000) | (118,073,000) |
Write-off of unsuccessful exploration efforts | (25,789,000) | (12,262,000) | (52,652,000) |
Impairment loss for non-financial assets, net | 0 | (4,334,000) | (133,864,000) |
Other income (expenses) | 527,000 | (11,739,000) | (11,665,000) |
OPERATING PROFIT (LOSS) | 429,077,000 | 185,809,000 | (110,663,000) |
Financial expenses | (57,073,000) | (64,112,000) | (64,582,000) |
Financial income | 3,180,000 | 1,652,000 | 3,166,000 |
Foreign exchange gain (loss) | 19,725,000 | 5,049,000 | (13,008,000) |
PROFIT (LOSS) BEFORE INCOME TAX | 394,909,000 | 128,398,000 | (185,087,000) |
Income tax expense | (170,474,000) | (67,271,000) | (47,863,000) |
PROFIT (LOSS) FOR THE YEAR | $ 224,435,000 | $ 61,127,000 | $ (232,950,000) |
Earnings (Losses) per share (in US$). Basic | $ 3.78 | $ 1 | $ (3.84) |
Earnings (Losses) per share (in US$). Diluted | $ 3.75 | $ 0.99 | $ (3.84) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Profit (Loss) for the year | $ 224,435 | $ 61,127 | $ (232,950) |
Items that may be subsequently reclassified to profit or loss | |||
Currency translation differences | 2,121 | (1,438) | (8,449) |
Gain (Loss) on cash flow hedges | 966 | (6,770) | |
Income tax (expense) benefit relating to cash flow hedges | (483) | 2,166 | |
Other comprehensive profit (loss) for the year | 2,604 | (1,438) | (13,053) |
Total comprehensive profit (loss) for the year | $ 227,039 | $ 59,689 | $ (246,003) |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 666,879,000 | $ 614,047,000 |
Right-of-use assets | 37,011,000 | 21,014,000 |
Prepayments and other receivables | 121,000 | 148,000 |
Other financial assets | 12,877,000 | 13,883,000 |
Deferred income tax asset | 18,943,000 | 14,072,000 |
TOTAL NON-CURRENT ASSETS | 735,831,000 | 663,164,000 |
CURRENT ASSETS | ||
Inventories | 14,434,000 | 10,915,000 |
Trade receivables | 71,794,000 | 70,531,000 |
Prepayments and other receivables | 22,106,000 | 22,650,000 |
Derivative financial instrument assets | 967,000 | 126,000 |
Other financial assets | 0 | 864,000 |
Cash and cash equivalents | 128,843,000 | 100,604,000 |
Assets held for sale | 0 | 26,887,000 |
TOTAL CURRENT ASSETS | 238,144,000 | 232,577,000 |
TOTAL ASSETS | 973,975,000 | 895,741,000 |
Equity attributable to owners of the Company | ||
Share capital | 58,000 | 60,000 |
Share premium | 134,798,000 | 169,220,000 |
Reserves | 61,876,000 | 83,554,000 |
Accumulated losses | (81,147,000) | (314,779,000) |
TOTAL EQUITY | 115,585,000 | (61,945,000) |
NON-CURRENT LIABILITIES | ||
Borrowings | 485,114,000 | 656,176,000 |
Lease liabilities | 22,051,000 | 12,513,000 |
Provisions and other long-term liabilities | 51,947,000 | 62,848,000 |
Deferred income tax liability | 70,123,000 | 20,947,000 |
Trade and other payables | 0 | 1,540,000 |
TOTAL NON-CURRENT LIABILITIES | 629,235,000 | 754,024,000 |
CURRENT LIABILITIES | ||
Borrowings | 12,528,000 | 17,916,000 |
Lease liabilities | 10,000,000 | 8,231,000 |
Derivative financial instrument liabilities | 19,000 | 20,757,000 |
Current income tax liabilities | 65,002,000 | 8,801,000 |
Trade and other payables | 141,606,000 | 127,513,000 |
Liabilities associated with assets held for sale | 0 | 20,444,000 |
TOTAL CURRENT LIABILITIES | 229,155,000 | 203,662,000 |
TOTAL LIABILITIES | 858,390,000 | 957,686,000 |
TOTAL EQUITY AND LIABILITIES | $ 973,975,000 | $ 895,741,000 |
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] | Total |
Beginning Balance at Dec. 31, 2019 | $ 59 | $ 173,716 | $ 116,291 | $ (3,820) | $ (153,361) | $ 132,885 |
Comprehensive income: | ||||||
Profit (Loss) for the year | 0 | 0 | 0 | 0 | (232,950) | (232,950) |
Other comprehensive profit (loss) for the year | 0 | 0 | (4,604) | (8,449) | 0 | (13,053) |
Total Comprehensive profit (loss) | 0 | 0 | (4,604) | (8,449) | (232,950) | (246,003) |
Transactions with owners: | ||||||
Share-based payment (Note 31) | 2 | 7,349 | 0 | 0 | 5,445 | 12,796 |
Repurchase of shares (Note 26.1) | (1) | (4,008) | 0 | 0 | 0 | (4,009) |
Cash distribution (Note 26.2) | 0 | 0 | (4,859) | 0 | 0 | (4,859) |
Stock distribution (Note 26.3) | 1 | 2,342 | (2,343) | 0 | 0 | |
Total | 2 | 5,683 | (7,202) | 0 | 5,445 | 3,928 |
Ending Balance at Dec. 31, 2020 | 61 | 179,399 | 104,485 | (12,269) | (380,866) | (109,190) |
Comprehensive income: | ||||||
Profit (Loss) for the year | 0 | 0 | 0 | 0 | 61,127 | 61,127 |
Other comprehensive profit (loss) for the year | 0 | 0 | 0 | (1,438) | 0 | (1,438) |
Total Comprehensive profit (loss) | 0 | 0 | 0 | (1,438) | 61,127 | 59,689 |
Transactions with owners: | ||||||
Share-based payment (Note 31) | 0 | 1,661 | 0 | 0 | 4,960 | 6,621 |
Repurchase of shares (Note 26.1) | (1) | (11,840) | 0 | 0 | 0 | (11,841) |
Cash distribution (Note 26.2) | 0 | 0 | (7,224) | 0 | 0 | (7,224) |
Total | (1) | (10,179) | (7,224) | 0 | 4,960 | (12,444) |
Ending Balance at Dec. 31, 2021 | 60 | 169,220 | 97,261 | (13,707) | (314,779) | (61,945) |
Comprehensive income: | ||||||
Profit (Loss) for the year | 0 | 0 | 0 | 0 | 224,435 | 224,435 |
Other comprehensive profit (loss) for the year | 0 | 0 | 483 | 2,121 | 0 | 2,604 |
Total Comprehensive profit (loss) | 0 | 0 | 483 | 2,121 | 224,435 | 227,039 |
Transactions with owners: | ||||||
Share-based payment (Note 31) | 1 | 1,840 | 0 | 0 | 9,197 | 11,038 |
Repurchase of shares (Note 26.1) | (3) | (36,262) | 0 | 0 | 0 | (36,265) |
Cash distribution (Note 26.2) | 0 | 0 | (24,282) | 0 | 0 | (24,282) |
Total | (2) | (34,422) | (24,282) | 0 | 9,197 | (49,509) |
Ending Balance at Dec. 31, 2022 | $ 58 | $ 134,798 | $ 73,462 | $ (11,586) | $ (81,147) | $ 115,585 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit (Loss) for the year | $ 224,435,000 | $ 61,127,000 | $ (232,950,000) |
Adjustments for: | |||
Income tax expense | 170,474,000 | 67,271,000 | 47,863,000 |
Depreciation | 96,692,000 | 88,969,000 | 118,073,000 |
Loss on disposal of property, plant and equipment | 73,000 | 787,000 | 417,000 |
Impairment loss for non-financial assets | 0 | 4,334,000 | 133,864,000 |
Write-off of unsuccessful exploration efforts | 25,789,000 | 12,262,000 | 52,652,000 |
Accrual of borrowing's interests | 36,360,000 | 44,378,000 | 48,690,000 |
Borrowings cancellation costs | 5,141,000 | 6,308,000 | 0 |
Amortization of other long-term liabilities | (2,407,000) | (223,000) | (387,000) |
Unwinding of long-term liabilities | 6,026,000 | 5,079,000 | 5,894,000 |
Accrual of share-based payment | 11,038,000 | 6,621,000 | 8,444,000 |
Foreign exchange (gain) loss | (19,725,000) | (5,049,000) | 3,594,000 |
Unrealized (gain) loss on commodity risk management contracts | (13,023,000) | (463,000) | 12,978,000 |
Income tax paid | (33,355,000) | (65,273,000) | (25,193,000) |
Changes in working capital | (40,047,000) | (9,351,000) | (5,240,000) |
Cash flows from operating activities - net | 467,471,000 | 216,777,000 | 168,699,000 |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (168,808,000) | (129,258,000) | (75,298,000) |
Acquisition of business, net of cash acquired | 0 | 0 | (272,335,000) |
Proceeds from disposal of long-term assets | 15,135,000 | 2,700,000 | 0 |
Cash flows used in investing activities - net | (153,673,000) | (126,558,000) | (347,633,000) |
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | 172,174,000 | 350,000,000 |
Debt issuance costs paid | 0 | (2,019,000) | (7,507,000) |
Principal paid | (172,522,000) | (274,934,000) | (3,575,000) |
Interest paid | (36,514,000) | (42,592,000) | (37,594,000) |
Borrowings cancellation and other costs paid | (9,118,000) | (12,908,000) | 0 |
Lease payments | (7,851,000) | (7,518,000) | (9,380,000) |
Repurchase of shares | (36,265,000) | (11,841,000) | (4,009,000) |
Cash distribution | (24,282,000) | (7,224,000) | (4,859,000) |
Payments for transactions with former non-controlling interest | 0 | (3,580,000) | (11,931,000) |
Cash flows (used in) from financing activities - net | (286,552,000) | (190,442,000) | 271,145,000 |
Net increase (decrease) in cash and cash equivalents | 27,246,000 | (100,223,000) | 92,211,000 |
Cash and cash equivalents at January 1 | 100,604,000 | 201,907,000 | 111,180,000 |
Currency translation differences | 993,000 | (1,080,000) | (1,484,000) |
Cash and cash equivalents at the end of the year | 128,843,000 | 100,604,000 | 201,907,000 |
Ending Cash and cash equivalents are specified as follows: | |||
Cash in bank and bank deposits | 128,831,000 | 100,587,000 | 201,884,000 |
Cash in hand | 12,000 | 17,000 | 23,000 |
Cash and cash equivalents | $ 128,843,000 | $ 100,604,000 | $ 201,907,000 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2022 | |
General Information | |
General Information | 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 and Ecuador. These Consolidated Financial Statements were authorized for issue by the board of directors on March 7, 2023 and have been approved to be included in our 2022 annual report (Form 20-F) on March 30, 2023. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 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, 2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The Group applied the amendments at the beginning of the reporting period. These amendments had no impact on the Consolidated Financial Statements of the Group as there were no contracts for which it had not fulfilled all of its obligations during the reporting period. Reference to the Conceptual Framework – Amendments to IFRS 3 The amendments replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. In accordance with the transitional provisions, the Group applies the amendments prospectively, i.e., to business combinations occurring after the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). These amendments had no impact on the Consolidated Financial Statements of the Group as there were no business combinations during the reporting period. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Leases The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. In accordance with the transitional provisions, the Group applies the amendments retrospectively only to items of PP&E made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment (the date of initial application). These amendments had no significant impact on the Consolidated Financial Statements of the Group as there were only sales of such items produced by property, plant and equipment made available for use in Ecuador during 2022. IFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter The amendment permits a subsidiary that elects to apply paragraph of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph of IFRS 1. These amendments had no impact on the Consolidated Financial Statements of the Group as it is not a first-time adopter. IFRS 9 Financial Instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement. In accordance with the transitional provisions, the Group applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment (the date of initial application). These amendments had no impact on the Consolidated Financial Statements of the Group as there were no modifications of the Group’s financial instruments during the period. 2.1.1.2 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of these Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Classification of Liabilities as Current or Non-current – Amendments to IAS 1 In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: ● what is meant by a right to defer settlement, ● that a right to defer must exist at the end of the reporting period, ● that classification is unaffected by the likelihood that an entity will exercise its deferral right, and ● that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements. 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 forecasted 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. Considering the performance of the operations, the Group’s cash position of US$ 128,843,000, the oil hedge strategy to mitigate the price risk exposure within the next twelve months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2022 matures in 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 Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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 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 at the point in time when control of the product is transferred to the customer, which is generally when the product is physically transferred into a pipe or other delivery mechanism and the customer accepts the product. Consequently, the Group’s performance obligations are considered to relate only to the sale of crude oil and gas, with each barrel of crude oil equivalent considered to be a separate performance obligation under the contractual arrangements in place. The Group’s sales of crude oil are priced based on market prices. The sales price is linked to US dollar denominated crude oil international benchmarks, such as Brent, adjusted for certain marketing and quality discounts based on, among other things, American Petroleum Institute (“API”) gravity, viscosity, sulphur content, delivery point and transport costs. The Group’s sales of natural gas are priced based on long-term Gas Supply contracts with customers. 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, if applicable. 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, if any, is the weighted average interest rate applicable to the Group’s general borrowings. 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 labor 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$ 25,789,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 12,262,000 in 2021 and US$ 52,652,000 in 2020). 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 oil and gas 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 2022, no impairment losses were recognized or reversed. Net impairment losses were recognized for US$ 4,334,000 and US$ 133,864,000 in 2021 and 2020, respectively. 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 15 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 |
Financial Instruments-risk mana
Financial Instruments-risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments-risk management | |
Financial Instruments-risk management | 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 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 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 receivables or payables originated in local currency mainly corresponding to VAT and income tax. The Group minimises the local currency positions in Colombia, Chile and Argentina 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, from time to time the Group entered into derivative financial instruments 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, 2022 and 2021, there were no currency risk management contracts in place. In 2023, GeoPark entered into derivative financial instruments (zero-premium collars) with local banks in Colombia, for an amount equivalent to US$ 38,000,000, in order to anticipate any currency fluctuation with respect to a portion of the estimated income taxes to be paid in April and June 2023. 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 2022, the Colombian Peso devalued by 21% (16% and 5% in 2021 and 2020, respectively) and the Chilean Peso devalued by 1% (devalued by 19% in 2021 and revalued by 5% in 2020), both against the US Dollar. If the Colombian Peso and the Chilean Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been higher by US$ 14,695,000 (post-tax profit would have been higher by US$ 9,070,000 in 2021 and post-tax loss would have been lower by US$ 9,057,000 in 2020). 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. During 2022, the Brazilian Real revalued by 7% against the US Dollar (devalued by 7% and 29% in 2021 and 2020, respectively). If the Brazilian Real had devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 726,000 (post-tax profit would have been lower by US$ 780,000 in 2021 and post-tax loss would have been higher by US$ 909,000 in 2020). As currency rate changes between the US Dollar and the local currencies, the Group recognizes gains and losses in the Consolidated Statement of Income. 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, armed conflicts, 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, for the crude oil of the Putumayo Basin that is transported through 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 linked to 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 Ecuador, the oil price is linked to Brent and adjusted by a differential that varies month to month and resembles Oriente crude reference. 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 profit for the year would have been lower by US$ 47,330,000 (post-tax profit would have been lower by US$ 17,899,000 in 2021 and post-tax loss would have been higher by US$ 21,014,000 in 2020). 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 or hedged. 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 2022, the oil and gas production was sold to three clients which concentrate 97% of the Colombian subsidiaries’ revenue, accounting for 90% of the consolidated revenue (99% and 98% of the Colombian subsidiaries’ revenue, accounting for 89% and 83% of the consolidated revenue in 2021 and 2020). 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, and to the Colombian pipeline system in case of contingencies in Ecuador that affect the transport through the Ecuadorian pipeline system. The outstanding contracts for Colombian production extend through the first half of 2023. GeoPark manages its counterparty credit risk associated to sales contracts by periodic evaluation of the counterparties’ credit profile and, in certain contracts, including 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 in 2022, 2021 and 2020), and the gas production is sold to the local subsidiary of Methanex, a Canadian public company (1% of the consolidated revenue in 2022, 2% in 2021 and 4% in 2020). In Brazil, all the hydrocarbons from Manati Field are sold to Petrobras, the State-owned company, which is the operator of the Manati Field (2% of the consolidated revenue in 2022, 3% in 2021 and 2020). In Ecuador, oil is transported through the Ecuadorean pipeline system, with Esmeraldas as the delivery point, and 100% of the sales are exported on a competitive basis to industry leading participants including traders and other producers. Sales of crude oil in Ecuador accounted for 1% of the consolidated revenue in 2022. GeoPark Limited has entered into a crude purchase agreement with an oil producer in the Putumayo Basin. The volumes purchased are transported and exported alongside the Group’s Putumayo Basin production. Sales of crude oil purchased from third parties accounted for 1% of the consolidated revenue in 2022. The forementioned 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 2022 with a cash balance of US$ 128,843,000 and its total indebtedness matures in 2027. In addition, the Group has a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with 37,700 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 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. Interest rate risk The Group’s interest rate risk could arise from long-term borrowings issued at variable rates, which would expose the Group to interest rate risk. The Group does not face interest rate risk on its US$ 500,000,000 Notes which carry a fixed rate coupon of 5.50% per annum. Consequently, the accruals and interest payments are not substantially affected by the market interest rate changes. As of December 31, 2022, there were no outstanding borrowings affected by a variable rate. Capital risk 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 in 2021, the gearing ratio was above such range at that year-end. The gearing ratios as of December 31, 2022 and 2021 were as follows: Amounts in US$‘000 2022 2021 Net Debt 368,799 573,488 Total Equity 115,585 (61,945) Total Capital 484,384 511,543 Gearing Ratio 76% 112% |
Accounting estimates and assump
Accounting estimates and assumptions | 12 Months Ended |
Dec. 31, 2022 | |
Accounting estimates and assumptions | |
Accounting estimates and assumptions | 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: ● 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, 2022 prepared by DeGolyer and MacNaughton Corp., an independent international oil and gas consulting firm 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; o tax rates by jurisdiction; 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. ● 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 Group adopted 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 Group’s Management currently knows, such claims are not expected to have a material impact on the Consolidated Financial Statements. |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flow | 12 Months Ended |
Dec. 31, 2022 | |
CONSOLIDATED STATEMENT OF CASH FLOW | |
Consolidated Statement of Cash Flow | 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 2022 2021 2020 Decrease in asset retirement obligation (4,942) (651) (1,812) Decrease in provisions for other long-term liabilities (2,616) (443) (1,051) Purchase of property, plant and equipment 7,864 — — Additions / changes in estimates of right-of-use assets 22,462 5,288 560 Changes in working capital shown in the Consolidated Statement of Cash Flow are disclosed as follows: Amounts in US$‘000 2022 2021 2020 (Increase) Decrease in Inventories (6,694) 1,241 1,220 (Increase) Decrease in Trade receivables (1,425) (23,290) 3,190 (Increase) Decrease in Prepayments and other receivables and Other assets (a) (30,929) (13,817) 38,742 (Decrease) Increase in Trade and other payables (999) 26,515 (48,392) (40,047) (9,351) (5,240) (a) Includes withholding taxes from clients for US$ 27,256,000 , US$ 16,361,000 and US$ 10,046,000 , in 2022, 2021 and 2020, respectively. The following chart shows the movements in the borrowings and lease liabilities for each of the periods presented: Lease Amounts in US$‘000 Borrowings Liabilities Total As of January 1, 2020 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) As of December 31, 2020 784,586 22,347 806,933 Proceeds from borrowings 172,174 — 172,174 Debt issuance costs paid (2,019) — (2,019) Addition to lease liabilities — 5,288 5,288 Accrual of borrowing's interests 44,323 — 44,323 Exchange difference (581) (365) (946) Foreign currency translation (265) (461) (726) Unwinding of discount — 1,453 1,453 Principal paid (274,934) — (274,934) Interest paid (42,592) — (42,592) Borrowings cancellation costs 6,308 — 6,308 Borrowings cancellation and other costs paid (12,908) — (12,908) Lease payments — (7,518) (7,518) As of December 31, 2021 674,092 20,744 694,836 Addition to lease liabilities — 22,462 22,462 Accrual of borrowing's interests 36,360 — 36,360 Exchange difference — (6,426) (6,426) Foreign currency translation 203 284 487 Unwinding of discount — 2,838 2,838 Principal paid (172,522) — (172,522) Interest paid (36,514) — (36,514) Borrowings cancellation costs 5,141 — 5,141 Borrowings cancellation and other costs paid (9,118) — (9,118) Lease payments — (7,851) (7,851) As of December 31, 2022 497,642 32,051 529,693 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Segment information | 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 Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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 profit (loss) 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. 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 Ecuador (b) Corporate Total 2022 Revenue 978,423 29,196 19,873 1,962 10,671 9,454 1,049,579 Sale of crude oil 977,184 14,460 796 1,664 10,671 — 1,004,775 Sale of purchased crude oil — — — — — 9,454 9,454 Sale of gas 1,239 14,736 19,077 298 — — 35,350 Realized loss on commodity risk management contracts (83,244) — — — — — (83,244) Production and operating costs (327,626) (14,126) (5,299) (1,579) (3,220) (7,929) (359,779) Royalties (60,314) (1,165) (1,546) (273) — — (63,298) Economic rights (188,989) — — — — — (188,989) Share-based payment (843) (103) — 1 (10) — (955) Other operating costs (77,480) (12,858) (3,753) (1,307) (3,210) (7,929) (106,537) Adjusted EBITDA 525,593 11,753 11,654 (3,643) 4,197 (8,775) 540,779 Depreciation (78,775) (14,076) (2,796) (254) (788) (3) (96,692) Write-off of unsuccessful exploration efforts (21,318) — — — (4,471) — (25,789) Total assets 797,390 63,379 34,329 1,296 35,690 41,891 973,975 Employees (average) (a) 362 53 5 33 7 9 469 Employees at year end (a) 388 49 4 24 8 9 482 (a) (b) Includes certain expenses that correspond to the Peruvian subsidiary, which acts as a holding company of the Ecuadorian subsidiary since Peru is no longer an operating segment due to the retirement from the Morona Block Amounts in US$ ‘000 Colombia Chile Brazil Argentina Ecuador (b) Corporate Total 2021 Revenue 618,268 21,471 20,109 28,695 — — 688,543 Sale of crude oil 616,133 6,297 661 24,468 — — 647,559 Sale of gas 2,135 15,174 19,448 4,227 — — 40,984 Realized gain on commodity risk management contracts (109,654) — — — — — (109,654) Production and operating costs (178,384) (11,050) (4,596) (18,760) — — (212,790) Royalties (33,385) (770) (1,575) (4,270) — — (40,000) Economic rights (72,956) — (67) — — — (73,023) Share-based payment (334) (31) — 26 — — (339) Other operating costs (71,709) (10,249) (2,954) (14,516) — — (99,428) Adjusted EBITDA 294,847 7,639 12,569 2,124 (2,071) (14,308) 300,800 Depreciation (61,279) (14,275) (4,082) (9,130) (200) (3) (88,969) Recognition of impairment losses — (17,641) — 13,307 — — (4,334) Write-off of unsuccessful exploration efforts (7,827) (4,435) — — — — (12,262) Total assets 689,401 71,515 38,846 38,111 7,782 50,086 895,741 Employees (average) (a) 308 55 4 92 8 9 476 Employees at year end (a) 321 52 4 74 3 9 463 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru (c) 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 (15,493) (753) (1,025) (3,620) — — — (20,891) Economic rights (14,960) — (24) — — — — (14,984) Share-based payment (362) (94) — (72) — — — (528) Other operating costs (61,504) (9,397) (2,827) (14,941) — — — (88,669) 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 96,938 960,266 Employees (average) (a) 238 68 11 114 10 2 4 447 Employees at year end (a) 268 57 5 97 5 2 3 437 (a) Unaudited. (b) Includes certain expenses and 4 average employees (who were no longer in the Group at year-end) that corresponded to the Peruvian subsidiaries, which act as holding companies of the Ecuadorian branch since Peru is no longer an operating segment due to the retirement from the Morona Block. (c) As of the date of these Consolidated Financial Statements, Peru is no longer an operating segment due to the retirement from the Morona Block. In 2022, approximately 82% of capital expenditure was incurred by Colombia (93% in 2021 and 82% in 2020), 7% was incurred by Chile (3% in 2021 and 16% in 2020), and 11% was incurred by Ecuador (4% in 2021 and 1% in 2020). A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: Amounts in US$ ‘000 2022 2021 2020 Adjusted EBITDA 540,779 300,800 217,531 Unrealized gain (loss) on commodity risk management contracts 13,023 463 (12,978) Depreciation (a) (96,692) (88,969) (118,073) Share-based payment (11,038) (6,621) (8,444) Impairment and write-off of unsuccessful exploration efforts, net (25,789) (16,596) (186,516) Lease accounting - IFRS 16 7,851 7,518 9,380 Others (b) 943 (10,786) (11,563) Operating profit (loss) 429,077 185,809 (110,663) Financial expenses (57,073) (64,112) (64,582) Financial income 3,180 1,652 3,166 Foreign exchange gain (loss) 19,725 5,049 (13,008) Profit (Loss) before tax 394,909 128,398 (185,087) (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2022, also includes gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina. In 2021, also includes termination costs and write-down of tax credits in Argentina. In 2020, also includes termination costs, and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru. See Note 36. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Revenue | Note 7 Revenue Amounts in US$ ‘000 2022 2021 2020 Sale of crude oil 1,004,775 647,559 359,640 Sale of purchased crude oil 9,454 — — Sale of gas 35,350 40,984 34,052 1,049,579 688,543 393,692 |
Commodity risk management contr
Commodity risk management contracts | 12 Months Ended |
Dec. 31, 2022 | |
Commodity risk management contracts | |
Commodity risk management contracts | 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 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 that hedge cash flows from the sales of crude oil for periods through December 31, 2022 are accounted for as non-hedge derivatives and therefore all changes in the fair values of these derivative contracts are recognized immediately as gains or losses in the results of the periods in which they occur. The Group’s derivatives that hedge cash flows from the sales of crude oil for periods from January 1, 2023 onwards are designated and qualify as cash flow hedges. The effective portion of changes in the fair values of these derivative contracts are recognized in Other Reserve within Equity. The gain or loss relating to the ineffective portion, if any, is recognized immediately as gains or losses in the results of the periods in which they occur. The amount accumulated in Other Reserves is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. The following table presents the Group’s production hedged during the year ended December 31, 2022 and for the following periods as a consequence of the derivative contracts in force as of December 31, 2022: Period Reference Type Volume bbl/d Weighted average price US$/bbl ACCOUNTED FOR AS NON-HEDGE DERIVATIVES January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 14,500 49.10 Put 74.81 Call April 1, 2022 - June 30, 2022 ICE BRENT Zero Premium Collars 12,500 53.35 Put 79.38 Call July 1, 2022 - September 30, 2022 ICE BRENT Zero Premium Collars 13,000 58.63 Put 86.50 Call October 1, 2022 - December 31, 2022 ICE BRENT Zero Premium Collars 12,000 60.63 Put 92.55 Call ACCOUNTED FOR AS CASH FLOW HEDGES January 1, 2023 - March 31, 2023 ICE BRENT Zero Premium Collars 9,500 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ICE BRENT Zero Premium Collars 8,500 69.12 Put 113.13 Call July 1, 2023 - September 30, 2023 ICE BRENT Zero Premium Collars 2,000 70.00 Put 101.13 Call The table below summarizes the gain (loss) on the commodity risk management contracts: 2022 2021 2020 Realized (loss) gain on commodity risk management contracts (83,244) (109,654) 21,059 Unrealized gain (loss) on commodity risk management contracts 13,023 463 (12,978) (70,221) (109,191) 8,081 |
Production and operating costs
Production and operating costs | 12 Months Ended |
Dec. 31, 2022 | |
Production and operating costs | |
Production and operating costs | Note 9 Production and operating costs Amounts in US$ '000 2022 2021 2020 Staff costs (Note 11) 13,114 16,655 14,689 Share-based payment (Note 11) 955 339 528 Royalties 63,298 40,000 20,891 Economic rights 188,989 73,023 14,984 Well and facilities maintenance 20,779 17,989 15,039 Operation and maintenance 6,545 7,826 7,491 Consumables 21,789 19,270 16,776 Equipment rental 7,580 8,127 8,570 Transportation costs 4,021 3,383 5,622 Field camp 4,070 4,386 3,130 Safety and insurance costs 3,745 4,216 4,505 Personnel transportation 2,480 2,397 2,115 Consultant fees 2,133 1,732 1,043 Gas plant costs 1,680 2,596 1,591 Non-operated blocks costs 12,650 4,941 3,442 Crude oil stock variation (6,449) 1,271 (305) Purchased crude oil 7,929 — — Other costs 4,471 4,639 4,961 359,779 212,790 125,072 |
Depreciation
Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation | |
Depreciation | Note 10 Depreciation Amounts in US$ ‘000 2022 2021 2020 Oil and gas properties 76,720 66,011 89,344 Production facilities and machinery 12,244 12,468 16,820 Furniture, equipment and vehicles 1,344 1,960 2,317 Buildings and improvements 672 700 490 Depreciation of property, plant and equipment (a) 90,980 81,139 108,971 Related to: Productive assets 88,964 78,479 106,164 Administrative assets 2,016 2,660 2,807 Depreciation total (a) 90,980 81,139 108,971 (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, 2022 | |
Staff costs and Directors' Remuneration | |
Staff costs and Directors' Remuneration | Note 11 Staff costs and Directors’ Remuneration 2022 2021 2020 Number of employees at year end (a) 482 463 437 Amounts in US$ ‘000 Wages and salaries 38,354 42,236 49,338 Share-based payments (Note 31) 11,038 6,621 8,444 Social security charges 5,528 6,863 5,712 Director’s fees and allowance 1,172 2,853 2,094 56,092 58,573 65,588 Recognized as follows: Production and operating costs 14,069 16,994 15,217 Geological and geophysical expenses 7,490 6,219 12,893 Administrative expenses 34,533 35,360 37,478 56,092 58,573 65,588 Board of Directors’ and key managers’ remuneration Salaries and fees 10,317 9,069 8,641 Share-based payments 8,728 5,759 7,170 Other benefits in kind 171 296 232 19,216 15,124 16,043 (a) Unaudited. Directors’ Remuneration Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (No. of Shares) (in US$) James F. Park (a) 601,002 — — 601,002 Andrés Ocampo (b) — — — — Carlos Gulisano (c) — 61,087 5,110 131,739 Robert Bedingfield (d) — 30,000 14,803 235,000 Constantin Papadimitriou (e) (f) — 167,500 7,335 267,500 Somit Varma (f) (g) — 32,500 27,306 409,755 Sylvia Escovar Gomez (h) — 35,000 15,510 249,755 Brian Maxted (i) — 32,718 2,244 61,953 Carlos Macellari — 30,462 2,244 60,082 Marcela Vaca (j) — 14,130 1,084 28,260 (a) Chief Executive Officer until his resignation on June 30, 2022. As of July 1, 2022, Mr. Park signed a consulting agreement with the Company to act as CEO advisor and provide support and assistance in addition to his role as Vicechair, non-executive Director and Strategy and Risk Committee Chairman. (b) As of July 1, 2022, Andrés Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Director until his resignation on July 15, 2022. (d) Audit Committee Chairman. (e) Compensation Committee Chairman. (f) Constantin Papadimitriou and Somit Varma, as members of the Strategy and Risk Committee, instructed by the Board, were awarded additional fees on their work related to specific projects and activities. The additional fees are included in the table above. (g) Nomination and Corporate Governance Committee Chairman. (h) Independent Chair of the Board. (i) Technical Committee Chairman. (j) SPEED Committee Chairm an. |
Geological and geophysical expe
Geological and geophysical expenses | 12 Months Ended |
Dec. 31, 2022 | |
Geological and geophysical expenses | |
Geological and geophysical expenses | Note 12 Geological and geophysical expenses Amounts in US$ ‘000 2022 2021 2020 Staff costs (Note 11) 7,097 6,042 12,653 Share-based payment (Note 11) 393 177 240 Communication and IT costs 1,743 1,071 850 Consultant fees 917 854 545 Allocation to capitalized project (416) (953) (102) Other services 795 700 765 10,529 7,891 14,951 |
Administrative expenses
Administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
Administrative expenses | |
Administrative expenses | Note 13 Administrative expenses Amounts in US$ ‘000 2022 2021 2020 Staff costs (Note 11) 23,671 26,402 27,708 Share-based payment (Note 11) 9,690 6,105 7,676 Consultant fees 9,574 10,806 8,570 Safety and insurance costs 3,834 3,142 2,394 Travel expenses 2,336 719 939 Non-operated blocks expenses 1,390 799 319 Director’s fees and allowance (Note 11) 1,172 2,853 2,094 Communication and IT costs 3,419 4,214 2,937 Allocation to joint operations (9,642) (8,574) (6,720) Other administrative expenses 4,580 362 4,398 50,024 46,828 50,315 |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2022 | |
Selling expenses | |
Selling expenses | Note 14 Selling expenses Amounts in US$ ‘000 2022 2021 2020 Transportation 4,881 4,233 4,787 Selling taxes and other 3,114 4,497 1,057 7,995 8,730 5,844 |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2022 | |
Financial results | |
Financial results | Note 15 Financial results Amounts in US$ '000 2022 2021 2020 Financial expenses Interest and amortization of debt issue costs (36,360) (44,713) (48,779) Borrowings cancellation costs (5,141) (6,308) — Bank charges and other financial results (9,546) (8,012) (9,909) Unwinding of long-term liabilities (6,026) (5,079) (5,894) (57,073) (64,112) (64,582) Financial income Interest received 3,180 1,652 3,166 3,180 1,652 3,166 Foreign exchange gains and losses Foreign exchange gain (loss), net 19,725 5,049 (2,720) Realized result on currency risk management contracts — — (9,414) Unrealized result on currency risk management contracts — — (874) 19,725 5,049 (13,008) Total Financial results (34,168) (57,411) (74,424) |
Tax reforms
Tax reforms | 12 Months Ended |
Dec. 31, 2022 | |
Tax reforms | |
Tax reforms | Note 16 Tax reforms Colombia In November 2022, the Colombian Congress approved a Tax Reform (“Law 2277”) which contemplates an increase in the effective tax rate and the government take for certain entities of the oil and gas industry. The main impacts derived from the Law 2277 for GeoPark as part of the oil and gas industry include a provision that prevents the deduction of royalties for Corporate Income Tax (“CIT”) calculation purposes. Royalties paid in cash are assessed at a commercial value net of production costs while, royalties paid in-kind are assessed at their production cost. A second relevant provision included in the Law 2277 establishes a permanent surtax for companies developing crude oil extractive activities, ranging between 5% and 15%. The surtax triggers when the Brent price average during the fiscal year meets percentiles 30 and upwards of the Brent price average of the last 10 years (as shown in the table below regarding fiscal year 2023) and is calculated as additional percentage points of the CIT rate that is applicable to the taxable base determined on a regular basis for CIT purposes. Income derived from gas production is exempted of surtax. 2023 Surcharge Price Triggers Surcharge rate < US$ 65.28 /bbl 0% US$ 65.28 to US$ 73.77 /bbl 5% US$ 73.78 to US$ 78.69 /bbl 10% > US$ 78.69 /bbl 15% In addition to the aforementioned rules, the Law 2277 includes other measures such as the strike off of the straight-line amortization method for new exploratory assets which will pass to be calculated under the ‘unit of production’ method, and repeals the tax credit of 50% of the industry and commerce tax paid during the year, which will no longer be treated as a tax credit but as a common deduction. The tax rate for dividends tax increases to 20% as well as the rate for capital gains tax that increases to 15%. The new tax provisions will go into effect in 2023 and do not affect current tax bases or tax rate for fiscal year 2022. Nevertheless, the surtax has been considered for deferred income tax purposes as of December 31, 2022. Spain As from December 2021, tax regulations turned a full income tax exemption on dividend and capital gains income into a 95% exemption. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Income tax | Note 17 Income tax Amounts in US$ ‘000 2022 2021 2020 Current income tax charge (125,786) (49,291) (41,927) Deferred income tax charge (Note 18) (44,688) (17,980) (5,936) (170,474) (67,271) (47,863) The tax on the Group’s profit (loss) 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 2022 2021 2020 Profit (Loss) before tax 394,909 128,398 (185,087) Tax losses from non-taxable jurisdictions 53,005 91,351 53,652 Taxable profit 447,914 219,749 (131,435) Income tax calculated at domestic tax rates applicable to Profit in the respective countries (157,315) (71,086) 12,450 Tax losses where no deferred income tax benefit is recognized (2,832) (7,510) (23,117) Effect of currency translation on tax base (10,797) (10,354) (923) Effect of inflation adjustment for tax purposes — 2,482 (867) Changes in the income tax rate (Note 16) (3,820) (1,703) (925) Write-down of deferred income tax benefits previously recognized (a) (2,938) (7,261) (32,565) Previously unrecognized tax losses 9,067 9,593 — Income tax on dividends (b) (3,038) — — Fiscal recognition of property, plant and equipment — 8,919 — Non-taxable results (c) 1,199 9,649 (1,916) Income tax (170,474) (67,271) (47,863) (a) Includes write-down of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (see Note 36.4.1) in 2020, 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, 2022, 2021 and 2020. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. See Note 16. (c) Includes non-deductible expenses and non-taxable gains 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 and Ecuador) ranges from 15% to 50% (see Note 16). 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 2022 2021 2020 Colombia (a) 4,837 15,557 16,493 Chile (a) 323,929 285,456 403,258 Brazil (a) 26,736 26,781 32,452 Argentina (b) 24,065 35,773 20,734 Spain (a) 7,205 9,443 9,694 Total tax losses as of December 31 386,772 373,010 482,631 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2022 are: US$ 994,000 , US$ 4,757,000 , US$ 3,285,000 , US$ 10,496,000 and US$ 4,533,000 expiring in 2023, 2024, 2025, 2026 and 2027, respectively. As of December 31, 2022, deferred income tax assets in respect of tax losses in Argentina and a portion of tax losses in Chile and 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, 2022 | |
Deferred income tax | |
Deferred income tax | Note 18 Deferred income tax The gross movement on the deferred income tax account is as follows: Amounts in US$ ‘000 2022 2021 Deferred income tax as of January 1 (6,875) 10,978 Currency translation differences 383 127 Income statement charge (44,688) (17,980) Deferred income tax as of December 31 (51,180) (6,875) The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2022 and 2021 are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year net profit differences of year Deferred income tax assets Difference in depreciation rates and other (344) 4,720 383 4,759 Tax losses 14,416 (232) — 14,184 Total 2022 14,072 4,488 383 18,943 Total 2021 18,168 (4,223) 127 14,072 At the beginning Charged to At the end Amounts in US$ ‘000 of year net profit of year Deferred income tax liabilities Difference in depreciation rates and other (20,947) (49,176) (70,123) Total 2022 (20,947) (49,176) (70,123) Total 2021 (7,190) (13,757) (20,947) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Earnings per share | Note 19 Earnings per share Amounts in US$ ‘000 except for shares 2022 2021 2020 Numerator: Profit (Loss) for the year 224,435 61,127 (232,950) Denominator: Weighted average number of shares used in basic EPS 59,330,421 60,901,109 60,668,185 Earnings (Losses) after tax per share (US$) – basic 3.78 1.00 (3.84) Amounts in US$ ‘000 except for shares 2022 2021 2020 Weighted average number of shares used in basic EPS 59,330,421 60,901,109 60,668,185 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 552,466 559,012 — Weighted average number of common shares for the purposes of diluted earnings per shares 59,882,887 61,460,121 60,668,185 Earnings (Losses) after tax per share (US$) – diluted 3.75 0.99 (3.84) (a) For the year ended December 31, 2020, the effect of the potential shares that could have a dilutive impact was considered antidilutive due to negative earnings. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Property, plant and equipment | Note 20 Property, plant and equipment Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost as of January 1, 2020 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) (d) (186,516) Transfers 48,361 174 21,534 324 (62,285) (8,108) — Assets held for sale (Note 36.2.2) (1,285) — — — — — (1,285) Cost as of December 31, 2020 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Additions (1,094) (b) 930 — — 82,094 46,234 128,164 Currency translation differences (3,284) (43) (246) (16) (18) (30) (3,637) Disposals — (1,762) (900) (978) (3,372) (338) (7,350) Write-off / Impairment (1,575) (c) — (2,759) (c) — — (12,262) (e) (16,596) Transfers 68,315 58 13,305 391 (70,321) (11,748) — Assets held for sale (Note 36.3.1) (73,047) (1,178) (6,052) (177) (27) — (80,481) Cost as of December 31, 2021 957,932 18,712 201,177 11,662 27,204 100,470 1,317,157 Additions (7,558) (b) 1,620 6 (14) 107,171 67,889 169,114 Currency translation differences 2,921 37 232 6 18 19 3,233 Disposals — (1,290) (26) (774) — — (2,090) Write-off / Impairment — — — — — (25,789) (f) (25,789) Transfers 125,962 14 21,338 147 (117,913) (29,548) — Cost as of December 31, 2022 1,079,257 19,093 222,727 11,027 16,480 113,041 1,461,625 Depreciation and write-down as of January 1, 2020 (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 36.2.2) 133 — — — — — 133 Depreciation and write-down as of December 31, 2020 (548,445) (16,985) (109,987) (6,975) — — (682,392) Depreciation (66,011) (1,960) (12,468) (700) — — (81,139) Disposals — 1,325 900 838 — — 3,063 Currency translation differences 2,219 37 246 16 — — 2,518 Assets held for sale (Note 36.3.1) 49,080 915 4,692 153 — — 54,840 Depreciation and write-down as of December 31, 2021 (563,157) (16,668) (116,617) (6,668) — — (703,110) Depreciation (76,720) (1,344) (12,244) (672) — — (90,980) Disposals — 1,246 19 752 — — 2,017 Currency translation differences (2,403) (33) (231) (6) — — (2,673) Depreciation and write-down as of December 31, 2022 (642,280) (16,799) (129,073) (6,594) — — (794,746) Carrying amount as of December 31, 2020 420,172 3,722 87,842 5,467 18,848 78,614 614,665 Carrying amount as of December 31, 2021 394,775 2,044 84,560 4,994 27,204 100,470 614,047 Carrying amount as of December 31, 2022 436,977 2,294 93,654 4,433 16,480 113,041 666,879 (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$ 96,041,000 (US$ 90,166,000 in 2021 and US$ 75,485,000 in 2020). Amounts in US$ ‘000 Total Exploration wells as of December 31, 2020 3,129 Additions 25,795 Write-offs (6,814) Transfers (11,806) Exploration wells as of December 31, 2021 10,304 Additions 56,491 Write-offs (21,460) Transfers (28,335) Exploration wells as of December 31, 2022 17,000 As of December 31, 2022, there were six exploratory wells that have been capitalized for a period less than a year amounting to US$ 17,000,000. (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) 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. (e) Corresponds to two unsuccessful exploratory wells drilled in the Llanos 32 Block (Colombia), other exploration costs incurred in the Fell Block (Chile), an exploratory well drilled in previous years in the CPO-5 Block (Colombia) and other exploration costs incurred in previous years in the PUT-30 Block (Colombia) for which no additional work would be performed. (f) Corresponds to exploration costs incurred in previous years in the Tacacho and Terecay Blocks (Colombia) for which no additional work would be performed, four exploratory wells drilled in the CPO-5, Platanillo, Llanos 34 and Llanos 94 Blocks (Colombia), and certain exploration costs incurred in the Espejo Block (Ecuador) . |
Subsidiary undertakings
Subsidiary undertakings | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiary undertakings | |
Subsidiary undertakings | Note 21 Subsidiary undertakings The following chart illustrates main companies of the Group structure as of December 31, 2022: (1) GeoPark Ecuador S.A. holds 50% working interest in the consortiums that operate the Espejo and Perico Blocks. During the year ended December 31, 2022, the following changes to the Group structure have taken place: ● GeoPark Colombia S.A.S. acquired the shares of GeoPark Colombia E&P previously owned by GeoPark Latin America S.L.U. ● GeoPark Colombia S.A.S. was assigned a 50% non-operated working interest in the CPO-4-1 Block. ● The Ecuadorean Branch named “GeoPark Perú S.A.C. Sucursal Ecuador” was transformed into a local company in Ecuador named “GeoPark Ecuador S.A.” ● The Spanish subsidiaries finalized a merger process by which GeoPark Latin America S.L.U. merged with and into GeoPark Colombia S.L.U., with the latter being the surviving company. In January 2023, the merger process between GeoPark Colombia S.A.S., GeoPark Colombia E&P S.A. and Petrodorado South America S.A., with GeoPark Colombia S.A.S. being the surviving company, was approved by the relevant Colombian authorities and the merger became effective as of its registration in the Public Registry of the Chamber of Commerce of Bogota on January 27, 2023. Details of all the subsidiaries of the Group as of December 31, 2022 are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A. (Argentina) 100% (a) GeoPark Brasil Exploração e 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 Colombia S.L.U. (Spain) 100% (a) GeoPark 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 Ecuador S.A. (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) Market Access LLP (United States) 9% (a) Indirectly owned. (b) Dormant companies. Details of the joint operations of the Group as of December 31, 2022 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) Los Parlamentos (Argentina) 50% Manati Field (Brazil) 10% POT-T-785 Block (Brazil) 70% (a) 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) Tacacho Block (Colombia) 50% (a) (b) Terecay Block (Colombia) 50% (a) (b) Llanos 94 Block (Colombia) 50% PUT-36 Block (Colombia) 50% (a) CPO-4-1 Block (Colombia) 50% (a) GeoPark is the operator. (b) In process of relinquishment. |
Prepayments and other receivabl
Prepayments and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other receivables | |
Disclosure of prepayments and other assets [text block] | Note 22 Prepayments and other receivables Amounts in US$ '000 2022 2021 V.A.T. 1,826 1,711 Income tax payments in advance 3,156 3,227 Other prepaid taxes 37 996 To be recovered from co-venturers (Note 34) 8,750 4,680 Prepayments and other receivables 8,458 12,184 22,227 22,798 Classified as follows: Current 22,106 22,650 Non-current 121 148 22,227 22,798 Movements on the Group provision for impairment are as follows: Amounts in US$ '000 2022 2021 At January 1 7 144 Additions 10 — Foreign exchange loss (3) (13) Uses — (124) 14 7 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | Note 23 Inventories Amounts in US$ '000 2022 2021 Crude oil 12,630 5,419 Materials and spares 1,804 5,496 14,434 10,915 |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade receivables. | |
Trade receivables | Note 24 Trade receivables Amounts in US$ '000 2022 2021 Trade receivables 71,794 70,531 71,794 70,531 As of December 31, 2022 and 2021, 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, 2022 | |
Financial instruments by category | |
Financial instruments by category | Note 25 Financial instruments by category Assets as per statement of financial position Amounts in US$ '000 2022 2021 Financial assets at fair value through profit or loss Derivative financial instrument assets 967 126 Cash and cash equivalents 242 427 1,209 553 Other financial assets at amortized cost Trade receivables 71,794 70,531 To be recovered from co-venturers (Note 34) 8,750 4,680 Other financial assets (a) 12,877 14,747 Cash and cash equivalents 128,601 100,177 222,022 190,135 Total financial assets 223,231 190,688 (a) Non-current other financial assets relate to restricted deposits 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 2022 2021 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 19 20,757 19 20,757 Other financial liabilities at amortized cost Trade payables 102,125 86,672 To be paid to co-venturers (Note 34) 2,815 953 Lease liabilities 32,051 20,744 Borrowings 497,642 674,092 634,633 782,461 Total financial liabilities 634,652 803,218 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 2022 2021 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa2 — 7,132 Aa3 2,013 — A3 1,557 — Baa1 99 — Baa3 198 24,163 Ba1 23,755 4,984 Ba3 2,745 — B2 4,085 70 Counterparties without an external credit rating Group 1 (a) 37,342 34,182 Total trade receivables 71,794 70,531 (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 2022 2021 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) Aaa — 3,529 Aa3 10,362 8 A1 96,077 — A2 57 53,114 A3 10,389 27,257 Baa1 39 1,605 Baa2 7,030 3,708 Baa3 1,352 — Ba1 64 67 Ba2 268 21 Ba3 3,066 5,117 B3 51 — Counterparties without an external credit rating 12,953 20,908 Total 141,708 115,334 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 12,000 (US$ 17,000 in 2021). 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 As of December 31, 2022 Borrowings 27,500 27,500 568,750 — Lease liabilities 10,939 5,653 11,209 25,012 Trade payables 102,125 — — — To be paid to co-venturers (Note 34) 2,815 — — — 143,379 33,153 579,959 25,012 As of December 31, 2021 Borrowings 40,943 38,550 263,550 513,750 Lease liabilities 9,230 6,558 5,820 2,871 Trade payables 85,132 1,540 — — To be paid to co-venturers (Note 34) 953 — — — 136,258 46,648 269,370 516,621 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). 25.3.1 Fair value hierarchy The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value as of December 31, 2022 and 2021 on a recurring basis: As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2022 Assets Cash and cash equivalents Money market funds 242 — 242 Derivative financial instrument assets Commodity risk management contracts — 967 967 Total Assets 242 967 1,209 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 19 19 Total Liabilities — 19 19 As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2021 Assets Cash and cash equivalents Money market funds 427 — 427 Derivative financial instrument assets Commodity risk management contracts — 126 126 Total Assets 427 126 553 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 20,757 20,757 Total Liabilities — 20,757 20,757 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 of December 31, 2022. 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 as of December 31, 2022 amounts to US$ 431,660,000 (US$ 661,404,000 in 2021). 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, 2022 | |
Equity | |
Equity | Note 26 Equity 26.1 Share capital and Share premium Issued share capital 2022 2021 Common stock (amounts in US$ ‘000) 58 60 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 57,621,998 60,238,026 Total common shares in issue 57,621,998 60,238,026 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, 2022, 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$(`000) GeoPark common shares history Month (millions) (millions) Closing Shares outstanding at the end of 2020 61.0 61 Stock awards May 2021 0.2 61.2 61 Buyback program Jun 2021 (0.1) 61.1 61 Buyback program Sep 2021 (0.4) 60.7 61 Buyback program Dec 2021 (0.5) 60.2 60 Shares outstanding at the end of 2021 60.2 60 Buyback program Mar 2022 (0.2) 60.0 60 Buyback program Jun 2022 (0.5) 59.5 60 Stock awards Jul 2022 0.1 59.6 60 Buyback program Sep 2022 (1.1) 58.5 59 Buyback program Dec 2022 (0.9) 57.6 58 Shares outstanding at the end of 2022 57.6 58 26.1.2 Stock Award Program and Other Share Based Payments Non-Executive Directors Fees During 2022, the Company issued 75,636 (64,269 in 2021 and 60,204 in 2020) shares to Non-Executive Directors in accordance with contracts as compensation, generating a share premium of US$ 1,040,000 (US$ 861,000 in 2021 and US$ 665,000 in 2020). 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 July 15, 2022, 52,058 common shares were issued as part of the founding executive employment agreement in place with the former Chief Executive Officer (104,439 in 2021), generating a share premium of US$ 800,000 (US$ 800,000 in 2021). 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). 26.1.3 Buyback Program On February 10, 2020, the Company’s board of directors approved a program to repurchase up to 10% of its shares outstanding or approximately 5,930,000 shares. The repurchase program began on February 11, 2020 and was suspended in April 2020 as part of the revised work program for 2020 because of the COVID-19 pandemic and the oil price crisis. 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. 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 began on November 5, 2020 and was set to expire on November 15, 2021. On November 10, 2021, the Company’s board of directors approved the renewal of this repurchase program until November 10, 2022. Finally, on November 9, 2022, the Company’s board of directors approved a new renewal of the program to repurchase up to 10% of our shares outstanding or approximately 5,854,285 shares until December 31, 2023. During 2022, the Company purchased 2,743,722 common shares (960,454 in 2021 and 101,986 in 2020) for a total amount of US$ 36,265,000 (US$ 11,841,000 in 2021 and US$ 938,000 in 2020). 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 quarterly cash distribution. The following table summarizes the cash distributions for each of the years presented: Total amount Date of declaration Date of distribution US$ per share in US$ ‘000 March 4, 2020 (a) April 8, 2020 0.0413 2,343 November 4, 2020 (a) December 9, 2020 0.0206 1,258 November 4, 2020 (a) December 9, 2020 0.0206 1,258 Cash distributions for the year ended December 31, 2020 4,859 March 10, 2021 April 13, 2021 0.0205 1,133 May 5, 2021 May 28, 2021 0.0205 1,220 August 4, 2021 August 31, 2021 0.0410 2,442 November 10, 2021 December 7, 2021 0.0410 2,429 Cash distributions for the year ended December 31, 2021 7,224 March 9, 2022 March 31, 2022 0.0820 4,847 May 11, 2022 June 10, 2022 0.0820 4,809 August 10, 2022 September 8, 2022 0.1270 7,345 November 9, 2022 December 7, 2022 0.1270 7,281 Cash distributions for the year ended December 31, 2022 24,282 (a) The quarterly cash distributions were temporary suspended in April 2020 as part of the revised work program for 2020 due to the COVID-19 pandemic and the oil price crisis. On November 4, 2020, the Company’s board of directors declared an extraordinary cash distribution and also resumed the quarterly cash distributions. These distributions are 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, 2022 | |
Borrowings. | |
Borrowings | Note 27 Borrowings Amounts in US$ ‘000 2022 2021 Outstanding amounts as of December 31 2024 Notes — 171,880 2027 Notes 497,642 499,893 Banco Santander — 2,319 497,642 674,092 Classified as follows: Current 12,528 17,916 Non-current 485,114 656,176 On September 21, 2017, the Company successfully placed US$ 425,000,000 aggregate principal amount of 6.500% Senior Secured Notes due 2024 (the “2024 Notes”), which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The 2024 Notes carry a coupon of 6.50% per annum. The debt issuance cost for this transaction amounted to US$ 6,683,000 (debt issuance effective rate: 6.90%). On January 17, 2020, the Company successfully placed US$ 350,000,000 aggregate principal amount of 5.500% Senior Secured Notes due 2027 (the “2027 Notes”), which were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States to non U.S. persons in accordance with Regulation S under the Securities Act. The 2027 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 2027 Notes will be January 17, 2027. In April 2021, the Company executed a series of transactions that included a successful tender to purchase US$ 255,000,000 of the 2024 Notes that was funded with a combination of cash in hand and a US$ 150,000,000 aggregate principal amount new issuance from the reopening of the 2027 Notes. The new notes offering and the tender offer closed on April 23, 2021, and April 26, 2021, respectively. The tender total consideration included the tender offer consideration of US$ 1,000 for each US$ 1,000 principal amount of the 2024 Notes plus the early tender payment of US$ 50 for each US$ 1,000 principal amount of the 2024 Notes. The tender also included a consent solicitation to align the covenants of the 2024 Notes to those of the 2027 Notes. The reopening of the 2027 Notes was priced above par at 101.875%, representing a yield to maturity of 5.117%. The debt issuance cost for this transaction amounted to US$ 2,019,000. The 2027 Notes were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The 2027 Notes are fully and unconditionally guaranteed jointly and severally by two principal subsidiaries of the Company. Between March and July 2022, the Company continued its deleveraging process, by repurchasing and cancelling, with the Trustee, a total nominal amount of US$ 102,876,000 of its 2024 Notes. Of this total amount, US$ 57,876,000 were repurchased in open market transactions at prices below the call option level and US$ 45,000,000 were redeemed at a redemption price stated in the indenture governing the 2024 Notes. On September 21, 2022, GeoPark fully repaid its 2024 Notes by redeeming the remaining aggregate principal amount of US$ 67,124,000. Pursuant to the terms of the indenture governing the 2024 Notes, the Notes were redeemed at a redemption price equal to 101.625% of the principal amount of the Notes redeemed, plus accrued and unpaid interests. The difference between the carrying amount of debt that was repurchased or redeemed and the consideration paid was recognized within financial expenses in the Consolidated Statement of Income. The indenture governing the 2027 Notes includes incurrence test covenants that provide, 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 ’ ’ On June 17, 2022, the Company received requisite consents from holders of the 2027 Notes for certain amendments to the indenture governing the 2027 Notes. The amendments intended to (i) address the impact of adverse market conditions and related drop in the price of crude oil during 2020 on the Company ’ In October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (“GeoPark Brazil”) 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$-denominated intercompany loan. In September 2020, GeoPark Brazil executed the refinancing of the outstanding principal with Banco Santander for Brazilian Real 19,410,000 (equivalent to US$ 3,441,000 at the moment of the refinancing execution). The interest rate was CDI plus 3.55% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. Interests were paid on a monthly basis, and principal was paid semi-annually in three equal instalments. The loan was fully repaid in October 2022. As of the date of these Consolidated Financial Statements, the Group has available credit lines for US$ 111,198,000. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | Note 28 Leases The Consolidated Statement of Financial Position shows the following amounts relating to leases: Amounts in US$ ‘000 2022 2021 Right of use assets Production, facilities and machinery 32,034 15,175 Buildings and improvements 4,977 5,839 37,011 21,014 Lease liabilities Current 10,000 8,231 Non-current 22,051 12,513 32,051 20,744 The Consolidated Statement of Income shows the following amounts relating to leases: Amounts in US$ ‘000 2022 2021 2020 Depreciation charge of Right of use assets Production, facilities and machinery (6,057) (5,526) (6,472) Buildings and improvements (988) (1,136) (1,600) (7,045) (6,662) (8,072) Unwinding of long-term liabilities (included in Financial results) (2,838) (1,453) (1,247) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (2,614) (1,101) (1,317) Expenses related to low-value leases (included in Administrative expenses) (708) (906) (736) The table below summarizes the amounts of Right-of-use assets recognized and the movements during the reporting years: Amounts in US$‘000 2022 2021 Right-of-use assets as of January 1 21,014 21,402 Additions / changes in estimates 22,462 5,288 Foreign currency translation 580 986 Depreciation (7,045) (6,662) Right-of-use assets as of December 31 37,011 21,014 The table below summarizes the amounts of Lease liabilities recognized and the movements during the reporting years: Amounts in US$‘000 2022 2021 Lease liabilities as of January 1 20,744 22,347 Additions / changes in estimates 22,462 5,288 Exchange difference (6,426) (365) Foreign currency translation 284 (461) Unwinding of discount 2,838 1,453 Lease payments (7,851) (7,518) Lease liabilities as of December 31 32,051 20,744 |
Provisions and other long-term
Provisions and other long-term liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Provisions and other long-term liabilities | |
Provisions and other long-term liabilities | Note 29 Provisions and other long-term liabilities Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total As of January 1, 2021 64,040 3,828 14,502 82,370 Addition to provision / changes in estimates (651) (46) 59 (638) Exchange difference (668) (228) (1,079) (1,975) Foreign currency translation (651) — (2) (653) Amortization — (223) — (223) Unwinding of discount 3,140 — 486 3,626 Amounts used during the year (170) — (291) (461) Liabilities associated with assets held for sale (19,198) — — (19,198) As of December 31, 2021 45,842 3,331 13,675 62,848 Addition to provision / changes in estimates (4,942) — (2,670) (7,612) Exchange difference (669) (167) (1,147) (1,983) Foreign currency translation (577) — 14 (563) Amortization — (2,407) — (2,407) Unwinding of discount 2,641 — 547 3,188 Amounts used during the year (1,392) — (132) (1,524) As of December 31, 2022 40,903 757 10,287 51,947 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. Environmental contingency in the United Kingdom On January 8, 2020, Amerisur 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 stated 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 the region. Amerisur stated that the accusations of environmental damage referenced in the claim were being investigated by Colombian authorities and to-date had been deemed to be without merit. Following court hearings held in January and February 2020, an interim freezing order was imposed on Amerisur for an amount of GBP 4,465,600 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 international bank in the UK. On January 12, 2021 a hearing was held, where the Court ordered the Claimants to serve the Group Particulars of Claim (the “GPoC”) by February 26, 2021. During April and May 2021, the general pollution claims were struck out by the Court leaving only the claims arising from the attack on the oil-trucks on 2015. Amerisur presented its defence to the GPoC on May 21, 2021. A case management conference was held on July 7, 2021, after which the Court ordered on July 15, 2021 among others: i) to schedule a preliminary issues trial on two Colombian law issues, namely, limitation period for bringing the claims and limitation of parent company liability; and ii) to schedule a costs management conference. The costs management conference was held on October 26, 2021. The Court made a costs award in Amerisur’s favour in respect of all the general pollution claims which is enforceable against the 102 Claimants whose claims had been discontinued or struck out by the Court but only after the conclusion of the proceedings and when those costs have been either assessed or agreed. In July 2022, the preliminary issues trial hearing was held, with experts from both parties addressing their written opinions on the two Colombian law issues. On January 26, 2023, the Court ruled in favor of the Claimants in respect of the two issues, allowing the claims to continue before the Courts in London. Amerisur requested permission to appeal before the Court on the same day. On February 6, 2023, the Court issued its ruling on the written submissions, and reply submissions, filed by the parties on costs and permission to appeal, ordering Amerisur to pay the sum of GBP 330,022 (equivalent to US$ 397,089), and refusing permission to appeal. Consequently, on February 23, 2023, Amerisur requested permission to appeal before the court of appeal. GeoPark has recognized a provision in its Consolidated Financial Statements for GBP 4,465,600 (equivalent to US$ 5,384,000 as of December 31, 2022) related to this contingent liability, which was originally recognized at the moment of the acquisition of Amerisur in 2020. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade and other payables [Abstract] | |
Trade and other payables | Note 30 Trade and other payables Amounts in US$ ‘000 2022 2021 V.A.T 8,513 7,473 Trade payables 102,125 86,672 Customer advance payments 481 426 Other short-term advance payments (a) — 1,558 Staff costs to be paid 9,306 17,973 Royalties to be paid 9,403 7,347 Taxes and other debts to be paid 8,963 6,651 To be paid to co-venturers (Note 34) 2,815 953 141,606 129,053 Classified as follows: Current 141,606 127,513 Non-current — 1,540 (a) Advance payment collected in relation with the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks (see Note 36.3.1). The average credit period (expressed as creditor days) during the year ended December 31, 2022 was 69 days (2021: 89 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, 2022 | |
Disclosure Of Share Based Payment [Abstract] | |
Share-based payment | 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 were: ● Employees not included in the VCP and new hiring were eligible. ● Exercise price was 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. The vested shares will be issued after the filing of the Consolidated Financial Statements. On March 8, 2022, the Company’s board of directors approved a pool of approximately 215,000 shares oriented for retention of key employees and new hires bonuses, under the Stock Awards Program. Vesting of the plan is in a three-years period from the grant date. During 2022, the Company’s board of directors, as per recommendation of the Compensation Committee, approved a Long-Term Incentive program (“LTIP”) oriented to senior management team. Main characteristics of the program are: ● All the senior management team is eligible. ● Grants are awarded annually for executives. ● The components of the Program are the following: - 20% Time-based Restricted Share Units (RSUs) vesting ratably in three equal installments on each of the first three anniversaries of the grant date; - 35% Relative Performance Share Units based on relative total shareholder return (TSR) and measured over three-year performance period relative to peer group; - 45% Absolute Performance Share Units (PSUs) based on absolute total shareholder return (TSR) and measured over three-year performance period. In February 2023, 246,110 common shares were allotted to the trustee of the Employee Beneficiary Trust (“EBT”) as a consequence of the vesting of the first tranche of the abovementioned plan. Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table: Awards at the Awards granted Awards Awards Awards at Charged to net profit/loss beginning in the year forfeited exercised year end 2022 2021 2020 Year of issuance No. of Shares Amounts in US$ '000 2022 — 191,400 — — 191,400 619 — — 2020 414,065 — (8,146) — 405,919 1,691 862 1,274 Subtotal 414,065 191,400 (8,146) — 597,319 2,310 862 1,274 Shares granted to Non-Executive Directors — 75,636 — (75,636) — 1,041 861 665 Shares granted to Executive Directors (a) 170,330 257,665 — (52,058) 375,937 3,560 800 800 VCP (b) — — — — — 2,016 4,098 5,705 LTIP for executives — 571,984 — — 571,984 2,111 — — 584,395 1,096,685 (8,146) (127,694) 1,545,240 11,038 6,621 8,444 (a) Includes compensation agreements from CEO transition. (b) During 2019, the Group approved a plan named Value Creation Plan (“VCP”) oriented to key management. As of December 31, 2021, the performance metrics were not achieved to execute this program and is not currently in place. 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, 2022 | |
Disclosure Of Interests in Joint operations [Abstract] | |
Interests in Joint operations | 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 and Ecuador. GeoPark is the operator in the Llanos 34, Llanos 86, Llanos 87, Llanos 104, Llanos 123, Llanos 124, Mecaya, PUT-8, PUT-9, PUT-36, Tacacho and Terecay Blocks in Colombia, in the Flamenco, Campanario and Isla Norte Blocks in Chile, in the POT-T-785 Block in Brazil, and in the Espejo Block in Ecuador. 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) 2022 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 295,639 2,284 297,923 (2,104) 295,819 721,326 402,425 Llanos 32 Block 12.5 % 2,324 — 2,324 (371) 1,953 9,791 7,066 Llanos 86 Block 50 % 970 — 970 — 970 — (60) Llanos 87 Block 50 % 15,038 — 15,038 (41) 14,997 — (390) Llanos 94 Block 50 % 576 — 576 (233) 343 — (5,632) Llanos 104 Block 50 % 1,001 — 1,001 — 1,001 — (60) Llanos 123 Block 50 % 1,172 — 1,172 — 1,172 — (60) Llanos 124 Block 50 % 1,207 — 1,207 — 1,207 — (60) CPO-5 Block 30 % 199,748 — 199,748 (344) 199,404 184,160 69,422 CPO-4-1 Block 50 % 102 — 102 — 102 — — Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,908 — 3,908 (17) 3,891 — (62) PUT-8 Block 50 % 7,927 — 7,927 — 7,927 — (61) PUT-9 Block 50 % 4,420 — 4,420 — 4,420 — (62) PUT-36 Block 50 % 2,931 — 2,931 — 2,931 — (60) Tacacho Block 50 % — — — — — — (3,699) Terecay Block 50 % — — — — — — (300) GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,314) (1,314) — (261) Campanario Block 50 % — — — (422) (422) — (115) Isla Norte Block 60 % — — — (160) (160) — (131) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 5,665 18,537 24,202 (12,602) 11,600 19,873 11,240 POT-T‑785 70 % 168 — 168 — 168 — — GeoPark Argentina S.A.U. CN-V Block 50 % — — — (14) (14) — (131) Los Parlamentos Block 50 % — — — (93) (93) — (176) Puelen Block 18 % — 10 10 (105) (95) — (69) Sierra del Nevado Block 18 % — 1 1 (4) (3) — (8) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 10,727 593 11,320 (5,406) 5,914 — (5,151) Perico 50 % 15,195 8,506 23,701 (5,315) 18,386 10,671 4,533 Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2021 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 260,589 1,866 262,455 (5,573) 256,882 486,779 341,473 Llanos 32 Block 12.5 % 2,730 — 2,730 (197) 2,533 7,690 5,378 Llanos 86 Block 50 % 408 — 408 — 408 — (60) Llanos 87 Block 50 % 1,220 — 1,220 — 1,220 — (60) Llanos 94 Block 50 % 1,489 — 1,489 (270) 1,219 — (171) Llanos 104 Block 50 % 434 — 434 — 434 — (60) Llanos 123 Block 50 % 907 — 907 — 907 — (60) Llanos 124 Block 50 % 841 — 841 — 841 — (60) CPO-5 Block 30 % 210,154 — 210,154 (929) 209,225 88,479 55,131 Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,837 — 3,837 (84) 3,753 — — PUT-8 Block 50 % 7,070 — 7,070 — 7,070 — — PUT-9 Block 50 % 4,342 — 4,342 — 4,342 — — PUT-36 Block 50 % 2,870 — 2,870 — 2,870 — — Tacacho Block 50 % 3,629 — 3,629 — 3,629 — — Terecay Block 50 % 226 — 226 — 226 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (2,082) (2,082) — (137) Campanario Block 50 % — — — (551) (551) — (106) Isla Norte Block 60 % — — — (138) (138) — (122) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 6,851 18,269 25,120 (13,657) 11,463 20,109 9,899 POT-T‑785 70 % 157 — 157 — 157 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 149 149 (528) (379) — (839) Los Parlamentos Block 50 % — — — — — — (285) Puelen Block 18 % — 12 12 (18) (6) — (55) Sierra del Nevado Block 18 % — 1 1 (5) (4) — (10) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 1,132 78 1,210 (610) 600 — (589) Perico 50 % 4,658 1,449 6,107 (4,535) 1,572 — (669) 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) Capital commitments are disclosed in Note 33.2. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitments [Abstract] | |
Commitments | Note 33 Commitments 33.1 Royalty and economic rights commitments 33.1.1 Royalty 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. In Chile, royalties are payable to the Chilean Government. In the Fell Block, royalties are calculated at 5% of crude oil production sold and 3% of gas production sold. In the Flamenco Block, Campanario Block and Isla Norte Block, royalties are calculated at 5% of oil and gas production sold. 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. 33.1.2 Overriding royalty 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 2022, the Group has accrued US$ 34,032,000 (US$ 22,562,000 in 2021 and US$ 14,018,000 in 2020) 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 2022, these agreements had no impact on the Group’s results. 33.1.3 Economic rights According to each E&P contract, the Colombian National Hydrocarbons Agency (“ANH”) has an economic right, offered by the operator at the moment of the ANH bid. This 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. 33.2 Capital commitments During 2022, the Group incurred investments of US$ 55,245,000 to fulfil its commitments, at GeoPark’s working interest. 33.2.1 Colombia The future investment commitments assumed by GeoPark, at its working interest, are up to: ● Llanos 32 Block: 5 exploratory wells before February 20, 2022. Pursuant to a private agreement with the partner in the block, the investment commitment incurred by GeoPark amounts to US$ 9,225,000 . As of the date of these Consolidated Financial Statements, the five exploratory wells have already been drilled and ANH approval of the fulfillment of the investment commitment is pending. ● Llanos 86 Block: 3D seismic and 1 exploratory well (US$ 9,895,000 ) before March 14, 2025. ● Llanos 87 Block: 3D seismic reprocessing, aerogeophysic and 4 exploratory wells (US$ 13,837,000 ) before March 9, 2023. As of the date of these Consolidated Financial Statements, GeoPark has drilled three of the four committed exploratory wells and ANH approval of the fulfillment of the investment commitment is pending. In March 2023, the ANH approved our request to extend the exploratory phase 1 until May 14, 2023. ● Llanos 94 Block: 3D seismic acquisition and reprocessing and 3 exploratory wells (US$ 11,470,000 ) before October 1, 2023. One of the three committed exploratory wells has already been drilled. During 2022, operator of the block submitted to the ANH requests to transfer part of the pending commitments to the Llanos 34 Block. As of the date of these Consolidated Financial Statements, the investments needed to accomplish with those commitments assigned to the Llanos 34 Block have already been incurred and the ANH approval is pending. ● Llanos 104 Block: 3D seismic and 1 exploratory well (US$ 8,767,000 ) before March 14, 2025. ● Llanos 123 Block: 3D seismic reprocessing, geochemistry and 2 exploratory wells (US$ 7,130,000 ) before January 14, 2024. ● Llanos 124 Block: 3D seismic acquisition and reprocessing, geochemistry and 3 exploratory wells (US$ 10,555,000 ) before January 14, 2024. ● CPO-4-1 Block: 1 exploratory well (US$ 2,922,000 ) before September 19, 2025. ● CPO-5 Block: 3D seismic acquisition, processing and interpretation and 1 exploratory well (US$ 2,794,000 ) before October 9, 2025. Pursuant to a private agreement with the partner in the block, the investment commitment to be incurred by GeoPark amounts to US$ 9,313,000 . ● Coati Block: 3D seismic and 2D seismic acquisition (US$ 4,500,000 ). The evaluation area is currently suspended. On November 3, 2022, GeoPark submitted to the ANH a request to withdraw from the exploration period of the Coati E&P contract and transfer the pending commitments to other E&P contracts. As of the date of these Consolidated Financial Statements, transfer of investment is being carried out by GeoPark. ● Mecaya Block: 3D seismic or 1 exploratory well (US$ 2,000,000 ). The exploratory period is currently suspended. Pursuant to a 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 October 15, 2023. Part of the 3D seismic committed in the block has already been acquired during 2020 and 2021. On October 25, 2022, GeoPark submitted to the ANH a request to transfer the investment commitment related to the pending 3D seismic to the Platanillo Block. As of the date of these Consolidated Financial Statements, such investment has been fulfilled and the ANH approval is pending. ● PUT-9 Block: 3D seismic acquisition and 2 exploratory wells (US$ 10,550,000 ). 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$ 4,365,000 . The exploratory period is currently suspended. ● PUT-14 Block: 2D seismic acquisition and 1 exploratory well (US$ 16,122,000 ). On March 10, 2022, GeoPark submitted to the ANH a request to withdraw from the PUT-14 E&P contract and transfer the pending commitments to the Platanillo and CPO-5 Blocks. Once total investment is reached through such transfers, ANH will continue with the contract’s termination. As of the date of these Consolidated Financial Statements, part of the abovementioned investment has already been incurred and the ANH approval is pending. ● The PUT-36 Block is in a preliminary phase that is suspended as of the date of these Consolidated Financial Statements. During this preliminary phase, GeoPark must request from the Ministry of Interior a 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 have been obtained, the blocks will enter into phase 1, where the exploratory commitments are mandatory. The investment commitments for the block over three-years term of phase 1 would be 3D seismic acquisition and 2 exploratory wells (US$ 11,891,000 ). ● 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. On September 21, 2022, GeoPark submitted to the ANH a request for termination of the E&P contract. As of the date of these Consolidated Financial Statements, the request is under review by the ANH. ● 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. On September 21, 2022, GeoPark submitted to the ANH a request for termination of the E&P contract. As of the date of these Consolidated Financial Statements, the request is under review by the ANH. 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 25, 2024 (US$ 5,002,000 ) ● Isla Norte Block: 1 exploratory well before February 19, 2024 (US$ 867,000 ) As of December 31, 2022, 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 April 29, 2025 (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, 2022, which includes 1 exploratory well and 3D seismic, amounts to US$ 6,000,000, at GeoPark’s working interest. As of the date of these Consolidated Financial Statements, suspension of the terms of the exploratory period and transfer of the investment commitment to another block is under negotiation. 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, 2025 (US$ 20,912,000 ). As of the date of these Consolidated Financial Statements, GeoPark has already performed the 3D seismic and drilled two of the four committed exploratory wells. ● Perico Block: 4 exploratory wells before June 16, 2025 (US$ 18,084,000 ). As of the date of these Consolidated Financial Statements, three of the four committed exploratory wells have been drilled. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Related Parties [Abstract] | |
Related parties | Note 34 Related parties Controlling interest The main shareholders of GeoPark Limited, based solely on the 13D and 13G filed with the SEC, as of December 31, 2022, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,817,251 15.30 % Compass Group LLC (b) 7,525,160 13.06 % Gerald E. O’Shaughnessy (c) 5,545,080 9.62 % Renaissance Technologies LLC (d) 3,106,263 5.39 % Other shareholders 32,628,244 56.62 % 57,621,998 100.00 % (a) Held by James F. Park directly and indirectly through GoodRock, LLC, which is controlled by Mr. 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 13, 2023. 602,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) 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 14, 2023. (c) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP; GPK Holdings, LLC; 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 most recent Schedule 13D filed with the SEC on November 30, 2022. (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 13, 2023 . Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$´000) in the year end Related Party Relationship 2022 To be recovered from co-venturers — 8,750 Joint Operations Joint Operations To be paid to co-venturers — (2,815) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 492 — Pedro E. Aylwin Former Executive Director (b) 2021 To be recovered from co-venturers — 4,680 Joint Operations Joint Operations To be paid to co-venturers — (953) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 656 — Pedro E. Aylwin Executive Director (b) 2020 To be recovered from co-venturers — 2,236 Joint Operations Joint Operations To be paid to co-venturers — (5,760) Joint Operations Joint Operations Geological and geophysical expenses 130 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 561 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws. There have been no other transactions with the board of directors, Executive officers, significant shareholders or other related parties during the year besides the intercompany transactions which have been eliminated in the Consolidated Financial Statements, the normal remuneration of board of directors and other benefits informed in Note 11. |
Auditors Fees
Auditors Fees | 12 Months Ended |
Dec. 31, 2022 | |
Auditors Fees | |
Auditors Fees | Note 35 Auditors Fees Amounts in US$‘000 2022 2021 2020 Audit fees 885 1,023 926 Audit related fees 85 65 — Tax services fees 27 47 35 Total Auditors Fees 997 1,135 961 Fees are shown net of VAT and other associated tax charges. |
Business transactions
Business transactions | 12 Months Ended |
Dec. 31, 2022 | |
Business transactions | |
Business transactions | Note 36 Business transactions 36.1 Acquisition of Amerisur Resources Plc On January 16, 2020, GeoPark acquired the 100% share capital of Amerisur Resources Plc, 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 an export oil pipeline from Colombia to Ecuador named Oleoducto Binacional Amerisur (“OBA”). GeoPark paid a cash consideration of British Pound Sterling (“GBP”) 241,682,496, equivalent to US$ 314,163,077 at the transaction date. In relation to the cash consideration, GeoPark was exposed to fluctuations of the GBP as of 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. 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$‘000 Total Cash 314,163 Total consideration 314,163 Property, plant and equipment (including mineral interest) 276,988 Right-of-use assets 16,674 Deferred income tax asset 4,071 Prepayments and other receivables 30,024 Trade receivables 5,964 Inventories 4,128 Other assets 5,991 Cash and cash equivalents 41,828 Lease liabilities (17,851) Provision for other long-term liabilities (16,519) Current income tax liability (3,426) Trade and other payables (33,709) Total identifiable net assets 314,163 36.2 Brazil 36.2.1 Manati Block On November 22, 2020, GeoPark signed an agreement to sell its 10% non-operated working interest in the Manati Block in Brazil. The total consideration amounted to Brazilian reais 144,400,000 (equivalent to US$ 30,478,000 as of March 31, 2022), including a fixed payment of Brazilian reais 124,400,000 plus an earn-out of Brazilian reais 20,000,000, which was subject to obtaining certain regulatory approvals. The transaction was subject to certain conditions that should have been met before March 31, 2022. As of March 31, 2022, the required conditions were not met and GeoPark decided not to extend this deadline. As a result, GeoPark continues to own its 10% interest in the block. 36.2.2 REC-T-128 Block In 2021, GeoPark performed a farm-out transaction to sell its 70% interest in the REC-T-128 Block in Brazil. The total consideration was US$ 1,100,000, which was collected at closing in 2021, plus a contingent payment of up to US$ 710,000, subject to international oil price and field production performance. On August 1, 2022, GeoPark collected the contingent payment of US$ 710,000. 36.3 Argentina 36.3.1 Aguada Baguales, El Porvenir and Puesto Touquet Blocks In August 2021, the Company’s board of directors approved the decision to evaluate farm-out or divestment opportunities to sell its 100% working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina, including the associated gas transportation license through the Puesto Touquet pipeline. On November 3, 2021, GeoPark signed a sale and purchase and assignment agreement for a total consideration of US$ 16,000,000, subject to working capital adjustment. At that moment, GeoPark collected an advance payment of US$ 1,600,000. The closing of the transaction took place on January 31, 2022, after the corresponding regulatory approvals were granted and GeoPark received the remaining outstanding payment from the purchaser. In April 2022, GeoPark paid a working capital adjustment amounting to US$ 370,000. As a consequence of this transaction, GeoPark recognized a gain of US$ 3,983,000 within Other income (expenses). As of December 31, 2021, the amount of Property, plant and equipment related to the blocks and the liabilities associated with them had been classified as held for sale. Immediately before the classification as held for sale, the recoverable amount of the blocks was estimated and an impairment reversal of US$ 13,307,000 was recognized in the Consolidated Statement of Income. The reversal was limited so that the carrying amount of the blocks does not exceed the lower of its recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the blocks in prior years (see Note 37). 36.4 Peru 36.4.1 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. On April 6, 2021, the final agreement with Petroperu was signed and, on May 31, 2021, the joint operation agreement was terminated. On September 28, 2021, the supreme decree approving the assignment was issued by the Peruvian Government, and the public deed corresponding to that assignment was finally executed by GeoPark and Petroperu on November 15, 2021. Consequently, from such date, all the rights and obligations under the Morona Block license contract are the exclusive responsibility of Petroperu. During 2020, 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. |
Impairment test on Property, pl
Impairment test on Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Impairment test on Property, plant and equipment | |
Impairment test on Property, plant and equipment | Note 37 Impairment test on Property, plant and equipment The management of the Group considers as cash-generating unit (“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 property, plant and equipment or with operations that are not linked to oil and gas prices were not subject to the impairment test. During 2022, a new tax reform approved in Colombia (see Note 16) negatively impacted the expected cash flows for the following years. Additionally, a revision of the estimation of the total proved and probable reserves in the CPO-5 Block (Colombia) at year-end evidenced a decline as compared to the prior year estimation. Management considered these to be impairment indicators for the CPO-5 and the Platanillo Blocks and the Group carried out an impairment review of these CGUs. No impairment indicators were noted in the other CGUs. The main assumptions taken into account for the impairment tests 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. - 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. - 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 2023 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, Production facilities and machinery and Construction in progress. - 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 2023 83.22 92.47 101.71 93.39 2024 60.57 67.30 74.03 67.97 2025 62.02 68.91 75.80 69.60 2026 63.51 70.57 77.62 71.27 Over 2027 65.03 72.26 79.49 72.98 (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 2022 2021 2020 Chile (a) — (17,641) (81,967) Brazil (b) — — (1,717) Argentina (c) — 13,307 (16,205) Peru (d) — — (33,975) — (4,334) (133,864) (a) Recognition of impairment loss in the Fell Block due to the decline in the proved reserves estimation in 2021 and the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production in 2020. (b) 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 36.2.2. (c) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks in 2021 due to the known market price of the blocks in the context of the transaction described in Note 36.3.1. 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. (d) Recognition of impairment loss in the Morona Block due to the situation described in Note 36.4.1 . 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, 2022 | |
Supplemental information on oil and gas activities | |
Supplemental information on oil and gas activities | 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 each country. 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 December 31, 2022, 2021 and 2020. 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 Ecuador Total Year ended December 31, 2022 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 48,771 116 — 779 26,521 76,187 Development (a) 89,231 9,952 (212) — 648 99,619 Total costs incurred 138,002 10,068 (212) 779 27,169 175,806 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2021 Acquisition of properties Proved — — — — — Unproved — — — — — Total property acquisition — — — — — Exploration 40,828 3,940 3 998 45,769 Development (a) 81,310 1,900 (2,212) 2 81,000 Total costs incurred 122,138 5,840 (2,209) 1,000 126,769 Amounts in US$‘000 Colombia Chile Brazil Argentina 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 (a) 51,793 3,580 412 (3,855) 51,930 Total costs incurred 70,935 13,027 1,080 (3,161) 81,881 (a) Includes the effect of change in estimate of assets retirement obligations. Table 2 - Capitalized costs related to oil and gas producing activities The following table presents the capitalized costs as of December 31, 2022, 2021 and 2020, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Chile Brazil Ecuador Total As of December 31, 2022 Proved properties (a) Equipment, camps and other facilities 144,672 74,490 3,565 — 222,727 Mineral interest and wells 672,424 343,926 44,716 18,191 1,079,257 Other uncompleted projects 16,099 113 268 — 16,480 Unproved properties 102,760 — 290 9,991 113,041 Gross capitalized costs 935,955 418,529 48,839 28,182 1,431,505 Accumulated depreciation (354,981) (371,171) (42,885) (2,316) (771,353) Total net capitalized costs 580,974 47,358 5,954 25,866 660,152 (a) Includes capitalized amounts related to asset retirement obligations. Amounts in US$‘000 Colombia Chile Brazil Argentina Total As of December 31, 2021 Proved properties (a) Equipment, camps and other facilities 125,078 72,766 3,333 — 201,177 Mineral interest and wells 580,931 334,993 42,008 — 957,932 Other uncompleted projects 26,136 818 250 — 27,204 Unproved properties (b) 94,419 — 271 — 94,690 Gross capitalized costs 826,564 408,577 45,862 — 1,281,003 Accumulated depreciation (282,616) (358,417) (38,741) — (679,774) Total net capitalized costs 543,948 50,160 7,121 — 601,229 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000 . (b) Do not include Ecuador capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total As of December 31, 2020 Proved properties (a) Equipment, camps and other facilities 115,577 74,363 3,580 4,309 197,829 Mineral interest and wells 511,040 348,366 47,729 61,482 968,617 Other uncompleted projects (b) 13,048 2,158 245 26 15,477 Unproved properties (c) 77,388 — 432 — 77,820 Gross capitalized costs 717,053 424,887 51,986 65,817 1,259,743 Accumulated depreciation (228,929) (345,611) (38,273) (45,619) (658,432) Total net capitalized costs 488,124 79,276 13,713 20,198 601,311 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000 , US$ 16,205,000 and US$ 1,717,000 , respectively. (b) Do not include Peru capitalized costs. (c) Do not include Ecuador 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, 2022, 2021 and 2020. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Ecuador Total Year ended December 31, 2022 Revenue 978,423 29,196 19,873 1,962 10,671 1,040,125 Production costs, excluding depreciation Operating costs (78,323) (12,961) (3,753) (1,306) (3,220) (99,563) Royalties and economic rights (249,303) (1,165) (1,546) (273) — (252,287) Total production costs (327,626) (14,126) (5,299) (1,579) (3,220) (351,850) Exploration expenses (a) (28,424) (116) — (779) (4,768) (34,087) Accretion expense (b) (621) (1,516) (504) — — (2,641) Depreciation, depletion and amortization (72,386) (12,754) (1,509) — (2,315) (88,964) Results of operations before income tax 549,366 684 12,561 (396) 368 562,583 Income tax (expense) benefit (192,278) (103) (4,271) — (92) (196,744) Results of oil and gas operations 357,088 581 8,290 (396) 276 365,839 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2021 Revenue 618,268 21,471 20,109 28,695 688,543 Production costs, excluding depreciation Operating costs (72,043) (10,280) (2,954) (14,490) (99,767) Royalties and economic rights (106,341) (770) (1,642) (4,270) (113,023) Total production costs (178,384) (11,050) (4,596) (18,760) (212,790) Exploration expenses (a) (11,276) (4,509) — (998) (16,783) Accretion expense (b) (576) (1,319) (535) (710) (3,140) Impairment loss for non-financial assets — (17,641) — 13,307 (4,334) Depreciation, depletion and amortization (54,588) (12,806) (2,933) (8,152) (78,479) Results of operations before income tax 373,444 (25,854) 12,045 13,382 373,017 Income tax (expense) benefit (115,768) 3,878 (4,095) (4,684) (120,669) Results of oil and gas operations 257,676 (21,976) 7,950 8,698 252,348 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 and economic rights (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 (expense) benefit (55,169) 23,160 (964) 8,111 (24,862) Results of oil and gas operations 117,235 (131,239) 1,871 (18,926) (31,059) (a) Do not include Peru and Ecuador 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, 2022, 2021, 2020 and 2019 was based on the DeGolyer and MacNaughton Reserves Report (the “D&M Reserves Report”). DeGolyer and MacNaughton Corp. 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, 2022, 2021, 2020 and 2019 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 As of December 31, 2019 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) 46,623 1,065 47,766 1,207 43,817 1,695 39,397 2,319 Chile (b) 1,115 14,103 755 15,196 798 19,054 898 14,406 Brazil (c) 8 9,443 43 13,601 34 13,927 48 14,872 Argentina (d) — — 1,186 3,379 1,685 5,599 1,658 5,785 Ecuador (e) 322 — — — — — — — Total consolidated 48,068 24,611 49,750 33,383 46,334 40,275 42,001 37,382 Net proved undeveloped Colombia (f) 17,765 — 31,019 — 45,240 — 51,212 — Chile (b) 476 — 575 1,563 1,229 5,661 2,809 6,413 Argentina (g) — — 603 — 104 — 1,370 450 Peru (h) — — — — — — 19,210 — Total consolidated 18,241 — 32,197 1,563 46,573 5,661 74,601 6,863 Total proved reserves 66,309 24,611 81,947 34,946 92,907 45,936 116,602 44,245 (a) Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 84% , 11% , 1% and 4% (Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 88% , 8% , 2% and 2% in 2021, Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86% , 8% , 3% and 3% in 2020, and Llanos 34 Block and Llanos 32 Block account for 97% and 3% in 2019) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% of the reserves. (c) BCAM-40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020, and 49% , 30% and 21% in 2019) of the proved developed reserves, respectively. (e) Perico Block and Espejo Block account for 85% and 15% of the reserves, respectively. (f) Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 85% , 7% , 3% and 5% (Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 88% , 5% , 5% and 3% in 2021, Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91% , 5% and 4% in 2020, and Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounts for 100% of the proved undeveloped reserves. (h) Morona Block accounted for 100% of the reserves . 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 Ecuador Total Reserves as of December 31, 2019 90,609 3,707 48 3,028 19,210 — 116,602 Increase (decrease) attributable to: Revisions (a) (1,964) (1,825) (7) (734) — — (4,530) Extensions and discoveries (b) 4,545 279 — — — — 4,824 Purchase or (Disposal) of Minerals in place (c) 6,853 — — — (19,210) — (12,357) Production (10,986) (134) (7) (505) — — (11,632) Reserves as of December 31, 2020 89,057 2,027 34 1,789 — — 92,907 Increase (decrease) attributable to: Revisions (d) (3,207) (597) 18 (169) — — (3,955) Extensions and discoveries (e) 3,375 — — 603 — — 3,978 Production (10,440) (100) (9) (434) — — (10,983) Reserves as of December 31, 2021 78,785 1,330 43 1,789 — — 81,947 Increase (decrease) attributable to: Revisions (f) (2,677) 422 (27) — — — (2,282) Extensions and discoveries (g) 204 — — — — 632 836 Disposal of Minerals in place (h) — — — (1,760) — — (1,760) Production (11,924) (161) (8) (29) — (310) (12,432) Reserves as of December 31, 2022 64,388 1,591 8 — — 322 66,309 (a) 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 the Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl associated to the revision of the type of well in the 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 the Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and the Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells. (b) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to the Jauke Field discovery in the Fell Block. (c) 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 36.4.1). (d) For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were: - Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl). - A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block. - Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively. (e) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field. (f) For the year ended December 31, 2022, the Group’s oil and condensate proved reserves were revised downward by 2.3 mmbbl. The primary factors leading to the above were: - A decrease of 3.6 mmbbl in Colombia due to a change in the royalties payment in certain fields from cash to kind. - Such decrease was partially offset by a higher average oil prices resulted in a 0.6 mmbbl and 0.1 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively. - Higher than expected performance from the existing wells that increase the proved reserves in Colombia (0.3 mmbbl) and in Chile (0.3 mmbbl). (g) In Colombia, the extensions and discoveries are primary due to the Cante Flamenco new field in CPO-5 Block and in Ecuador are due to the Jandaya, Yin and Tui new fields in the Perico Block and the Pashuri field in the Espejo Block. (h) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1).. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2019 2,319 20,819 14,872 6,235 44,245 Increase (decrease) attributable to: Revisions (a) (211) (385) 1,840 889 2,133 Extensions and discoveries (b) — 10,456 — — 10,456 Production (413) (6,175) (2,785) (1,525) (10,898) Reserves as of December 31, 2020 1,695 24,715 13,927 5,599 45,936 Increase (decrease) attributable to: Revisions (c) 14 (3,553) 3,470 (636) (705) Production (502) (4,403) (3,796) (1,584) (10,285) Reserves as of December 31, 2021 1,207 16,759 13,601 3,379 34,946 Increase (decrease) attributable to: Revisions (d) 141 1,501 (886) — 756 Disposal of Minerals in place (e) — — — (3,227) (3,227) Production (283) (4,157) (3,272) (152) (7,864) Reserves as of December 31, 2022 1,065 14,103 9,443 — 24,611 (a) 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: - An increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to the 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 the 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 the 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. (b) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile. (c) For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of: - A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better-than-expected performance in the Manati Field in Brazil (2.5 billion cubic feet). - A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves. - A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block. -Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively. (d) For the year ended December 31, 2022, the Group’s proved natural gas reserves were revised upwards by 0.8 billion cubic feet. This was the combined effect of: - An increase of proved reserves due to better performance of existing wells in Chile (0.8 billion cubic feet) and the Llanos 32 block in Colombia (0.1 billion cubic feet). - Higher average prices resulted in an increase of 0.7 billion cubic feet and 0.8 billion cubic feet increase in gas reserves in Chile and Brazil, respectively. - The above was partially offset by lower-than-expected performance of Manati Field in Brazil (1.6 billion cubic feet). (e) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1). 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 2022, 2021 and 2020 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 Ecuador Total As of December 31, 2022 Future cash inflows 5,229,599 190,449 65,002 — 26,553 5,511,603 Future production costs (1,633,818) (72,411) (29,519) — (8,094) (1,743,842) Future development costs (182,701) (40,659) (1,955) — (297) (225,612) Future income taxes (1,191,658) — (1,761) — — (1,193,419) Undiscounted future net cash flows 2,221,422 77,379 31,767 — 18,162 2,348,730 10% annual discount (839,621) (13,094) (8,856) — (2,504) (864,075) Standardized measure of discounted future net cash flows 1,381,801 64,285 22,911 — 15,658 1,484,655 As of December 31, 2021 Future cash inflows 4,381,191 136,152 89,208 109,678 — 4,716,229 Future production costs (1,715,554) (69,067) (34,930) (61,660) — (1,881,211) Future development costs (197,461) (40,339) (1,955) (49,200) — (288,955) Future income taxes (754,205) — (3,449) (2,947) — (760,601) Undiscounted future net cash flows 1,713,971 26,746 48,874 (4,129) — 1,785,462 10% annual discount (496,150) 6,121 (7,171) 4,471 — (492,729) Standardized measure of discounted future net cash flows 1,217,821 32,867 41,703 342 — 1,292,733 As of 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 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 Ecuador Total Present value as of 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 (Disposal) 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 as of December 31, 2020 759,233 17,032 25,378 (19) — — 801,624 Sales of hydrocarbon, net of production costs (516,844) (11,520) (15,677) (16,855) — — (560,896) Net changes in sales price and production costs 924,875 64,048 19,393 (3,145) — — 1,005,171 Changes in estimated future development costs 96,364 (18,731) 861 20,674 — — 99,168 Extensions and discoveries less related costs 80,933 — — (1,020) — — 79,913 Development costs incurred 87,877 4,111 — — — — 91,988 Revisions of previous quantity estimates (76,850) (23,776) 11,957 465 — — (88,204) Net changes in income taxes (254,618) — (2,780) 244 — — (257,154) Accretion of discount 116,851 1,703 2,571 (2) — — 121,123 Present value as of December 31, 2021 1,217,821 32,867 41,703 342 — — 1,292,733 Sales of hydrocarbon, net of production costs (891,534) (15,317) (14,697) — — (2,732) (924,280) Net changes in sales price and production costs 956,926 39,457 (6,909) — — — 989,474 Changes in estimated future development costs 93,657 (22,675) (933) — — (10,483) 59,566 Extensions and discoveries less related costs 6,754 — — — — 28,873 35,627 Development costs incurred 94,195 11,153 — — — — 105,348 Revisions of previous quantity estimates (87,851) 15,513 (2,441) — — — (74,779) Disposal of Minerals in place — — — (342) — — (342) Net changes in income taxes (205,370) — 1,673 — — — (203,697) Accretion of discount 197,203 3,287 4,515 — — — 205,005 Present value as of December 31, 2022 1,381,801 64,285 22,911 — — 15,658 1,484,655 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant accounting policies | |
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. 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, 2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The Group applied the amendments at the beginning of the reporting period. These amendments had no impact on the Consolidated Financial Statements of the Group as there were no contracts for which it had not fulfilled all of its obligations during the reporting period. Reference to the Conceptual Framework – Amendments to IFRS 3 The amendments replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. In accordance with the transitional provisions, the Group applies the amendments prospectively, i.e., to business combinations occurring after the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). These amendments had no impact on the Consolidated Financial Statements of the Group as there were no business combinations during the reporting period. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Leases The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. In accordance with the transitional provisions, the Group applies the amendments retrospectively only to items of PP&E made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment (the date of initial application). These amendments had no significant impact on the Consolidated Financial Statements of the Group as there were only sales of such items produced by property, plant and equipment made available for use in Ecuador during 2022. IFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter The amendment permits a subsidiary that elects to apply paragraph of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph of IFRS 1. These amendments had no impact on the Consolidated Financial Statements of the Group as it is not a first-time adopter. IFRS 9 Financial Instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement. In accordance with the transitional provisions, the Group applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment (the date of initial application). These amendments had no impact on the Consolidated Financial Statements of the Group as there were no modifications of the Group’s financial instruments during the period. 2.1.1.2 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of these Consolidated Financial Statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Classification of Liabilities as Current or Non-current – Amendments to IAS 1 In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: ● what is meant by a right to defer settlement, ● that a right to defer must exist at the end of the reporting period, ● that classification is unaffected by the likelihood that an entity will exercise its deferral right, and ● that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements. |
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 forecasted 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. Considering the performance of the operations, the Group’s cash position of US$ 128,843,000, the oil hedge strategy to mitigate the price risk exposure within the next twelve months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2022 matures in 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 Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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 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 at the point in time when control of the product is transferred to the customer, which is generally when the product is physically transferred into a pipe or other delivery mechanism and the customer accepts the product. Consequently, the Group’s performance obligations are considered to relate only to the sale of crude oil and gas, with each barrel of crude oil equivalent considered to be a separate performance obligation under the contractual arrangements in place. The Group’s sales of crude oil are priced based on market prices. The sales price is linked to US dollar denominated crude oil international benchmarks, such as Brent, adjusted for certain marketing and quality discounts based on, among other things, American Petroleum Institute (“API”) gravity, viscosity, sulphur content, delivery point and transport costs. The Group’s sales of natural gas are priced based on long-term Gas Supply contracts with customers. 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, if applicable. 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, if any, is the weighted average interest rate applicable to the Group’s general borrowings. |
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 labor 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$ 25,789,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 12,262,000 in 2021 and US$ 52,652,000 in 2020). 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 oil and gas 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 2022, no impairment losses were recognized or reversed. Net impairment losses were recognized for US$ 4,334,000 and US$ 133,864,000 in 2021 and 2020, respectively. 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 15 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 36.1 and Note 8. 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 3 Currency risk. |
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. The fair value of the share awards payments is determined at the grant date by reference to the market value of the shares, calculated using the Geometric Brownian Motion method or the Monte Carlo simulation, and recognized as an expense over the vesting period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. 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. 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. |
Financial Instruments-risk ma_2
Financial Instruments-risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments-risk management | |
Schedule of Gearing Ratios | The gearing ratios as of December 31, 2022 and 2021 were as follows: Amounts in US$‘000 2022 2021 Net Debt 368,799 573,488 Total Equity 115,585 (61,945) Total Capital 484,384 511,543 Gearing Ratio 76% 112% |
Consolidated Statement of Cas_3
Consolidated Statement of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
CONSOLIDATED STATEMENT OF CASH FLOW | |
Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow | Amounts in US$‘000 2022 2021 2020 Decrease in asset retirement obligation (4,942) (651) (1,812) Decrease in provisions for other long-term liabilities (2,616) (443) (1,051) Purchase of property, plant and equipment 7,864 — — Additions / changes in estimates of right-of-use assets 22,462 5,288 560 |
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$‘000 2022 2021 2020 (Increase) Decrease in Inventories (6,694) 1,241 1,220 (Increase) Decrease in Trade receivables (1,425) (23,290) 3,190 (Increase) Decrease in Prepayments and other receivables and Other assets (a) (30,929) (13,817) 38,742 (Decrease) Increase in Trade and other payables (999) 26,515 (48,392) (40,047) (9,351) (5,240) (a) Includes withholding taxes from clients for US$ 27,256,000 , US$ 16,361,000 and US$ 10,046,000 , in 2022, 2021 and 2020, respectively. |
Schedule of reconciliation of liabilities arising from cash flow activities | The following chart shows the movements in the borrowings and lease liabilities for each of the periods presented: Lease Amounts in US$‘000 Borrowings Liabilities Total As of January 1, 2020 437,419 13,243 450,662 Proceeds from borrowings 350,000 — 350,000 Debt issuance costs paid (7,507) — (7,507) Acquisitions (Note 36.1) — 17,851 17,851 Addition to lease liabilities — 561 561 Accrual of borrowing's interests 48,232 — 48,232 Exchange difference — 466 466 Foreign currency translation (2,389) (1,641) (4,030) Unwinding of discount — 1,247 1,247 Principal paid (3,575) — (3,575) Interest paid (37,594) — (37,594) Lease payments — (9,380) (9,380) As of December 31, 2020 784,586 22,347 806,933 Proceeds from borrowings 172,174 — 172,174 Debt issuance costs paid (2,019) — (2,019) Addition to lease liabilities — 5,288 5,288 Accrual of borrowing's interests 44,323 — 44,323 Exchange difference (581) (365) (946) Foreign currency translation (265) (461) (726) Unwinding of discount — 1,453 1,453 Principal paid (274,934) — (274,934) Interest paid (42,592) — (42,592) Borrowings cancellation costs 6,308 — 6,308 Borrowings cancellation and other costs paid (12,908) — (12,908) Lease payments — (7,518) (7,518) As of December 31, 2021 674,092 20,744 694,836 Addition to lease liabilities — 22,462 22,462 Accrual of borrowing's interests 36,360 — 36,360 Exchange difference — (6,426) (6,426) Foreign currency translation 203 284 487 Unwinding of discount — 2,838 2,838 Principal paid (172,522) — (172,522) Interest paid (36,514) — (36,514) Borrowings cancellation costs 5,141 — 5,141 Borrowings cancellation and other costs paid (9,118) — (9,118) Lease payments — (7,851) (7,851) As of December 31, 2022 497,642 32,051 529,693 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Schedule of Segment Information by Segment Areas (Geographical Segments) | Segment areas (geographical segments) Amounts in US$ ‘000 Colombia Chile Brazil Argentina Ecuador (b) Corporate Total 2022 Revenue 978,423 29,196 19,873 1,962 10,671 9,454 1,049,579 Sale of crude oil 977,184 14,460 796 1,664 10,671 — 1,004,775 Sale of purchased crude oil — — — — — 9,454 9,454 Sale of gas 1,239 14,736 19,077 298 — — 35,350 Realized loss on commodity risk management contracts (83,244) — — — — — (83,244) Production and operating costs (327,626) (14,126) (5,299) (1,579) (3,220) (7,929) (359,779) Royalties (60,314) (1,165) (1,546) (273) — — (63,298) Economic rights (188,989) — — — — — (188,989) Share-based payment (843) (103) — 1 (10) — (955) Other operating costs (77,480) (12,858) (3,753) (1,307) (3,210) (7,929) (106,537) Adjusted EBITDA 525,593 11,753 11,654 (3,643) 4,197 (8,775) 540,779 Depreciation (78,775) (14,076) (2,796) (254) (788) (3) (96,692) Write-off of unsuccessful exploration efforts (21,318) — — — (4,471) — (25,789) Total assets 797,390 63,379 34,329 1,296 35,690 41,891 973,975 Employees (average) (a) 362 53 5 33 7 9 469 Employees at year end (a) 388 49 4 24 8 9 482 (a) (b) Includes certain expenses that correspond to the Peruvian subsidiary, which acts as a holding company of the Ecuadorian subsidiary since Peru is no longer an operating segment due to the retirement from the Morona Block Amounts in US$ ‘000 Colombia Chile Brazil Argentina Ecuador (b) Corporate Total 2021 Revenue 618,268 21,471 20,109 28,695 — — 688,543 Sale of crude oil 616,133 6,297 661 24,468 — — 647,559 Sale of gas 2,135 15,174 19,448 4,227 — — 40,984 Realized gain on commodity risk management contracts (109,654) — — — — — (109,654) Production and operating costs (178,384) (11,050) (4,596) (18,760) — — (212,790) Royalties (33,385) (770) (1,575) (4,270) — — (40,000) Economic rights (72,956) — (67) — — — (73,023) Share-based payment (334) (31) — 26 — — (339) Other operating costs (71,709) (10,249) (2,954) (14,516) — — (99,428) Adjusted EBITDA 294,847 7,639 12,569 2,124 (2,071) (14,308) 300,800 Depreciation (61,279) (14,275) (4,082) (9,130) (200) (3) (88,969) Recognition of impairment losses — (17,641) — 13,307 — — (4,334) Write-off of unsuccessful exploration efforts (7,827) (4,435) — — — — (12,262) Total assets 689,401 71,515 38,846 38,111 7,782 50,086 895,741 Employees (average) (a) 308 55 4 92 8 9 476 Employees at year end (a) 321 52 4 74 3 9 463 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru (c) 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 (15,493) (753) (1,025) (3,620) — — — (20,891) Economic rights (14,960) — (24) — — — — (14,984) Share-based payment (362) (94) — (72) — — — (528) Other operating costs (61,504) (9,397) (2,827) (14,941) — — — (88,669) 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 96,938 960,266 Employees (average) (a) 238 68 11 114 10 2 4 447 Employees at year end (a) 268 57 5 97 5 2 3 437 (a) Unaudited. (b) Includes certain expenses and 4 average employees (who were no longer in the Group at year-end) that corresponded to the Peruvian subsidiaries, which act as holding companies of the Ecuadorian branch since Peru is no longer an operating segment due to the retirement from the Morona Block. (c) As of the date of these Consolidated Financial Statements, Peru is no longer an operating segment due to the retirement from the Morona Block. |
Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax | A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: Amounts in US$ ‘000 2022 2021 2020 Adjusted EBITDA 540,779 300,800 217,531 Unrealized gain (loss) on commodity risk management contracts 13,023 463 (12,978) Depreciation (a) (96,692) (88,969) (118,073) Share-based payment (11,038) (6,621) (8,444) Impairment and write-off of unsuccessful exploration efforts, net (25,789) (16,596) (186,516) Lease accounting - IFRS 16 7,851 7,518 9,380 Others (b) 943 (10,786) (11,563) Operating profit (loss) 429,077 185,809 (110,663) Financial expenses (57,073) (64,112) (64,582) Financial income 3,180 1,652 3,166 Foreign exchange gain (loss) 19,725 5,049 (13,008) Profit (Loss) before tax 394,909 128,398 (185,087) (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2022, also includes gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina. In 2021, also includes termination costs and write-down of tax credits in Argentina. In 2020, also includes termination costs, and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru. See Note 36. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Schedule of Information on Revenue | Amounts in US$ ‘000 2022 2021 2020 Sale of crude oil 1,004,775 647,559 359,640 Sale of purchased crude oil 9,454 — — Sale of gas 35,350 40,984 34,052 1,049,579 688,543 393,692 |
Commodity risk management con_2
Commodity risk management contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commodity risk management contracts | |
Schedule of Group's Derivative Contracts | The following table presents the Group’s production hedged during the year ended December 31, 2022 and for the following periods as a consequence of the derivative contracts in force as of December 31, 2022: Period Reference Type Volume bbl/d Weighted average price US$/bbl ACCOUNTED FOR AS NON-HEDGE DERIVATIVES January 1, 2022 - March 31, 2022 ICE BRENT Zero Premium Collars 14,500 49.10 Put 74.81 Call April 1, 2022 - June 30, 2022 ICE BRENT Zero Premium Collars 12,500 53.35 Put 79.38 Call July 1, 2022 - September 30, 2022 ICE BRENT Zero Premium Collars 13,000 58.63 Put 86.50 Call October 1, 2022 - December 31, 2022 ICE BRENT Zero Premium Collars 12,000 60.63 Put 92.55 Call ACCOUNTED FOR AS CASH FLOW HEDGES January 1, 2023 - March 31, 2023 ICE BRENT Zero Premium Collars 9,500 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ICE BRENT Zero Premium Collars 8,500 69.12 Put 113.13 Call July 1, 2023 - September 30, 2023 ICE BRENT Zero Premium Collars 2,000 70.00 Put 101.13 Call |
Summary of Gain (Loss) on the Commodity Risk Management Contracts | The table below summarizes the gain (loss) on the commodity risk management contracts: 2022 2021 2020 Realized (loss) gain on commodity risk management contracts (83,244) (109,654) 21,059 Unrealized gain (loss) on commodity risk management contracts 13,023 463 (12,978) (70,221) (109,191) 8,081 |
Production and operating costs
Production and operating costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Production and operating costs | |
Schedule of Production and Operating Costs | Amounts in US$ '000 2022 2021 2020 Staff costs (Note 11) 13,114 16,655 14,689 Share-based payment (Note 11) 955 339 528 Royalties 63,298 40,000 20,891 Economic rights 188,989 73,023 14,984 Well and facilities maintenance 20,779 17,989 15,039 Operation and maintenance 6,545 7,826 7,491 Consumables 21,789 19,270 16,776 Equipment rental 7,580 8,127 8,570 Transportation costs 4,021 3,383 5,622 Field camp 4,070 4,386 3,130 Safety and insurance costs 3,745 4,216 4,505 Personnel transportation 2,480 2,397 2,115 Consultant fees 2,133 1,732 1,043 Gas plant costs 1,680 2,596 1,591 Non-operated blocks costs 12,650 4,941 3,442 Crude oil stock variation (6,449) 1,271 (305) Purchased crude oil 7,929 — — Other costs 4,471 4,639 4,961 359,779 212,790 125,072 |
Depreciation (Tables)
Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation | |
Schedule of Depreciation | Amounts in US$ ‘000 2022 2021 2020 Oil and gas properties 76,720 66,011 89,344 Production facilities and machinery 12,244 12,468 16,820 Furniture, equipment and vehicles 1,344 1,960 2,317 Buildings and improvements 672 700 490 Depreciation of property, plant and equipment (a) 90,980 81,139 108,971 Related to: Productive assets 88,964 78,479 106,164 Administrative assets 2,016 2,660 2,807 Depreciation total (a) 90,980 81,139 108,971 (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, 2022 | |
Staff costs and Directors' Remuneration | |
Schedule of Staff Costs and Directors Remuneration | 2022 2021 2020 Number of employees at year end (a) 482 463 437 Amounts in US$ ‘000 Wages and salaries 38,354 42,236 49,338 Share-based payments (Note 31) 11,038 6,621 8,444 Social security charges 5,528 6,863 5,712 Director’s fees and allowance 1,172 2,853 2,094 56,092 58,573 65,588 Recognized as follows: Production and operating costs 14,069 16,994 15,217 Geological and geophysical expenses 7,490 6,219 12,893 Administrative expenses 34,533 35,360 37,478 56,092 58,573 65,588 Board of Directors’ and key managers’ remuneration Salaries and fees 10,317 9,069 8,641 Share-based payments 8,728 5,759 7,170 Other benefits in kind 171 296 232 19,216 15,124 16,043 (a) Unaudited. |
Schedule of Directors' Remuneration | Directors’ Remuneration Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (No. of Shares) (in US$) James F. Park (a) 601,002 — — 601,002 Andrés Ocampo (b) — — — — Carlos Gulisano (c) — 61,087 5,110 131,739 Robert Bedingfield (d) — 30,000 14,803 235,000 Constantin Papadimitriou (e) (f) — 167,500 7,335 267,500 Somit Varma (f) (g) — 32,500 27,306 409,755 Sylvia Escovar Gomez (h) — 35,000 15,510 249,755 Brian Maxted (i) — 32,718 2,244 61,953 Carlos Macellari — 30,462 2,244 60,082 Marcela Vaca (j) — 14,130 1,084 28,260 (a) Chief Executive Officer until his resignation on June 30, 2022. As of July 1, 2022, Mr. Park signed a consulting agreement with the Company to act as CEO advisor and provide support and assistance in addition to his role as Vicechair, non-executive Director and Strategy and Risk Committee Chairman. (b) As of July 1, 2022, Andrés Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Director until his resignation on July 15, 2022. (d) Audit Committee Chairman. (e) Compensation Committee Chairman. (f) Constantin Papadimitriou and Somit Varma, as members of the Strategy and Risk Committee, instructed by the Board, were awarded additional fees on their work related to specific projects and activities. The additional fees are included in the table above. (g) Nomination and Corporate Governance Committee Chairman. (h) Independent Chair of the Board. (i) Technical Committee Chairman. (j) SPEED Committee Chairm an. |
Geological and geophysical ex_2
Geological and geophysical expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Geological and geophysical expenses | |
Schedule of Geological and Geophysical Expenses | Amounts in US$ ‘000 2022 2021 2020 Staff costs (Note 11) 7,097 6,042 12,653 Share-based payment (Note 11) 393 177 240 Communication and IT costs 1,743 1,071 850 Consultant fees 917 854 545 Allocation to capitalized project (416) (953) (102) Other services 795 700 765 10,529 7,891 14,951 |
Administrative expenses (Tables
Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Administrative expenses | |
Schedule of Administrative Expenses | Amounts in US$ ‘000 2022 2021 2020 Staff costs (Note 11) 23,671 26,402 27,708 Share-based payment (Note 11) 9,690 6,105 7,676 Consultant fees 9,574 10,806 8,570 Safety and insurance costs 3,834 3,142 2,394 Travel expenses 2,336 719 939 Non-operated blocks expenses 1,390 799 319 Director’s fees and allowance (Note 11) 1,172 2,853 2,094 Communication and IT costs 3,419 4,214 2,937 Allocation to joint operations (9,642) (8,574) (6,720) Other administrative expenses 4,580 362 4,398 50,024 46,828 50,315 |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Selling expenses | |
Schedule of Selling Expenses | Amounts in US$ ‘000 2022 2021 2020 Transportation 4,881 4,233 4,787 Selling taxes and other 3,114 4,497 1,057 7,995 8,730 5,844 |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial results | |
Schedule of Financial Results | Amounts in US$ '000 2022 2021 2020 Financial expenses Interest and amortization of debt issue costs (36,360) (44,713) (48,779) Borrowings cancellation costs (5,141) (6,308) — Bank charges and other financial results (9,546) (8,012) (9,909) Unwinding of long-term liabilities (6,026) (5,079) (5,894) (57,073) (64,112) (64,582) Financial income Interest received 3,180 1,652 3,166 3,180 1,652 3,166 Foreign exchange gains and losses Foreign exchange gain (loss), net 19,725 5,049 (2,720) Realized result on currency risk management contracts — — (9,414) Unrealized result on currency risk management contracts — — (874) 19,725 5,049 (13,008) Total Financial results (34,168) (57,411) (74,424) |
Tax reforms (Tables)
Tax reforms (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tax reforms | |
Schedule of surcharge rate | 2023 Surcharge Price Triggers Surcharge rate < US$ 65.28 /bbl 0% US$ 65.28 to US$ 73.77 /bbl 5% US$ 73.78 to US$ 78.69 /bbl 10% > US$ 78.69 /bbl 15% |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Schedule of Components of Income Tax | Amounts in US$ ‘000 2022 2021 2020 Current income tax charge (125,786) (49,291) (41,927) Deferred income tax charge (Note 18) (44,688) (17,980) (5,936) (170,474) (67,271) (47,863) |
Summary of Income Tax Reconciliation | Amounts in US$ ‘000 2022 2021 2020 Profit (Loss) before tax 394,909 128,398 (185,087) Tax losses from non-taxable jurisdictions 53,005 91,351 53,652 Taxable profit 447,914 219,749 (131,435) Income tax calculated at domestic tax rates applicable to Profit in the respective countries (157,315) (71,086) 12,450 Tax losses where no deferred income tax benefit is recognized (2,832) (7,510) (23,117) Effect of currency translation on tax base (10,797) (10,354) (923) Effect of inflation adjustment for tax purposes — 2,482 (867) Changes in the income tax rate (Note 16) (3,820) (1,703) (925) Write-down of deferred income tax benefits previously recognized (a) (2,938) (7,261) (32,565) Previously unrecognized tax losses 9,067 9,593 — Income tax on dividends (b) (3,038) — — Fiscal recognition of property, plant and equipment — 8,919 — Non-taxable results (c) 1,199 9,649 (1,916) Income tax (170,474) (67,271) (47,863) (a) Includes write-down of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (see Note 36.4.1) in 2020, 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, 2022, 2021 and 2020. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. See Note 16. (c) Includes non-deductible expenses and non-taxable gains in each jurisdiction. |
Summary of Tax Losses Accumulated | Amounts in US$ ‘000 2022 2021 2020 Colombia (a) 4,837 15,557 16,493 Chile (a) 323,929 285,456 403,258 Brazil (a) 26,736 26,781 32,452 Argentina (b) 24,065 35,773 20,734 Spain (a) 7,205 9,443 9,694 Total tax losses as of December 31 386,772 373,010 482,631 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2022 are: US$ 994,000 , US$ 4,757,000 , US$ 3,285,000 , US$ 10,496,000 and US$ 4,533,000 expiring in 2023, 2024, 2025, 2026 and 2027, respectively. |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income tax | |
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 2022 2021 Deferred income tax as of January 1 (6,875) 10,978 Currency translation differences 383 127 Income statement charge (44,688) (17,980) Deferred income tax as of December 31 (51,180) (6,875) |
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, 2022 and 2021 are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year net profit differences of year Deferred income tax assets Difference in depreciation rates and other (344) 4,720 383 4,759 Tax losses 14,416 (232) — 14,184 Total 2022 14,072 4,488 383 18,943 Total 2021 18,168 (4,223) 127 14,072 At the beginning Charged to At the end Amounts in US$ ‘000 of year net profit of year Deferred income tax liabilities Difference in depreciation rates and other (20,947) (49,176) (70,123) Total 2022 (20,947) (49,176) (70,123) Total 2021 (7,190) (13,757) (20,947) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Schedule of Earnings per Share | Amounts in US$ ‘000 except for shares 2022 2021 2020 Numerator: Profit (Loss) for the year 224,435 61,127 (232,950) Denominator: Weighted average number of shares used in basic EPS 59,330,421 60,901,109 60,668,185 Earnings (Losses) after tax per share (US$) – basic 3.78 1.00 (3.84) Amounts in US$ ‘000 except for shares 2022 2021 2020 Weighted average number of shares used in basic EPS 59,330,421 60,901,109 60,668,185 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 552,466 559,012 — Weighted average number of common shares for the purposes of diluted earnings per shares 59,882,887 61,460,121 60,668,185 Earnings (Losses) after tax per share (US$) – diluted 3.75 0.99 (3.84) (a) For the year ended December 31, 2020, the effect of the potential shares that could have a dilutive impact was considered antidilutive due to negative earnings. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Schedule of Property, Plant and Equipment | Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost as of January 1, 2020 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) (d) (186,516) Transfers 48,361 174 21,534 324 (62,285) (8,108) — Assets held for sale (Note 36.2.2) (1,285) — — — — — (1,285) Cost as of December 31, 2020 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Additions (1,094) (b) 930 — — 82,094 46,234 128,164 Currency translation differences (3,284) (43) (246) (16) (18) (30) (3,637) Disposals — (1,762) (900) (978) (3,372) (338) (7,350) Write-off / Impairment (1,575) (c) — (2,759) (c) — — (12,262) (e) (16,596) Transfers 68,315 58 13,305 391 (70,321) (11,748) — Assets held for sale (Note 36.3.1) (73,047) (1,178) (6,052) (177) (27) — (80,481) Cost as of December 31, 2021 957,932 18,712 201,177 11,662 27,204 100,470 1,317,157 Additions (7,558) (b) 1,620 6 (14) 107,171 67,889 169,114 Currency translation differences 2,921 37 232 6 18 19 3,233 Disposals — (1,290) (26) (774) — — (2,090) Write-off / Impairment — — — — — (25,789) (f) (25,789) Transfers 125,962 14 21,338 147 (117,913) (29,548) — Cost as of December 31, 2022 1,079,257 19,093 222,727 11,027 16,480 113,041 1,461,625 Depreciation and write-down as of January 1, 2020 (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 36.2.2) 133 — — — — — 133 Depreciation and write-down as of December 31, 2020 (548,445) (16,985) (109,987) (6,975) — — (682,392) Depreciation (66,011) (1,960) (12,468) (700) — — (81,139) Disposals — 1,325 900 838 — — 3,063 Currency translation differences 2,219 37 246 16 — — 2,518 Assets held for sale (Note 36.3.1) 49,080 915 4,692 153 — — 54,840 Depreciation and write-down as of December 31, 2021 (563,157) (16,668) (116,617) (6,668) — — (703,110) Depreciation (76,720) (1,344) (12,244) (672) — — (90,980) Disposals — 1,246 19 752 — — 2,017 Currency translation differences (2,403) (33) (231) (6) — — (2,673) Depreciation and write-down as of December 31, 2022 (642,280) (16,799) (129,073) (6,594) — — (794,746) Carrying amount as of December 31, 2020 420,172 3,722 87,842 5,467 18,848 78,614 614,665 Carrying amount as of December 31, 2021 394,775 2,044 84,560 4,994 27,204 100,470 614,047 Carrying amount as of December 31, 2022 436,977 2,294 93,654 4,433 16,480 113,041 666,879 (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$ 96,041,000 (US$ 90,166,000 in 2021 and US$ 75,485,000 in 2020). |
Schedule of Exploration Wells Movement and Balances | Amounts in US$ ‘000 Total Exploration wells as of December 31, 2020 3,129 Additions 25,795 Write-offs (6,814) Transfers (11,806) Exploration wells as of December 31, 2021 10,304 Additions 56,491 Write-offs (21,460) Transfers (28,335) Exploration wells as of December 31, 2022 17,000 |
Subsidiary undertakings (Tables
Subsidiary undertakings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiary undertakings | |
Summary of Subsidiaries | Details of all the subsidiaries of the Group as of December 31, 2022 are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A. (Argentina) 100% (a) GeoPark Brasil Exploração e 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 Colombia S.L.U. (Spain) 100% (a) GeoPark 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 Ecuador S.A. (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) Market Access LLP (United States) 9% (a) Indirectly owned. (b) Dormant companies. |
Summary of joint operations | Details of the joint operations of the Group as of December 31, 2022 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) Los Parlamentos (Argentina) 50% Manati Field (Brazil) 10% POT-T-785 Block (Brazil) 70% (a) 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) Tacacho Block (Colombia) 50% (a) (b) Terecay Block (Colombia) 50% (a) (b) Llanos 94 Block (Colombia) 50% PUT-36 Block (Colombia) 50% (a) CPO-4-1 Block (Colombia) 50% (a) GeoPark is the operator. (b) In process of relinquishment. |
Prepayments and other receiva_2
Prepayments and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other receivables | |
Schedule of Prepayments and other receivables | Amounts in US$ '000 2022 2021 V.A.T. 1,826 1,711 Income tax payments in advance 3,156 3,227 Other prepaid taxes 37 996 To be recovered from co-venturers (Note 34) 8,750 4,680 Prepayments and other receivables 8,458 12,184 22,227 22,798 Classified as follows: Current 22,106 22,650 Non-current 121 148 22,227 22,798 |
Schedule of Movements on the Group Provision for Impairment | Amounts in US$ '000 2022 2021 At January 1 7 144 Additions 10 — Foreign exchange loss (3) (13) Uses — (124) 14 7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Schedule of Inventories | Amounts in US$ '000 2022 2021 Crude oil 12,630 5,419 Materials and spares 1,804 5,496 14,434 10,915 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade receivables. | |
Schedule of Trade Receivables | Amounts in US$ '000 2022 2021 Trade receivables 71,794 70,531 71,794 70,531 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Financial assets at fair value through profit or loss Derivative financial instrument assets 967 126 Cash and cash equivalents 242 427 1,209 553 Other financial assets at amortized cost Trade receivables 71,794 70,531 To be recovered from co-venturers (Note 34) 8,750 4,680 Other financial assets (a) 12,877 14,747 Cash and cash equivalents 128,601 100,177 222,022 190,135 Total financial assets 223,231 190,688 (a) Non-current other financial assets relate to restricted deposits 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 2022 2021 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 19 20,757 19 20,757 Other financial liabilities at amortized cost Trade payables 102,125 86,672 To be paid to co-venturers (Note 34) 2,815 953 Lease liabilities 32,051 20,744 Borrowings 497,642 674,092 634,633 782,461 Total financial liabilities 634,652 803,218 |
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 2022 2021 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa2 — 7,132 Aa3 2,013 — A3 1,557 — Baa1 99 — Baa3 198 24,163 Ba1 23,755 4,984 Ba3 2,745 — B2 4,085 70 Counterparties without an external credit rating Group 1 (a) 37,342 34,182 Total trade receivables 71,794 70,531 (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 As of December 31, 2022 Borrowings 27,500 27,500 568,750 — Lease liabilities 10,939 5,653 11,209 25,012 Trade payables 102,125 — — — To be paid to co-venturers (Note 34) 2,815 — — — 143,379 33,153 579,959 25,012 As of December 31, 2021 Borrowings 40,943 38,550 263,550 513,750 Lease liabilities 9,230 6,558 5,820 2,871 Trade payables 85,132 1,540 — — To be paid to co-venturers (Note 34) 953 — — — 136,258 46,648 269,370 516,621 |
Schedule of Fair Value Hierarchy | The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value as of December 31, 2022 and 2021 on a recurring basis: As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2022 Assets Cash and cash equivalents Money market funds 242 — 242 Derivative financial instrument assets Commodity risk management contracts — 967 967 Total Assets 242 967 1,209 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 19 19 Total Liabilities — 19 19 As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2021 Assets Cash and cash equivalents Money market funds 427 — 427 Derivative financial instrument assets Commodity risk management contracts — 126 126 Total Assets 427 126 553 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 20,757 20,757 Total Liabilities — 20,757 20,757 |
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 2022 2021 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) Aaa — 3,529 Aa3 10,362 8 A1 96,077 — A2 57 53,114 A3 10,389 27,257 Baa1 39 1,605 Baa2 7,030 3,708 Baa3 1,352 — Ba1 64 67 Ba2 268 21 Ba3 3,066 5,117 B3 51 — Counterparties without an external credit rating 12,953 20,908 Total 141,708 115,334 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 12,000 (US$ 17,000 in 2021). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Schedule of Share Capital | Issued share capital 2022 2021 Common stock (amounts in US$ ‘000) 58 60 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 57,621,998 60,238,026 Total common shares in issue 57,621,998 60,238,026 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$(`000) GeoPark common shares history Month (millions) (millions) Closing Shares outstanding at the end of 2020 61.0 61 Stock awards May 2021 0.2 61.2 61 Buyback program Jun 2021 (0.1) 61.1 61 Buyback program Sep 2021 (0.4) 60.7 61 Buyback program Dec 2021 (0.5) 60.2 60 Shares outstanding at the end of 2021 60.2 60 Buyback program Mar 2022 (0.2) 60.0 60 Buyback program Jun 2022 (0.5) 59.5 60 Stock awards Jul 2022 0.1 59.6 60 Buyback program Sep 2022 (1.1) 58.5 59 Buyback program Dec 2022 (0.9) 57.6 58 Shares outstanding at the end of 2022 57.6 58 |
Schedule of Cash distributions | Total amount Date of declaration Date of distribution US$ per share in US$ ‘000 March 4, 2020 (a) April 8, 2020 0.0413 2,343 November 4, 2020 (a) December 9, 2020 0.0206 1,258 November 4, 2020 (a) December 9, 2020 0.0206 1,258 Cash distributions for the year ended December 31, 2020 4,859 March 10, 2021 April 13, 2021 0.0205 1,133 May 5, 2021 May 28, 2021 0.0205 1,220 August 4, 2021 August 31, 2021 0.0410 2,442 November 10, 2021 December 7, 2021 0.0410 2,429 Cash distributions for the year ended December 31, 2021 7,224 March 9, 2022 March 31, 2022 0.0820 4,847 May 11, 2022 June 10, 2022 0.0820 4,809 August 10, 2022 September 8, 2022 0.1270 7,345 November 9, 2022 December 7, 2022 0.1270 7,281 Cash distributions for the year ended December 31, 2022 24,282 (a) The quarterly cash distributions were temporary suspended in April 2020 as part of the revised work program for 2020 due to the COVID-19 pandemic and the oil price crisis. On November 4, 2020, the Company’s board of directors declared an extraordinary cash distribution and also resumed the quarterly cash distributions. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings. | |
Schedule of Borrowings | Amounts in US$ ‘000 2022 2021 Outstanding amounts as of December 31 2024 Notes — 171,880 2027 Notes 497,642 499,893 Banco Santander — 2,319 497,642 674,092 Classified as follows: Current 12,528 17,916 Non-current 485,114 656,176 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of financial position of lease assets and liabilities | Amounts in US$ ‘000 2022 2021 Right of use assets Production, facilities and machinery 32,034 15,175 Buildings and improvements 4,977 5,839 37,011 21,014 Lease liabilities Current 10,000 8,231 Non-current 22,051 12,513 32,051 20,744 |
Schedule of lease expenses consolidated statement of income | Amounts in US$ ‘000 2022 2021 2020 Depreciation charge of Right of use assets Production, facilities and machinery (6,057) (5,526) (6,472) Buildings and improvements (988) (1,136) (1,600) (7,045) (6,662) (8,072) Unwinding of long-term liabilities (included in Financial results) (2,838) (1,453) (1,247) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (2,614) (1,101) (1,317) Expenses related to low-value leases (included in Administrative expenses) (708) (906) (736) |
Schedule of right-of-use assets recognized | Amounts in US$‘000 2022 2021 Right-of-use assets as of January 1 21,014 21,402 Additions / changes in estimates 22,462 5,288 Foreign currency translation 580 986 Depreciation (7,045) (6,662) Right-of-use assets as of December 31 37,011 21,014 |
Schedule of lease liabilities recognized | Amounts in US$‘000 2022 2021 Lease liabilities as of January 1 20,744 22,347 Additions / changes in estimates 22,462 5,288 Exchange difference (6,426) (365) Foreign currency translation 284 (461) Unwinding of discount 2,838 1,453 Lease payments (7,851) (7,518) Lease liabilities as of December 31 32,051 20,744 |
Provisions and other long-ter_2
Provisions and other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions and other long-term liabilities | |
Schedule of Provisions and Other Long-term Liabilities | Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total As of January 1, 2021 64,040 3,828 14,502 82,370 Addition to provision / changes in estimates (651) (46) 59 (638) Exchange difference (668) (228) (1,079) (1,975) Foreign currency translation (651) — (2) (653) Amortization — (223) — (223) Unwinding of discount 3,140 — 486 3,626 Amounts used during the year (170) — (291) (461) Liabilities associated with assets held for sale (19,198) — — (19,198) As of December 31, 2021 45,842 3,331 13,675 62,848 Addition to provision / changes in estimates (4,942) — (2,670) (7,612) Exchange difference (669) (167) (1,147) (1,983) Foreign currency translation (577) — 14 (563) Amortization — (2,407) — (2,407) Unwinding of discount 2,641 — 547 3,188 Amounts used during the year (1,392) — (132) (1,524) As of December 31, 2022 40,903 757 10,287 51,947 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade and other payables [Abstract] | |
Schedule of Trade and Other Payables | Amounts in US$ ‘000 2022 2021 V.A.T 8,513 7,473 Trade payables 102,125 86,672 Customer advance payments 481 426 Other short-term advance payments (a) — 1,558 Staff costs to be paid 9,306 17,973 Royalties to be paid 9,403 7,347 Taxes and other debts to be paid 8,963 6,651 To be paid to co-venturers (Note 34) 2,815 953 141,606 129,053 Classified as follows: Current 141,606 127,513 Non-current — 1,540 (a) Advance payment collected in relation with the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks (see Note 36.3.1). |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: Awards at the Awards granted Awards Awards Awards at Charged to net profit/loss beginning in the year forfeited exercised year end 2022 2021 2020 Year of issuance No. of Shares Amounts in US$ '000 2022 — 191,400 — — 191,400 619 — — 2020 414,065 — (8,146) — 405,919 1,691 862 1,274 Subtotal 414,065 191,400 (8,146) — 597,319 2,310 862 1,274 Shares granted to Non-Executive Directors — 75,636 — (75,636) — 1,041 861 665 Shares granted to Executive Directors (a) 170,330 257,665 — (52,058) 375,937 3,560 800 800 VCP (b) — — — — — 2,016 4,098 5,705 LTIP for executives — 571,984 — — 571,984 2,111 — — 584,395 1,096,685 (8,146) (127,694) 1,545,240 11,038 6,621 8,444 (a) Includes compensation agreements from CEO transition. (b) During 2019, the Group approved a plan named Value Creation Plan (“VCP”) oriented to key management. As of December 31, 2021, the performance metrics were not achieved to execute this program and is not currently in place. |
Interests in Joint operations (
Interests in Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 295,639 2,284 297,923 (2,104) 295,819 721,326 402,425 Llanos 32 Block 12.5 % 2,324 — 2,324 (371) 1,953 9,791 7,066 Llanos 86 Block 50 % 970 — 970 — 970 — (60) Llanos 87 Block 50 % 15,038 — 15,038 (41) 14,997 — (390) Llanos 94 Block 50 % 576 — 576 (233) 343 — (5,632) Llanos 104 Block 50 % 1,001 — 1,001 — 1,001 — (60) Llanos 123 Block 50 % 1,172 — 1,172 — 1,172 — (60) Llanos 124 Block 50 % 1,207 — 1,207 — 1,207 — (60) CPO-5 Block 30 % 199,748 — 199,748 (344) 199,404 184,160 69,422 CPO-4-1 Block 50 % 102 — 102 — 102 — — Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,908 — 3,908 (17) 3,891 — (62) PUT-8 Block 50 % 7,927 — 7,927 — 7,927 — (61) PUT-9 Block 50 % 4,420 — 4,420 — 4,420 — (62) PUT-36 Block 50 % 2,931 — 2,931 — 2,931 — (60) Tacacho Block 50 % — — — — — — (3,699) Terecay Block 50 % — — — — — — (300) GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,314) (1,314) — (261) Campanario Block 50 % — — — (422) (422) — (115) Isla Norte Block 60 % — — — (160) (160) — (131) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 5,665 18,537 24,202 (12,602) 11,600 19,873 11,240 POT-T‑785 70 % 168 — 168 — 168 — — GeoPark Argentina S.A.U. CN-V Block 50 % — — — (14) (14) — (131) Los Parlamentos Block 50 % — — — (93) (93) — (176) Puelen Block 18 % — 10 10 (105) (95) — (69) Sierra del Nevado Block 18 % — 1 1 (4) (3) — (8) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 10,727 593 11,320 (5,406) 5,914 — (5,151) Perico 50 % 15,195 8,506 23,701 (5,315) 18,386 10,671 4,533 Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2021 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 260,589 1,866 262,455 (5,573) 256,882 486,779 341,473 Llanos 32 Block 12.5 % 2,730 — 2,730 (197) 2,533 7,690 5,378 Llanos 86 Block 50 % 408 — 408 — 408 — (60) Llanos 87 Block 50 % 1,220 — 1,220 — 1,220 — (60) Llanos 94 Block 50 % 1,489 — 1,489 (270) 1,219 — (171) Llanos 104 Block 50 % 434 — 434 — 434 — (60) Llanos 123 Block 50 % 907 — 907 — 907 — (60) Llanos 124 Block 50 % 841 — 841 — 841 — (60) CPO-5 Block 30 % 210,154 — 210,154 (929) 209,225 88,479 55,131 Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,837 — 3,837 (84) 3,753 — — PUT-8 Block 50 % 7,070 — 7,070 — 7,070 — — PUT-9 Block 50 % 4,342 — 4,342 — 4,342 — — PUT-36 Block 50 % 2,870 — 2,870 — 2,870 — — Tacacho Block 50 % 3,629 — 3,629 — 3,629 — — Terecay Block 50 % 226 — 226 — 226 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (2,082) (2,082) — (137) Campanario Block 50 % — — — (551) (551) — (106) Isla Norte Block 60 % — — — (138) (138) — (122) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 6,851 18,269 25,120 (13,657) 11,463 20,109 9,899 POT-T‑785 70 % 157 — 157 — 157 — — GeoPark Argentina S.A.U. CN-V Block 50 % — 149 149 (528) (379) — (839) Los Parlamentos Block 50 % — — — — — — (285) Puelen Block 18 % — 12 12 (18) (6) — (55) Sierra del Nevado Block 18 % — 1 1 (5) (4) — (10) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 1,132 78 1,210 (610) 600 — (589) Perico 50 % 4,658 1,449 6,107 (4,535) 1,572 — (669) 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) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitments [Abstract] | |
Schedule of 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% |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Related Parties [Abstract] | |
Schedule of Controlling Interests | The main shareholders of GeoPark Limited, based solely on the 13D and 13G filed with the SEC, as of December 31, 2022, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,817,251 15.30 % Compass Group LLC (b) 7,525,160 13.06 % Gerald E. O’Shaughnessy (c) 5,545,080 9.62 % Renaissance Technologies LLC (d) 3,106,263 5.39 % Other shareholders 32,628,244 56.62 % 57,621,998 100.00 % (a) Held by James F. Park directly and indirectly through GoodRock, LLC, which is controlled by Mr. 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 13, 2023. 602,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) 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 14, 2023. (c) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP; GPK Holdings, LLC; 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 most recent Schedule 13D filed with the SEC on November 30, 2022. (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 13, 2023 . |
Schedule of Balances Outstanding and Transactions with Related Parties | Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$´000) in the year end Related Party Relationship 2022 To be recovered from co-venturers — 8,750 Joint Operations Joint Operations To be paid to co-venturers — (2,815) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 492 — Pedro E. Aylwin Former Executive Director (b) 2021 To be recovered from co-venturers — 4,680 Joint Operations Joint Operations To be paid to co-venturers — (953) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 656 — Pedro E. Aylwin Executive Director (b) 2020 To be recovered from co-venturers — 2,236 Joint Operations Joint Operations To be paid to co-venturers — (5,760) Joint Operations Joint Operations Geological and geophysical expenses 130 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 561 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws. |
Auditors Fees (Tables)
Auditors Fees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Auditors Fees | |
Schedule of Fees Paid to Auditors | Amounts in US$‘000 2022 2021 2020 Audit fees 885 1,023 926 Audit related fees 85 65 — Tax services fees 27 47 35 Total Auditors Fees 997 1,135 961 |
Business transactions (Tables)
Business transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business transactions | |
Summary of Combined Consideration Paid for the Acquisition of Amerisur | 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$‘000 Total Cash 314,163 Total consideration 314,163 Property, plant and equipment (including mineral interest) 276,988 Right-of-use assets 16,674 Deferred income tax asset 4,071 Prepayments and other receivables 30,024 Trade receivables 5,964 Inventories 4,128 Other assets 5,991 Cash and cash equivalents 41,828 Lease liabilities (17,851) Provision for other long-term liabilities (16,519) Current income tax liability (3,426) Trade and other payables (33,709) Total identifiable net assets 314,163 |
Impairment test on Property, _2
Impairment test on Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Impairment test on Property, plant and equipment | |
Schedule of Oil Price Scenarios Used in Impairment Testing | Table Oil price scenarios (a) Amounts in US$ per Bbl. Weighted market price used for the Year Low price (15%) Middle price (60%) High price (25%) impairment test 2023 83.22 92.47 101.71 93.39 2024 60.57 67.30 74.03 67.97 2025 62.02 68.91 75.80 69.60 2026 63.51 70.57 77.62 71.27 Over 2027 65.03 72.26 79.49 72.98 (a) The percentages indicated between brackets represent the Group estimation regarding each price scenario. |
Schedule of Impairment Loss were (Recognized) Reversed | Amounts in US$‘000 2022 2021 2020 Chile (a) — (17,641) (81,967) Brazil (b) — — (1,717) Argentina (c) — 13,307 (16,205) Peru (d) — — (33,975) — (4,334) (133,864) (a) Recognition of impairment loss in the Fell Block due to the decline in the proved reserves estimation in 2021 and the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production in 2020. (b) Recognition of impairment loss in the REC-T-128 Block due to the fair value less cost to sale determined in the context of the farm-out process described in Note 36.2.2. (c) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks in 2021 due to the known market price of the blocks in the context of the transaction described in Note 36.3.1. Recognition of impairment loss in the Aguada Baguales and El Porvenir Blocks in 2020 due to the commercial viability has been decreased significantly as a consequence of the lower crude prices relative to its high cash costs of production, which also led to reduced estimates of the quantities of hydrocarbons recoverable. (d) Recognition of impairment loss in the Morona Block due to the situation described in Note 36.4.1 . |
Supplemental information on o_2
Supplemental information on oil and gas activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental information on oil and gas activities | |
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development | Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Chile Brazil Argentina Ecuador Total Year ended December 31, 2022 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 48,771 116 — 779 26,521 76,187 Development (a) 89,231 9,952 (212) — 648 99,619 Total costs incurred 138,002 10,068 (212) 779 27,169 175,806 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2021 Acquisition of properties Proved — — — — — Unproved — — — — — Total property acquisition — — — — — Exploration 40,828 3,940 3 998 45,769 Development (a) 81,310 1,900 (2,212) 2 81,000 Total costs incurred 122,138 5,840 (2,209) 1,000 126,769 Amounts in US$‘000 Colombia Chile Brazil Argentina 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 (a) 51,793 3,580 412 (3,855) 51,930 Total costs incurred 70,935 13,027 1,080 (3,161) 81,881 (a) Includes the effect of change in estimate of assets retirement obligations. |
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities | Amounts in US$‘000 Colombia Chile Brazil Ecuador Total As of December 31, 2022 Proved properties (a) Equipment, camps and other facilities 144,672 74,490 3,565 — 222,727 Mineral interest and wells 672,424 343,926 44,716 18,191 1,079,257 Other uncompleted projects 16,099 113 268 — 16,480 Unproved properties 102,760 — 290 9,991 113,041 Gross capitalized costs 935,955 418,529 48,839 28,182 1,431,505 Accumulated depreciation (354,981) (371,171) (42,885) (2,316) (771,353) Total net capitalized costs 580,974 47,358 5,954 25,866 660,152 (a) Includes capitalized amounts related to asset retirement obligations. Amounts in US$‘000 Colombia Chile Brazil Argentina Total As of December 31, 2021 Proved properties (a) Equipment, camps and other facilities 125,078 72,766 3,333 — 201,177 Mineral interest and wells 580,931 334,993 42,008 — 957,932 Other uncompleted projects 26,136 818 250 — 27,204 Unproved properties (b) 94,419 — 271 — 94,690 Gross capitalized costs 826,564 408,577 45,862 — 1,281,003 Accumulated depreciation (282,616) (358,417) (38,741) — (679,774) Total net capitalized costs 543,948 50,160 7,121 — 601,229 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000 . (b) Do not include Ecuador capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total As of December 31, 2020 Proved properties (a) Equipment, camps and other facilities 115,577 74,363 3,580 4,309 197,829 Mineral interest and wells 511,040 348,366 47,729 61,482 968,617 Other uncompleted projects (b) 13,048 2,158 245 26 15,477 Unproved properties (c) 77,388 — 432 — 77,820 Gross capitalized costs 717,053 424,887 51,986 65,817 1,259,743 Accumulated depreciation (228,929) (345,611) (38,273) (45,619) (658,432) Total net capitalized costs 488,124 79,276 13,713 20,198 601,311 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile, Argentina and Brazil for US$ 81,967,000 , US$ 16,205,000 and US$ 1,717,000 , respectively. (b) Do not include Peru capitalized costs. (c) Do not include Ecuador 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, 2022, 2021 and 2020. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Ecuador Total Year ended December 31, 2022 Revenue 978,423 29,196 19,873 1,962 10,671 1,040,125 Production costs, excluding depreciation Operating costs (78,323) (12,961) (3,753) (1,306) (3,220) (99,563) Royalties and economic rights (249,303) (1,165) (1,546) (273) — (252,287) Total production costs (327,626) (14,126) (5,299) (1,579) (3,220) (351,850) Exploration expenses (a) (28,424) (116) — (779) (4,768) (34,087) Accretion expense (b) (621) (1,516) (504) — — (2,641) Depreciation, depletion and amortization (72,386) (12,754) (1,509) — (2,315) (88,964) Results of operations before income tax 549,366 684 12,561 (396) 368 562,583 Income tax (expense) benefit (192,278) (103) (4,271) — (92) (196,744) Results of oil and gas operations 357,088 581 8,290 (396) 276 365,839 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2021 Revenue 618,268 21,471 20,109 28,695 688,543 Production costs, excluding depreciation Operating costs (72,043) (10,280) (2,954) (14,490) (99,767) Royalties and economic rights (106,341) (770) (1,642) (4,270) (113,023) Total production costs (178,384) (11,050) (4,596) (18,760) (212,790) Exploration expenses (a) (11,276) (4,509) — (998) (16,783) Accretion expense (b) (576) (1,319) (535) (710) (3,140) Impairment loss for non-financial assets — (17,641) — 13,307 (4,334) Depreciation, depletion and amortization (54,588) (12,806) (2,933) (8,152) (78,479) Results of operations before income tax 373,444 (25,854) 12,045 13,382 373,017 Income tax (expense) benefit (115,768) 3,878 (4,095) (4,684) (120,669) Results of oil and gas operations 257,676 (21,976) 7,950 8,698 252,348 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 and economic rights (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 (expense) benefit (55,169) 23,160 (964) 8,111 (24,862) Results of oil and gas operations 117,235 (131,239) 1,871 (18,926) (31,059) (a) Do not include Peru and Ecuador 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, 2022, 2021, 2020 and 2019 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 As of December 31, 2019 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) 46,623 1,065 47,766 1,207 43,817 1,695 39,397 2,319 Chile (b) 1,115 14,103 755 15,196 798 19,054 898 14,406 Brazil (c) 8 9,443 43 13,601 34 13,927 48 14,872 Argentina (d) — — 1,186 3,379 1,685 5,599 1,658 5,785 Ecuador (e) 322 — — — — — — — Total consolidated 48,068 24,611 49,750 33,383 46,334 40,275 42,001 37,382 Net proved undeveloped Colombia (f) 17,765 — 31,019 — 45,240 — 51,212 — Chile (b) 476 — 575 1,563 1,229 5,661 2,809 6,413 Argentina (g) — — 603 — 104 — 1,370 450 Peru (h) — — — — — — 19,210 — Total consolidated 18,241 — 32,197 1,563 46,573 5,661 74,601 6,863 Total proved reserves 66,309 24,611 81,947 34,946 92,907 45,936 116,602 44,245 (a) Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 84% , 11% , 1% and 4% (Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 88% , 8% , 2% and 2% in 2021, Llanos 34 Block, CPO-5 Block, Llanos 32 Block and Platanillo Block account for 86% , 8% , 3% and 3% in 2020, and Llanos 34 Block and Llanos 32 Block account for 97% and 3% in 2019) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% of the reserves. (c) BCAM-40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020, and 49% , 30% and 21% in 2019) of the proved developed reserves, respectively. (e) Perico Block and Espejo Block account for 85% and 15% of the reserves, respectively. (f) Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 85% , 7% , 3% and 5% (Llanos 34 Block, Llanos 32 Block, CPO-5 Block and Platanillo Block account 88% , 5% , 5% and 3% in 2021, Llanos 34 Block, Llanos 32 Block and CPO-5 Block account 91% , 5% and 4% in 2020, and Llanos 34 Block and Llanos 32 Block account 96% and 4% in 2019) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounts for 100% of the proved undeveloped reserves. (h) Morona Block accounted for 100% of the reserves . |
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 Ecuador Total Reserves as of December 31, 2019 90,609 3,707 48 3,028 19,210 — 116,602 Increase (decrease) attributable to: Revisions (a) (1,964) (1,825) (7) (734) — — (4,530) Extensions and discoveries (b) 4,545 279 — — — — 4,824 Purchase or (Disposal) of Minerals in place (c) 6,853 — — — (19,210) — (12,357) Production (10,986) (134) (7) (505) — — (11,632) Reserves as of December 31, 2020 89,057 2,027 34 1,789 — — 92,907 Increase (decrease) attributable to: Revisions (d) (3,207) (597) 18 (169) — — (3,955) Extensions and discoveries (e) 3,375 — — 603 — — 3,978 Production (10,440) (100) (9) (434) — — (10,983) Reserves as of December 31, 2021 78,785 1,330 43 1,789 — — 81,947 Increase (decrease) attributable to: Revisions (f) (2,677) 422 (27) — — — (2,282) Extensions and discoveries (g) 204 — — — — 632 836 Disposal of Minerals in place (h) — — — (1,760) — — (1,760) Production (11,924) (161) (8) (29) — (310) (12,432) Reserves as of December 31, 2022 64,388 1,591 8 — — 322 66,309 (a) 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 the Kiaku and Loij fields and a reduction in Argentina of 0.2 mmbbl associated to the revision of the type of well in the 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 the Jacana and Tigana fields. In addition, the proved developed reserves increased in the Aguada Baguales Block in Argentina (0.5 mmbbl) and the Konawentru and Guanaco Fields in Chile of 0.1 mmbbl due to better performance of the existing wells. (b) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Chile are due to the Jauke Field discovery in the Fell Block. (c) 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 36.4.1). (d) For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were: - Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl). - A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block. - Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively. (e) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field. (f) For the year ended December 31, 2022, the Group’s oil and condensate proved reserves were revised downward by 2.3 mmbbl. The primary factors leading to the above were: - A decrease of 3.6 mmbbl in Colombia due to a change in the royalties payment in certain fields from cash to kind. - Such decrease was partially offset by a higher average oil prices resulted in a 0.6 mmbbl and 0.1 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively. - Higher than expected performance from the existing wells that increase the proved reserves in Colombia (0.3 mmbbl) and in Chile (0.3 mmbbl). (g) In Colombia, the extensions and discoveries are primary due to the Cante Flamenco new field in CPO-5 Block and in Ecuador are due to the Jandaya, Yin and Tui new fields in the Perico Block and the Pashuri field in the Espejo Block. (h) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1).. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2019 2,319 20,819 14,872 6,235 44,245 Increase (decrease) attributable to: Revisions (a) (211) (385) 1,840 889 2,133 Extensions and discoveries (b) — 10,456 — — 10,456 Production (413) (6,175) (2,785) (1,525) (10,898) Reserves as of December 31, 2020 1,695 24,715 13,927 5,599 45,936 Increase (decrease) attributable to: Revisions (c) 14 (3,553) 3,470 (636) (705) Production (502) (4,403) (3,796) (1,584) (10,285) Reserves as of December 31, 2021 1,207 16,759 13,601 3,379 34,946 Increase (decrease) attributable to: Revisions (d) 141 1,501 (886) — 756 Disposal of Minerals in place (e) — — — (3,227) (3,227) Production (283) (4,157) (3,272) (152) (7,864) Reserves as of December 31, 2022 1,065 14,103 9,443 — 24,611 (a) 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: - An increase of proved developed reserves due to better performance of existing wells in Chile (7.9 billion cubic feet) mostly associated to the 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 the 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 the 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. (b) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile. (c) For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of: - A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better-than-expected performance in the Manati Field in Brazil (2.5 billion cubic feet). - A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves. - A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block. -Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively. (d) For the year ended December 31, 2022, the Group’s proved natural gas reserves were revised upwards by 0.8 billion cubic feet. This was the combined effect of: - An increase of proved reserves due to better performance of existing wells in Chile (0.8 billion cubic feet) and the Llanos 32 block in Colombia (0.1 billion cubic feet). - Higher average prices resulted in an increase of 0.7 billion cubic feet and 0.8 billion cubic feet increase in gas reserves in Chile and Brazil, respectively. - The above was partially offset by lower-than-expected performance of Manati Field in Brazil (1.6 billion cubic feet). (e) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3.1). |
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 Ecuador Total As of December 31, 2022 Future cash inflows 5,229,599 190,449 65,002 — 26,553 5,511,603 Future production costs (1,633,818) (72,411) (29,519) — (8,094) (1,743,842) Future development costs (182,701) (40,659) (1,955) — (297) (225,612) Future income taxes (1,191,658) — (1,761) — — (1,193,419) Undiscounted future net cash flows 2,221,422 77,379 31,767 — 18,162 2,348,730 10% annual discount (839,621) (13,094) (8,856) — (2,504) (864,075) Standardized measure of discounted future net cash flows 1,381,801 64,285 22,911 — 15,658 1,484,655 As of December 31, 2021 Future cash inflows 4,381,191 136,152 89,208 109,678 — 4,716,229 Future production costs (1,715,554) (69,067) (34,930) (61,660) — (1,881,211) Future development costs (197,461) (40,339) (1,955) (49,200) — (288,955) Future income taxes (754,205) — (3,449) (2,947) — (760,601) Undiscounted future net cash flows 1,713,971 26,746 48,874 (4,129) — 1,785,462 10% annual discount (496,150) 6,121 (7,171) 4,471 — (492,729) Standardized measure of discounted future net cash flows 1,217,821 32,867 41,703 342 — 1,292,733 As of 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 |
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 Ecuador Total Present value as of 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 (Disposal) 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 as of December 31, 2020 759,233 17,032 25,378 (19) — — 801,624 Sales of hydrocarbon, net of production costs (516,844) (11,520) (15,677) (16,855) — — (560,896) Net changes in sales price and production costs 924,875 64,048 19,393 (3,145) — — 1,005,171 Changes in estimated future development costs 96,364 (18,731) 861 20,674 — — 99,168 Extensions and discoveries less related costs 80,933 — — (1,020) — — 79,913 Development costs incurred 87,877 4,111 — — — — 91,988 Revisions of previous quantity estimates (76,850) (23,776) 11,957 465 — — (88,204) Net changes in income taxes (254,618) — (2,780) 244 — — (257,154) Accretion of discount 116,851 1,703 2,571 (2) — — 121,123 Present value as of December 31, 2021 1,217,821 32,867 41,703 342 — — 1,292,733 Sales of hydrocarbon, net of production costs (891,534) (15,317) (14,697) — — (2,732) (924,280) Net changes in sales price and production costs 956,926 39,457 (6,909) — — — 989,474 Changes in estimated future development costs 93,657 (22,675) (933) — — (10,483) 59,566 Extensions and discoveries less related costs 6,754 — — — — 28,873 35,627 Development costs incurred 94,195 11,153 — — — — 105,348 Revisions of previous quantity estimates (87,851) 15,513 (2,441) — — — (74,779) Disposal of Minerals in place — — — (342) — — (342) Net changes in income taxes (205,370) — 1,673 — — — (203,697) Accretion of discount 197,203 3,287 4,515 — — — 205,005 Present value as of December 31, 2022 1,381,801 64,285 22,911 — — 15,658 1,484,655 |
Summary of significant accoun_3
Summary of significant accounting policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure summary of significant accounting policies [Line Items] | ||||
Cash and cash equivalents | $ 128,843,000 | $ 100,604,000 | $ 201,907,000 | $ 111,180,000 |
Write-off of Unsuccessful Exploration Efforts | 25,789,000 | 12,262,000 | 52,652,000 | |
Impairment loss | $ 0 | $ 4,334,000 | $ 133,864,000 | |
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 | 15 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments-risk management | ||||
Net Debt | $ 368,799 | $ 573,488 | ||
Total Equity | 115,585 | (61,945) | $ (109,190) | $ 132,885 |
Total Capital | $ 484,384 | $ 511,543 | ||
Gearing Ratio | 76% | 112% |
Financial Instruments-risk ma_4
Financial Instruments-risk management (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) item customer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2023 USD ($) | |
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Foreign exchange gain (loss) | $ 19,725,000 | $ 5,049,000 | $ (13,008,000) | |
Repayments of borrowings, classified as financing activities | 172,522,000 | 274,934,000 | 3,575,000 | |
Borrowings | $ 497,642,000 | $ 674,092,000 | ||
Gearing Ratio | 76% | 112% | ||
Derivative financial instruments | $ 38,000,000 | |||
Banco Santander [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Borrowings | $ 2,319,000 | |||
Ifrs Scenario Plan [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Price Decrease Additional Percentage Against Actual Price | 10% | |||
Price fluctuation gain (loss) | $ 47,330,000 | $ 17,899,000 | $ (21,014,000) | |
Currency risk [member] | Chilean Peso [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Currency Devaluation Percentage Against Dollar | 1% | 19% | ||
Currency Revaluation Percentage Against Dollar | 5% | |||
Currency risk [member] | Colombian Peso [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Currency Devaluation Percentage Against Dollar | 21% | 16% | 5% | |
Currency risk [member] | Brazilian Real [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Currency Devaluation Percentage Against Dollar | 7% | 29% | ||
Currency Revaluation Percentage Against Dollar | 7% | |||
Currency risk [member] | Ifrs Scenario Plan [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Currency Devaluation Additional Percentage Against Dollar | 10% | |||
Net foreign exchange gain | $ 14,695,000 | $ 9,070,000 | ||
Net foreign exchange loss | $ 9,057,000 | |||
Currency risk [member] | Ifrs Scenario Plan [Member] | Brazilian Real [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Currency Devaluation Additional Percentage Against Dollar | 10% | |||
Net foreign exchange loss | $ 726,000 | $ 780,000 | $ 909,000 | |
Liquidity risk [member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Cash | $ 128,843,000 | |||
Barrels of oil equivalent per day in production at year end | item | 37,700 | |||
Interest Rate Risk [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Borrowings | $ 0 | |||
Interest Rate Risk [Member] | Fixed interest rate [member] | 2027 Notes [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Borrowings, interest rate | 5.50% | |||
Borrowings | $ 500,000,000 | |||
Credit Risk [Member] | Third Party Supplier for Crude Oil [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 1% | |||
Credit Risk [Member] | Ecuador [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 1% | |||
Percentage of entity's production sold | 100% | |||
Credit Risk [Member] | Minimum | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Gearing Ratio | 60% | |||
Credit Risk [Member] | Maximum | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Gearing Ratio | 80% | |||
Credit Risk [Member] | ENAP [Member] | Chile [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 1% | 1% | 1% | |
Credit Risk [Member] | Methanex Chile SpA [Member] | Chile [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 1% | 2% | 4% | |
Credit Risk [Member] | Petrobras Brazil [Member] | Brazil [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 2% | 3% | 3% | |
Credit Risk [Member] | Three Clients [Member] | ||||
Disclosure Of Financial Instruments Risk management [Line items] | ||||
Percentage of entity's revenue | 90% | 89% | 83% | |
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 | 97% | 99% | 98% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF CASH FLOW | |||
Decrease in asset retirement obligation | $ (4,942) | $ (651) | $ (1,812) |
Decrease in provisions for other long-term liabilities | (2,616) | (443) | (1,051) |
Purchase of property, plant and equipment | 7,864 | ||
Additions / changes in estimates of right-of-use assets | $ 22,462 | $ 5,288 | $ 560 |
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 ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF CASH FLOW | |||
(Increase) Decrease in Inventories | $ (6,694,000) | $ 1,241,000 | $ 1,220,000 |
(Increase) Decrease in Trade receivables | (1,425,000) | (23,290,000) | 3,190,000 |
(Increase) Decrease in Prepayments and other receivables and Other assets | (30,929,000) | (13,817,000) | 38,742,000 |
(Decrease) Increase in Trade and other payables | (999,000) | 26,515,000 | (48,392,000) |
Decrease in working capital | (40,047,000) | (9,351,000) | (5,240,000) |
Withholding taxes | $ 27,256,000 | $ 16,361,000 | $ 10,046,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | $ 694,836 | $ 806,933 | $ 450,662 |
Proceeds from borrowings | 0 | 172,174 | 350,000 |
Debt issuance costs paid | 0 | (2,019) | (7,507) |
Acquisitions (Note 36.1) | 17,851 | ||
Addition to lease liabilities | 22,462 | 5,288 | 561 |
Accrual of borrowing's interests | 36,360 | 44,323 | 48,232 |
Exchange difference | (6,426) | (946) | 466 |
Foreign currency translation | 487 | (726) | (4,030) |
Unwinding of discount | 2,838 | 1,453 | 1,247 |
Principal paid | (172,522) | (274,934) | (3,575) |
Interest paid | (36,514) | (42,592) | (37,594) |
Borrowings cancellation costs | 5,141 | 6,308 | 0 |
Borrowings cancellation and other costs paid | (9,118) | (12,908) | 0 |
Lease payments | (7,851) | (7,518) | (9,380) |
Balances at end of period | 529,693 | 694,836 | 806,933 |
Borrowing [Member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 674,092 | 784,586 | 437,419 |
Proceeds from borrowings | 172,174 | 350,000 | |
Debt issuance costs paid | (2,019) | (7,507) | |
Accrual of borrowing's interests | 36,360 | 44,323 | 48,232 |
Exchange difference | (581) | ||
Foreign currency translation | 203 | (265) | (2,389) |
Principal paid | (172,522) | (274,934) | (3,575) |
Interest paid | (36,514) | (42,592) | (37,594) |
Borrowings cancellation costs | 5,141 | 6,308 | |
Borrowings cancellation and other costs paid | (9,118) | (12,908) | |
Balances at end of period | 497,642 | 674,092 | 784,586 |
Lease liabilities [member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 20,744 | 22,347 | 13,243 |
Acquisitions (Note 36.1) | 17,851 | ||
Addition to lease liabilities | 22,462 | 5,288 | 561 |
Exchange difference | (6,426) | (365) | 466 |
Foreign currency translation | 284 | (461) | (1,641) |
Unwinding of discount | 2,838 | 1,453 | 1,247 |
Lease payments | (7,851) | (7,518) | (9,380) |
Balances at end of period | $ 32,051 | $ 20,744 | $ 22,347 |
Segment information (Schedule o
Segment information (Schedule of Segment Information by Segment Areas (Geographical Segments) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | Dec. 31, 2020 USD ($) employee | |
Disclosure of Segment information [Line Items] | |||
Revenue | $ 1,049,579,000 | $ 688,543,000 | $ 393,692,000 |
Sale of crude oil | 1,004,775,000 | 647,559,000 | 359,640,000 |
Sale of purchased crude oil | 9,454,000 | ||
Sale of gas | 35,350,000 | 40,984,000 | 34,052,000 |
Realized gain (loss) on commodity risk management contracts | (83,244,000) | (109,654,000) | 21,059,000 |
Production and operating costs | (359,779,000) | (212,790,000) | (125,072,000) |
Royalties | (63,298,000) | (40,000,000) | (20,891,000) |
Economic rights | (188,989,000) | (73,023,000) | (14,984,000) |
Share-based payment | (955,000) | (339,000) | (528,000) |
Other operating costs | (106,537,000) | (99,428,000) | (88,669,000) |
Operating profit (loss) | 429,077,000 | 185,809,000 | (110,663,000) |
Adjusted EBITDA | 540,779,000 | 300,800,000 | 217,531,000 |
Depreciation | (96,692,000) | (88,969,000) | (118,073,000) |
Impairment loss for non-financial assets, net | 0 | (4,334,000) | (133,864,000) |
Write-off of unsuccessful exploration efforts | (25,789,000) | (12,262,000) | (52,652,000) |
Total assets | $ 973,975,000 | $ 895,741,000 | $ 960,266,000 |
Employees (average) | employee | 469 | 476 | 447 |
Employees at year end | employee | 482 | 463 | 437 |
Colombia [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 978,423,000 | $ 618,268,000 | $ 334,606,000 |
Sale of crude oil | 977,184,000 | 616,133,000 | 332,461,000 |
Sale of gas | 1,239,000 | 2,135,000 | 2,145,000 |
Realized gain (loss) on commodity risk management contracts | (83,244,000) | (109,654,000) | 21,059,000 |
Production and operating costs | (327,626,000) | (178,384,000) | (92,319,000) |
Royalties | (60,314,000) | (33,385,000) | (15,493,000) |
Economic rights | (188,989,000) | (72,956,000) | (14,960,000) |
Share-based payment | (843,000) | (334,000) | (362,000) |
Other operating costs | (77,480,000) | (71,709,000) | (61,504,000) |
Adjusted EBITDA | 525,593,000 | 294,847,000 | 218,524,000 |
Depreciation | (78,775,000) | (61,279,000) | (63,687,000) |
Write-off of unsuccessful exploration efforts | (21,318,000) | (7,827,000) | (1,949,000) |
Total assets | $ 797,390,000 | $ 689,401,000 | $ 680,828,000 |
Employees (average) | employee | 362 | 308 | 238 |
Employees at year end | employee | 388 | 321 | 268 |
Chile [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 29,196,000 | $ 21,471,000 | $ 21,704,000 |
Sale of crude oil | 14,460,000 | 6,297,000 | 5,103,000 |
Sale of gas | 14,736,000 | 15,174,000 | 16,601,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | 0 |
Production and operating costs | (14,126,000) | (11,050,000) | (10,244,000) |
Royalties | (1,165,000) | (770,000) | (753,000) |
Share-based payment | (103,000) | (31,000) | (94,000) |
Other operating costs | (12,858,000) | (10,249,000) | (9,397,000) |
Adjusted EBITDA | 11,753,000 | 7,639,000 | 8,148,000 |
Depreciation | (14,076,000) | (14,275,000) | (33,571,000) |
Impairment loss for non-financial assets, net | 0 | (17,641,000) | (81,967,000) |
Write-off of unsuccessful exploration efforts | 0 | (4,435,000) | (50,167,000) |
Total assets | $ 63,379,000 | $ 71,515,000 | $ 101,742,000 |
Employees (average) | employee | 53 | 55 | 68 |
Employees at year end | employee | 49 | 52 | 57 |
Brazil [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 19,873,000 | $ 20,109,000 | $ 12,783,000 |
Sale of crude oil | 796,000 | 661,000 | 891,000 |
Sale of gas | 19,077,000 | 19,448,000 | 11,892,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | 0 |
Production and operating costs | (5,299,000) | (4,596,000) | (3,876,000) |
Royalties | (1,546,000) | (1,575,000) | (1,025,000) |
Economic rights | (67,000) | (24,000) | |
Share-based payment | 0 | 0 | 0 |
Other operating costs | (3,753,000) | (2,954,000) | (2,827,000) |
Adjusted EBITDA | 11,654,000 | 12,569,000 | 4,784,000 |
Depreciation | (2,796,000) | (4,082,000) | (3,732,000) |
Impairment loss for non-financial assets, net | 0 | 0 | (1,717,000) |
Write-off of unsuccessful exploration efforts | 0 | 0 | (536,000) |
Total assets | $ 34,329,000 | $ 38,846,000 | $ 38,172,000 |
Employees (average) | employee | 5 | 4 | 11 |
Employees at year end | employee | 4 | 4 | 5 |
Argentina [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 1,962,000 | $ 28,695,000 | $ 24,599,000 |
Sale of crude oil | 1,664,000 | 24,468,000 | 21,185,000 |
Sale of gas | 298,000 | 4,227,000 | 3,414,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | 0 |
Production and operating costs | (1,579,000) | (18,760,000) | (18,633,000) |
Royalties | (273,000) | (4,270,000) | (3,620,000) |
Share-based payment | 1,000 | 26,000 | (72,000) |
Other operating costs | (1,307,000) | (14,516,000) | (14,941,000) |
Adjusted EBITDA | (3,643,000) | 2,124,000 | 1,195,000 |
Depreciation | (254,000) | (9,130,000) | (16,564,000) |
Impairment loss for non-financial assets, net | 0 | 13,307,000 | (16,205,000) |
Write-off of unsuccessful exploration efforts | 0 | 0 | 0 |
Total assets | $ 1,296,000 | $ 38,111,000 | $ 36,803,000 |
Employees (average) | employee | 33 | 92 | 114 |
Employees at year end | employee | 24 | 74 | 97 |
Peru [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 0 | ||
Sale of crude oil | 0 | ||
Sale of gas | 0 | ||
Realized gain (loss) on commodity risk management contracts | 0 | ||
Production and operating costs | 0 | ||
Royalties | 0 | ||
Share-based payment | 0 | ||
Other operating costs | 0 | ||
Adjusted EBITDA | (1,952,000) | ||
Depreciation | (401,000) | ||
Impairment loss for non-financial assets, net | $ 0 | $ 0 | (33,975,000) |
Write-off of unsuccessful exploration efforts | 0 | ||
Total assets | $ 4,656,000 | ||
Employees (average) | employee | 4 | 10 | |
Employees at year end | employee | 5 | ||
Ecuador [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | 10,671,000 | $ 0 | $ 0 |
Sale of crude oil | 10,671,000 | 0 | 0 |
Sale of gas | 0 | 0 | 0 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | 0 |
Production and operating costs | (3,220,000) | 0 | 0 |
Royalties | 0 | 0 | 0 |
Share-based payment | (10,000) | 0 | 0 |
Other operating costs | (3,210,000) | 0 | 0 |
Adjusted EBITDA | 4,197,000 | (2,071,000) | (773,000) |
Depreciation | (788,000) | (200,000) | (52,000) |
Write-off of unsuccessful exploration efforts | (4,471,000) | 0 | 0 |
Total assets | $ 35,690,000 | $ 7,782,000 | $ 1,127,000 |
Employees (average) | employee | 7 | 8 | 2 |
Employees at year end | employee | 8 | 3 | 2 |
Corporate [Member] | Other Segments [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 9,454,000 | $ 0 | $ 0 |
Sale of crude oil | 0 | 0 | 0 |
Sale of purchased crude oil | 9,454,000 | ||
Sale of gas | 0 | 0 | 0 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | 0 |
Production and operating costs | (7,929,000) | 0 | 0 |
Royalties | 0 | 0 | 0 |
Share-based payment | 0 | 0 | 0 |
Other operating costs | (7,929,000) | 0 | 0 |
Adjusted EBITDA | (8,775,000) | (14,308,000) | (12,395,000) |
Depreciation | (3,000) | (3,000) | (66,000) |
Write-off of unsuccessful exploration efforts | 0 | 0 | 0 |
Total assets | $ 41,891,000 | $ 50,086,000 | $ 96,938,000 |
Employees (average) | employee | 9 | 9 | 4 |
Employees at year end | employee | 9 | 9 | 3 |
Segment information (Schedule_2
Segment information (Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Segment information [Line Items] | |||
Adjusted EBITDA for reportable segments | $ 540,779 | $ 300,800 | $ 217,531 |
Unrealized gain (loss) on commodity risk management contracts | 13,023 | 463 | (12,978) |
Depreciation | (96,692) | (88,969) | (118,073) |
Share-based payment | (11,038) | (6,621) | (8,444) |
Others | (106,537) | (99,428) | (88,669) |
Operating profit (loss) | 429,077 | 185,809 | (110,663) |
Financial expenses | (57,073) | (64,112) | (64,582) |
Financial income | 3,180 | 1,652 | 3,166 |
Foreign exchange gain (loss) | 19,725 | 5,049 | (13,008) |
Profit (Loss) before tax | 394,909 | 128,398 | (185,087) |
Reportable segments [member] | |||
Disclosure of Segment information [Line Items] | |||
Adjusted EBITDA for reportable segments | 540,779 | 300,800 | 217,531 |
Unrealized gain (loss) on commodity risk management contracts | 13,023 | 463 | (12,978) |
Depreciation | (96,692) | (88,969) | (118,073) |
Share-based payment | (11,038) | (6,621) | (8,444) |
Impairment and write-off of unsuccessful exploration efforts | (25,789) | (16,596) | (186,516) |
Lease accounting - IFRS 16 | 7,851 | 7,518 | 9,380 |
Others | 943 | ||
Others | (10,786) | (11,563) | |
Operating profit (loss) | 429,077 | 185,809 | (110,663) |
Financial expenses | (57,073) | (64,112) | (64,582) |
Financial income | 3,180 | 1,652 | 3,166 |
Foreign exchange gain (loss) | 19,725 | 5,049 | (13,008) |
Profit (Loss) before tax | $ 394,909 | $ 128,398 | $ (185,087) |
Segment information (Narrative)
Segment information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Colombia [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 82% | 93% | 82% |
Chile [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 7% | 3% | 16% |
Ecuador [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 11% | 4% | 1% |
Revenue (Schedule of Informatio
Revenue (Schedule of Information on Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Sale of crude oil | $ 1,004,775 | $ 647,559 | $ 359,640 |
Sale of purchased crude oil | 9,454 | ||
Sale of gas | 35,350 | 40,984 | 34,052 |
Revenue | $ 1,049,579 | $ 688,543 | $ 393,692 |
Commodity risk management con_3
Commodity risk management contracts (Schedule of Group's Derivative Contracts) (Details) | 12 Months Ended |
Dec. 31, 2022 bbl $ / bbl | |
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 | 14,500 |
January 1, 2022 - March 31, 2022 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 49.10 |
January 1, 2022 - March 31, 2022 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 74.81 |
April 1, 2022 - June 30, 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 | 12,500 |
April 1, 2022 - June 30, 2022 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 53.35 |
April 1, 2022 - June 30, 2022 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 79.38 |
July 1, 2022 - September 30, 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 | 13,000 |
July 1, 2022 - September 30, 2022. | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 58.63 |
July 1, 2022 - September 30, 2022. | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 86.50 |
October 1, 2022 - December 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 | 12,000 |
October 1, 2022 - December 31, 2022 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 60.63 |
October 1, 2022 - December 31, 2022 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 92.55 |
January 1, 2023 - March 31, 2023 | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, number of instruments held | bbl | 9,500 |
January 1, 2023 - March 31, 2023 | Written put options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 66.05 |
January 1, 2023 - March 31, 2023 | Purchased call options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 112.59 |
April 1, 2023 - June 30, 2023 | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, number of instruments held | bbl | 8,500 |
April 1, 2023 - June 30, 2023 | Written put options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 69.12 |
April 1, 2023 - June 30, 2023 | Purchased call options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 113.13 |
July 1, 2023 - September 30, 2023 | Cash flow hedges | |
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, 2023 - September 30, 2023 | Written put options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 70 |
July 1, 2023 - September 30, 2023 | Purchased call options [member] | Cash flow hedges | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 101.13 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Abstract] | |||
Realized (loss) gain on commodity risk management contracts | $ (83,244) | $ (109,654) | $ 21,059 |
Unrealized gain (loss) on commodity risk management contracts | 13,023 | 463 | (12,978) |
Total | $ (70,221) | $ (109,191) | $ 8,081 |
Production and operating cost_2
Production and operating costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Production and operating costs | |||
Staff costs (Note 11) | $ 13,114 | $ 16,655 | $ 14,689 |
Share-based payment (Note 11) | 955 | 339 | 528 |
Royalties | 63,298 | 40,000 | 20,891 |
Economic rights | 188,989 | 73,023 | 14,984 |
Well and facilities maintenance | 20,779 | 17,989 | 15,039 |
Operation and maintenance | 6,545 | 7,826 | 7,491 |
Consumables | 21,789 | 19,270 | 16,776 |
Equipment rental | 7,580 | 8,127 | 8,570 |
Transportation costs | 4,021 | 3,383 | 5,622 |
Field camp | 4,070 | 4,386 | 3,130 |
Safety and Insurance costs | 3,745 | 4,216 | 4,505 |
Personnel transportation | 2,480 | 2,397 | 2,115 |
Consultant fees | 2,133 | 1,732 | 1,043 |
Gas plant costs | 1,680 | 2,596 | 1,591 |
Non-operated blocks costs | 12,650 | 4,941 | 3,442 |
Crude oil stock variation | (6,449) | 1,271 | (305) |
Purchased crude oil | 7,929 | ||
Other costs | 4,471 | 4,639 | 4,961 |
Operating expense | $ 359,779 | $ 212,790 | $ 125,072 |
Depreciation (Details)
Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | $ 90,980 | $ 81,139 | $ 108,971 |
Oil and gas properties [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | 76,720 | 66,011 | 89,344 |
Machinery [member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | 12,244 | 12,468 | 16,820 |
Furniture and Fixtures [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | 1,344 | 1,960 | 2,317 |
Buildings and improvements | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | 672 | 700 | 490 |
Productive Land [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | 88,964 | 78,479 | 106,164 |
Administrative Assets [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation, property, plant and equipment | $ 2,016 | $ 2,660 | $ 2,807 |
Staff costs and Directors Rem_3
Staff costs and Directors Remuneration (Schedule of Staff Costs and Directors Remuneration) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | Dec. 31, 2020 USD ($) employee | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Number of employees at year end | employee | 482 | 463 | 437 |
Wages and salaries | $ 38,354 | $ 42,236 | $ 49,338 |
Share-based payments (Note 31) | 11,038 | 6,621 | 8,444 |
Social security charges | 5,528 | 6,863 | 5,712 |
Director's fees and allowance | 1,172 | 2,853 | 2,094 |
Employee benefits expense | 56,092 | 58,573 | 65,588 |
Salaries and fees | 10,317 | 9,069 | 8,641 |
Share-based payments | 8,728 | 5,759 | 7,170 |
Other benefits in kind | 171 | 296 | 232 |
Key Management Personnel Compensation | 19,216 | 15,124 | 16,043 |
Production and operating costs [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 14,069 | 16,994 | 15,217 |
Geological and geophysical expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 7,490 | 6,219 | 12,893 |
Administrative expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | $ 34,533 | $ 35,360 | $ 37,478 |
Staff costs and Directors Rem_4
Staff costs and Directors Remuneration (Schedule of Directors' Remuneration) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 601,002 |
Director Fees Paid as Shares | shares | 0 |
Andrs Ocampo [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Director Fees Paid as Shares | shares | 0 |
Carlos Gulisano [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 131,739 |
Director Fees Paid as Shares | shares | 5,110 |
Robert Bedingfield [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 235,000 |
Director Fees Paid as Shares | shares | 14,803 |
Constantine Papadimitriou [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 267,500 |
Director Fees Paid as Shares | shares | 7,335 |
Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 409,755 |
Director Fees Paid as Shares | shares | 27,306 |
Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 249,755 |
Director Fees Paid as Shares | shares | 15,510 |
Brian Maxted [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 61,953 |
Director Fees Paid as Shares | shares | 2,244 |
Carlos Macellari [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 60,082 |
Director Fees Paid as Shares | shares | 2,244 |
Marcela Vaca [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 28,260 |
Director Fees Paid as Shares | shares | 1,084 |
Executive Directors' Fees [Member] | James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 601,002 |
Executive Directors' Fees [Member] | Andrs Ocampo [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] | 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' Fees [Member] | Brian Maxted [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Executive Directors' Fees [Member] | Carlos Macellari [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Executive Directors' Fees [Member] | Marcela Vaca [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | Andrs Ocampo [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | Carlos Gulisano [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 61,087 |
Non-Executive Directors' Fees | Robert Bedingfield [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 30,000 |
Non-Executive Directors' Fees | Constantine Papadimitriou [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 167,500 |
Non-Executive Directors' Fees | Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 32,500 |
Non-Executive Directors' Fees | Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 35,000 |
Non-Executive Directors' Fees | Brian Maxted [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 32,718 |
Non-Executive Directors' Fees | Carlos Macellari [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 30,462 |
Non-Executive Directors' Fees | Marcela Vaca [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 14,130 |
Staff costs and Directors Rem_5
Staff costs and Directors Remuneration (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 601,002 |
Constantine Papadimitriou [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 267,500 |
Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 409,755 |
Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 249,755 |
Non-Executive Directors' Fees | James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | Constantine Papadimitriou [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 167,500 |
Non-Executive Directors' Fees | Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 32,500 |
Non-Executive Directors' Fees | Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 35,000 |
Geological and geophysical ex_3
Geological and geophysical expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Geological and geophysical expenses | |||
Staff costs (Note 11) | $ 7,097 | $ 6,042 | $ 12,653 |
Share-based payment (Notes 11) | 393 | 177 | 240 |
Communication and IT costs | 1,743 | 1,071 | 850 |
Consultant fees | 917 | 854 | 545 |
Allocation to capitalised project | (416) | (953) | (102) |
Other services | 795 | 700 | 765 |
Geological and geophysical expenses | $ 10,529 | $ 7,891 | $ 14,951 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Administrative expenses | |||
Staff costs (Note 11) | $ 23,671 | $ 26,402 | $ 27,708 |
Share-based payment (Notes 11) | 9,690 | 6,105 | 7,676 |
Consultant fees | 9,574 | 10,806 | 8,570 |
Safety and insurance costs | 3,834 | 3,142 | 2,394 |
Travel expenses | 2,336 | 719 | 939 |
Non-operated blocks expenses | 1,390 | 799 | 319 |
Director's fees and allowance (Note 11) | 1,172 | 2,853 | 2,094 |
Communication and IT costs | 3,419 | 4,214 | 2,937 |
Allocation to joint operations | (9,642) | (8,574) | (6,720) |
Other administrative expenses | 4,580 | 362 | 4,398 |
Administrative expenses | $ 50,024 | $ 46,828 | $ 50,315 |
Selling expenses (Details)
Selling expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selling expenses | |||
Transportation | $ 4,881 | $ 4,233 | $ 4,787 |
Selling taxes and other | 3,114 | 4,497 | 1,057 |
Selling expenses | $ 7,995 | $ 8,730 | $ 5,844 |
Financial results (Details)
Financial results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial expenses | |||
Interest and amortization of debt issue costs | $ (36,360) | $ (44,713) | $ (48,779) |
Borrowings cancellation costs | (5,141) | (6,308) | |
Bank charges and other financial results | (9,546) | (8,012) | (9,909) |
Unwinding of long-term liabilities | (6,026) | (5,079) | (5,894) |
Financial expenses total | (57,073) | (64,112) | (64,582) |
Financial income | |||
Interest received | 3,180 | 1,652 | 3,166 |
Financial income total | 3,180 | 1,652 | 3,166 |
Foreign exchange gains and losses | |||
Foreign exchange gain (loss), net | 19,725 | 5,049 | (2,720) |
Realized result on currency risk management contracts | (9,414) | ||
Unrealized result on currency risk management contracts | (874) | ||
Foreign exchange gains and losses total | 19,725 | 5,049 | (13,008) |
Total Financial results | $ (34,168) | $ (57,411) | $ (74,424) |
Tax reforms (Narrative) (Detail
Tax reforms (Narrative) (Details) | 12 Months Ended | |
Nov. 30, 2022 | Dec. 31, 2021 | |
Colombia [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Term of average bend price | 10 years | |
Percentage of bent price | 30% | |
Spain [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Percentage of Income Tax Exemption On Dividend And Capital Gains Income | 95% |
Tax reforms (Summary of Surchar
Tax reforms (Summary of Surcharge Rate) (Details) - Colombia [Member] | 12 Months Ended |
Dec. 31, 2023 $ / bbl | |
Less than US$ 65.28 /bbl [Member] | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 65.28 |
Surcharge rate | 0% |
US$ 65.28 to US$ 73.77 /bbl [Member] | |
Disclosure of Tax reforms [Line Items] | |
Surcharge rate | 5% |
US$ 65.28 to US$ 73.77 /bbl [Member] | Maximum | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 73.77 |
US$ 65.28 to US$ 73.77 /bbl [Member] | Minimum | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 65.28 |
US$ 73.78 to US$ 78.69 /bbl [Member] | |
Disclosure of Tax reforms [Line Items] | |
Surcharge rate | 10% |
US$ 73.78 to US$ 78.69 /bbl [Member] | Maximum | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 78.69 |
US$ 73.78 to US$ 78.69 /bbl [Member] | Minimum | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 73.78 |
Greater than US$ 78.69 /bbl [Member] | |
Disclosure of Tax reforms [Line Items] | |
Surcharge price triggers per barrel | 78.69 |
Surcharge rate | 15% |
Income tax (Schedule of Compone
Income tax (Schedule of Components of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Current income tax charge | $ (125,786) | $ (49,291) | $ (41,927) |
Deferred income tax charge (Note 18) | (44,688) | (17,980) | (5,936) |
Income tax | $ (170,474) | $ (67,271) | $ (47,863) |
Income tax (Summary of Income T
Income tax (Summary of Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Profit (Loss) before tax | $ 394,909 | $ 128,398 | $ (185,087) |
Tax losses from non-taxable jurisdictions | 53,005 | 91,351 | 53,652 |
Taxable profit | 447,914 | 219,749 | (131,435) |
Income tax calculated at domestic tax rates applicable to Profit in the respective countries | (157,315) | (71,086) | 12,450 |
Tax losses where no deferred tax benefit is recognized | (2,832) | (7,510) | (23,117) |
Effect of currency translation on tax base | (10,797) | (10,354) | (923) |
Effect of inflation adjustment for tax purposes | 2,482 | (867) | |
Changes in the income tax rate | (3,820) | (1,703) | (925) |
Write-down of deferred tax benefits previously recognized | (2,938) | (7,261) | (32,565) |
Previously unrecognized tax losses | 9,067 | 9,593 | 0 |
Income tax on intercompany dividends | (3,038) | ||
Fiscal recognition of property, plant and equipment | 8,919 | ||
Non-taxable results | 1,199 | 9,649 | (1,916) |
Income tax | $ (170,474) | $ (67,271) | $ (47,863) |
Income tax (Summary of Tax Loss
Income tax (Summary of Tax Losses Accumulated) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | $ 386,772 | $ 373,010 | $ 482,631 |
Colombia [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 4,837 | 15,557 | 16,493 |
Chile [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 323,929 | 285,456 | 403,258 |
Brazil [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 26,736 | 26,781 | 32,452 |
Argentina [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 24,065 | 35,773 | 20,734 |
Spain [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | $ 7,205 | $ 9,443 | $ 9,694 |
Income tax (Schedule of Expirin
Income tax (Schedule of Expiring Dates for Tax Losses) (Details) | Dec. 31, 2022 USD ($) |
2023 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | $ 994,000 |
2024 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 4,757,000 |
2025 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 3,285,000 |
2026 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 10,496,000 |
2027 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | $ 4,533,000 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 15% |
Maximum | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 50% |
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, 2022 | Dec. 31, 2021 | |
Deferred income tax | ||
Deferred income tax as of January 1 | $ (6,875) | $ 10,978 |
Currency translation differences | 383 | 127 |
Income statement charge | (44,688) | (17,980) |
Deferred income tax as of December 31 | $ (51,180) | $ (6,875) |
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, 2022 | Dec. 31, 2021 | |
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | $ 14,072 | $ 18,168 |
Charged to net profit | 4,488 | (4,223) |
Currency translation differences | 383 | 127 |
Reclassified to assets | 18,943 | 14,072 |
At end of year | 18,943 | 14,072 |
At the beginning of year | (20,947) | (7,190) |
Charged to net profit | (49,176) | (13,757) |
Reclassified from liabilities | (70,123) | (20,947) |
At end of year | (70,123) | (20,947) |
Difference in depreciation rates and other | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | (20,947) | |
Charged to net profit | (49,176) | |
Reclassified from liabilities | (70,123) | |
At end of year | (20,947) | |
Difference in depreciation rates and other. | ||
Disclosure of deferred income tax [Line Items] | ||
Charged to net profit | 4,720 | |
Currency translation differences | 383 | |
At the beginning of year | (344) | |
At end of year | (344) | |
At end of year | 4,759 | |
Taxable losses. | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | 14,416 | |
Charged to net profit | (232) | |
Reclassified from assets | $ 14,184 | |
At end of year | $ 14,416 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Profit (Loss) for the year | $ 224,435 | $ 61,127 | $ (232,950) |
Denominator: | |||
Weighted average number of shares used in basic EPS | 59,330,421 | 60,901,109 | 60,668,185 |
Earnings (Losses) after tax per share (US$) - basic | $ 3.78 | $ 1 | $ (3.84) |
Stock awards at US$ 0.001 | 552,466 | 559,012 | 0 |
Weighted average number of common shares for the purposes of diluted earnings per shares | 59,882,887 | 61,460,121 | 60,668,185 |
Earnings (Losses) after tax per share (US$) - diluted | $ 3.75 | $ 0.99 | $ (3.84) |
Par value per share | $ 0.001 | $ 0.001 | $ 0.001 |
Property, plant and equipment_2
Property, plant and equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | $ 614,047 | $ 614,665 | |
Depreciation | (90,980) | (81,139) | $ (108,971) |
Property, plant and equipment at year-end | 666,879 | 614,047 | 614,665 |
Oil and gas properties [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 394,775 | 420,172 | |
Depreciation | (76,720) | (66,011) | (89,344) |
Property, plant and equipment at year-end | 436,977 | 394,775 | 420,172 |
Furniture, equipment and vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 2,044 | 3,722 | |
Property, plant and equipment at year-end | 2,294 | 2,044 | 3,722 |
Production facilities and machinery [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 84,560 | 87,842 | |
Property, plant and equipment at year-end | 93,654 | 84,560 | 87,842 |
Buildings and improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 4,994 | 5,467 | |
Depreciation | (672) | (700) | (490) |
Property, plant and equipment at year-end | 4,433 | 4,994 | 5,467 |
Construction in Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 27,204 | 18,848 | |
Property, plant and equipment at year-end | 16,480 | 27,204 | 18,848 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 100,470 | 78,614 | |
Property, plant and equipment at year-end | 113,041 | 100,470 | 78,614 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 1,317,157 | 1,297,057 | 1,152,386 |
Additions | 169,114 | 128,164 | 72,435 |
Currency translation differences | 3,233 | (3,637) | (16,136) |
Disposals | (2,090) | (7,350) | (815) |
Write-off / Impairment loss | (25,789) | (16,596) | (186,516) |
Transfers | 0 | 0 | 0 |
Acquisitions | 276,988 | ||
Assets held for sale | (80,481) | (1,285) | |
Property, plant and equipment at year-end | 1,461,625 | 1,317,157 | 1,297,057 |
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 | 957,932 | 968,617 | 830,937 |
Retirements, property, plant and equipment | 7,558 | 1,094 | 2,863 |
Currency translation differences | 2,921 | (3,284) | (14,399) |
Disposals | 0 | 0 | 0 |
Write-off / Impairment loss | 0 | (1,575) | (77,667) |
Transfers | 125,962 | 68,315 | 48,361 |
Acquisitions | 185,533 | ||
Assets held for sale | (73,047) | (1,285) | |
Property, plant and equipment at year-end | 1,079,257 | 957,932 | 968,617 |
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 | 18,712 | 20,707 | 19,549 |
Additions | 1,620 | 930 | 1,180 |
Currency translation differences | 37 | (43) | (194) |
Disposals | (1,290) | (1,762) | (555) |
Write-off / Impairment loss | 0 | 0 | 0 |
Transfers | 14 | 58 | 174 |
Acquisitions | 553 | ||
Assets held for sale | (1,178) | 0 | |
Property, plant and equipment at year-end | 19,093 | 18,712 | 20,707 |
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 | 201,177 | 197,829 | 172,507 |
Additions | 6 | 0 | 0 |
Currency translation differences | 232 | (246) | (1,036) |
Disposals | (26) | (900) | 0 |
Write-off / Impairment loss | 0 | (2,759) | (11,357) |
Transfers | 21,338 | 13,305 | 21,534 |
Acquisitions | 16,181 | ||
Assets held for sale | (6,052) | 0 | |
Property, plant and equipment at year-end | 222,727 | 201,177 | 197,829 |
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 | 11,662 | 12,442 | 11,770 |
Additions | 0 | 422 | |
Retirements, property, plant and equipment | 14 | ||
Currency translation differences | 6 | (16) | (59) |
Disposals | (774) | (978) | (227) |
Write-off / Impairment loss | 0 | 0 | 0 |
Transfers | 147 | 391 | 324 |
Acquisitions | 212 | ||
Assets held for sale | (177) | 0 | |
Property, plant and equipment at year-end | 11,027 | 11,662 | 12,442 |
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 | 27,204 | 18,848 | 69,587 |
Additions | 107,171 | 82,094 | 55,267 |
Currency translation differences | 18 | (18) | (47) |
Disposals | 0 | (3,372) | (33) |
Write-off / Impairment loss | 0 | 0 | (44,840) |
Transfers | (117,913) | (70,321) | (62,285) |
Acquisitions | 1,199 | ||
Assets held for sale | (27) | 0 | |
Property, plant and equipment at year-end | 16,480 | 27,204 | 18,848 |
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 | 100,470 | 78,614 | 48,036 |
Additions | 67,889 | 46,234 | 18,429 |
Currency translation differences | 19 | (30) | (401) |
Disposals | 0 | (338) | 0 |
Write-off / Impairment loss | (25,789) | (12,262) | (52,652) |
Transfers | (29,548) | (11,748) | (8,108) |
Acquisitions | 73,310 | ||
Assets held for sale | 0 | 0 | |
Property, plant and equipment at year-end | 113,041 | 100,470 | 78,614 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | (703,110) | (682,392) | (584,598) |
Currency translation differences | (2,673) | 2,518 | 10,646 |
Depreciation | (90,980) | (81,139) | (108,971) |
Disposals | 2,017 | 3,063 | 398 |
Assets held for sale | 54,840 | 133 | |
Property, plant and equipment at year-end | (794,746) | (703,110) | (682,392) |
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 | (563,157) | (548,445) | (467,806) |
Currency translation differences | (2,403) | 2,219 | 8,572 |
Depreciation | (76,720) | (66,011) | (89,344) |
Disposals | 0 | 0 | 0 |
Assets held for sale | 49,080 | 133 | |
Property, plant and equipment at year-end | (642,280) | (563,157) | (548,445) |
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 | (16,668) | (16,985) | (15,149) |
Currency translation differences | (33) | 37 | 155 |
Depreciation | (1,344) | (1,960) | (2,317) |
Disposals | 1,246 | 1,325 | 326 |
Assets held for sale | 915 | 0 | |
Property, plant and equipment at year-end | (16,799) | (16,668) | (16,985) |
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 | (116,617) | (109,987) | (95,047) |
Currency translation differences | (231) | 246 | 1,880 |
Depreciation | (12,244) | (12,468) | (16,820) |
Disposals | 19 | 900 | 0 |
Assets held for sale | 4,692 | 0 | |
Property, plant and equipment at year-end | (129,073) | (116,617) | (109,987) |
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 | (6,668) | (6,975) | (6,596) |
Currency translation differences | (6) | 16 | 39 |
Depreciation | (672) | (700) | (490) |
Disposals | 752 | 838 | 72 |
Assets held for sale | 153 | 0 | |
Property, plant and equipment at year-end | (6,594) | (6,668) | (6,975) |
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 | 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 | 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 ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | $ 666,879,000 | $ 614,047,000 | $ 614,665,000 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | 113,041,000 | 100,470,000 | 78,614,000 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 56,491,000 | 25,795,000 | |
Write-offs | (21,460,000) | (6,814,000) | |
Transfers | (28,335,000) | (11,806,000) | |
Property, plant and equipment at year-end | $ 17,000,000 | $ 10,304,000 | $ 3,129,000 |
Property, plant and equipment_4
Property, plant and equipment (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of Exploratory Wells | item | 6 | ||
Property, plant and equipment. | $ 666,879,000 | $ 614,047,000 | $ 614,665,000 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment. | 113,041,000 | 100,470,000 | 78,614,000 |
Construction in Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment. | 16,480,000 | 27,204,000 | 18,848,000 |
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. | $ 96,041,000 | 90,166,000 | 75,485,000 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of Exploratory Wells | item | 4 | ||
Property, plant and equipment. | $ 17,000,000 | $ 10,304,000 | $ 3,129,000 |
Number of unsuccessful exploration wells | item | 2 | 3 |
Subsidiary undertakings (Summar
Subsidiary undertakings (Summary of Subsidiaries and Joint Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Flamenco Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Flamenco Block (Chile) | ||
Proportion of ownership interest in joint operation | 50% | ||
Campanario Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Campanario Block (Chile) | ||
Proportion of ownership interest in joint operation | 50% | ||
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% | ||
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% | ||
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% | ||
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% | ||
Manati Field (Brazil) | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Manati Field (Brazil) | ||
Proportion of ownership interest in joint operation | 10% | ||
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% | ||
Espejo Block (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Espejo Block (Ecuador) | ||
Proportion of ownership interest in joint operation | 50% | ||
Perico Block (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Perico Block (Ecuador) | ||
Proportion of ownership interest in joint operation | 50% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
Mecaya Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Mecaya Block (Colombia) | ||
Proportion of ownership interest in joint operation | 50% | ||
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% | 50% | 50% |
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% | ||
Tacacho Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Tacacho Block (Colombia) | ||
Proportion of ownership interest in joint operation | 50% | ||
Terecay Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | Terecay Block (Colombia) | ||
Proportion of ownership interest in joint operation | 50% | 50% | 50% |
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% | 50% | 50% |
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% | ||
CPO-4-1 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of joint venture | CPO-4-1 Block (Colombia) | ||
Proportion of ownership interest in joint operation | 50% | ||
Percentage of non operated working interest | 50% | ||
Espejo and Perico Blocks [Member] | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in joint operation | 50% | ||
GeoPark Argentina Limited - Argentinean Branch (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | GeoPark Argentina S.A. (Argentina) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
GeoPark Brazil Explorao y Produo de Petrleo e Gs Ltda. (Brazil) [member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
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% | ||
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% | ||
GeoPark Magallanes Limitada (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | GeoPark Magallanes Limitada (Chile) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
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% | ||
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% | ||
GeoPark Per 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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
GeoPark Per S.A.C. Sucursal Ecuador (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | GeoPark Ecuador S.A. (Ecuador) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
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% | ||
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% | ||
Amerisur Exploracin 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% | ||
Amerisur Exploracin 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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
Amerisur S.A. (Paraguay) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | Amerisur S.A. (Paraguay) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
Market Access LLP (United States) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | Market Access LLP (United States) | ||
Proportion of ownership interest in subsidiaries | 9% | ||
GeoPark Colombia Coperatie 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% |
Prepayments and other receiva_3
Prepayments and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepayments and other receivables | ||
V.A.T. | $ 1,826 | $ 1,711 |
Income tax payments in advance | 3,156 | 3,227 |
Other prepaid taxes | 37 | 996 |
To be recovered from co-venturers (Note 34) | 8,750 | 4,680 |
Prepayments and other receivables | 8,458 | 12,184 |
Total prepayments and accrued income | 22,227 | 22,798 |
Current | 22,106 | 22,650 |
Non current | $ 121 | $ 148 |
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, 2022 | Dec. 31, 2021 | |
Prepayments and other receivables | ||
At 1 January | $ 7 | $ 144 |
Additions | 10 | |
Foreign exchange (loss) income | (3) | (13) |
Uses | (124) | |
At 31 December | $ 14 | $ 7 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories | ||
Crude oil | $ 12,630 | $ 5,419 |
Materials and spares | 1,804 | 5,496 |
Inventories | $ 14,434 | $ 10,915 |
Trade receivables (Schedule of
Trade receivables (Schedule of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade receivables. | ||
Trade receivables | $ 71,794 | $ 70,531 |
Trade receivables (Narrative) (
Trade receivables (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Trade receivables | $ 71,794 | $ 70,531 |
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] | ||
Trade receivables | $ 0 | 0 |
Later than one month and not later than two months [member] | Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Trade receivables | $ 0 | $ 0 |
Financial instruments by cate_3
Financial instruments by category (Schedule of Total Financial Assets) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Transfers of fair values between level 2 or level 3 during the period for assets or liabilities | $ 0 | $ 0 |
Financial assets at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | 1,209,000 | 553,000 |
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 222,022,000 | 190,135,000 |
Financial assets | 223,231,000 | 190,688,000 |
Derivative Financial Instrument Assets [Member] | ||
Financial assets at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | 967,000 | 126,000 |
Cash and cash equivalents [Member] | ||
Financial assets at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | 242,000 | 427,000 |
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 128,601,000 | 100,177,000 |
Trade receivables [member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 71,794,000 | 70,531,000 |
Financial assets | 71,794,000 | 70,531,000 |
To be recovered from co-venturers [Member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 8,750,000 | 4,680,000 |
Other financial assets [Member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | $ 12,877,000 | $ 14,747,000 |
Financial instruments by cate_4
Financial instruments by category (Schedule of Total Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities at fair value through profit and loss | ||
Financial liabilities | $ 634,652 | $ 803,218 |
Derivative financial instrument liabilities | 19 | 20,757 |
Financial liabilities at fair value through profit or loss | 19 | 20,757 |
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 634,633 | 782,461 |
Trade payables [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 102,125 | 86,672 |
To be paid to co-venturers [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 2,815 | 953 |
Lease liabilities [member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 32,051 | 20,744 |
Borrowing [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | $ 497,642 | $ 674,092 |
Financial instruments by cate_5
Financial instruments by category (Schedule of Credit Quality of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | $ 223,231 | $ 190,688 |
Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 71,794 | 70,531 |
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 | 0 | 7,132 |
External Credit Grade Aa3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 2,013 | 0 |
External credit rating A3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 1,557 | 0 |
External Credit Grade Baa1 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 99 | 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 | 198 | 24,163 |
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 | 23,755 | 4,984 |
External credit grade Ba3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 2,745 | 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 | 4,085 | 70 |
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 | $ 37,342 | $ 34,182 |
Financial instruments by cate_6
Financial instruments by category (Schedule of Cash at Bank and Other Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | $ 223,231 | $ 190,688 |
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 | 141,708 | 115,334 |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Aa3 [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 10,362 | 8 |
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 | 96,077 | 0 |
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 | 57 | 53,114 |
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 | 10,389 | 27,257 |
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 | 39 | 1,605 |
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 | 7,030 | 3,708 |
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 | 64 | 67 |
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 | 268 | 21 |
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 | 3,066 | 5,117 |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating B3 [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 51 | 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 | 12,953 | 20,908 |
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 | 0 | 3,529 |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Baa3 [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | $ 1,352 | $ 0 |
Financial instruments by cate_7
Financial instruments by category (Schedule of Financial Liabilities - contractual undiscounted cash flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Lease liabilities | $ 32,051 | $ 20,744 | $ 22,347 |
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 | 2,815 | 953 | $ 5,760 |
Less than 1 year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 27,500 | 40,943 | |
Lease liabilities | 10,939 | 9,230 | |
Trade payables | 102,125 | 85,132 | |
Non-derivative financial liabilities, undiscounted cash flows | 143,379 | 136,258 | |
Less than 1 year [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 | 2,815 | 953 | |
Between 1 and 2 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 27,500 | 38,550 | |
Lease liabilities | 5,653 | 6,558 | |
Trade payables | 0 | 1,540 | |
Non-derivative financial liabilities, undiscounted cash flows | 33,153 | 46,648 | |
Between 1 and 2 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 | |
Between 2 and 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 568,750 | 263,550 | |
Lease liabilities | 11,209 | 5,820 | |
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 579,959 | 269,370 | |
Between 2 and 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 | |
Over 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 0 | 513,750 | |
Lease liabilities | 25,012 | 2,871 | |
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 25,012 | 516,621 | |
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 |
Financial instruments by cate_8
Financial instruments by category (Schedule of Fair Value Hierarchy) (Details) - Recurring fair value measurement [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Categories of financial assets [abstract] | ||
Derivative financial assets | $ 1,209 | $ 553 |
Liabilities | ||
Derivative financial liabilities | 19 | 20,757 |
Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 242 | 427 |
Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 242 | 427 |
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 | 242 | 427 |
Level 2 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 967 | 126 |
Liabilities | ||
Derivative financial liabilities | 19 | 20,757 |
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 | 967 | 126 |
Liabilities | ||
Derivative financial liabilities | 19 | 20,757 |
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 | 967 | 126 |
Liabilities | ||
Derivative financial liabilities | $ 19 | $ 20,757 |
Financial instruments by cate_9
Financial instruments by category (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial instruments by category | |||
Cash on hand | $ 12,000 | $ 17,000 | $ 23,000 |
Financial liabilities, at fair value | $ 431,660,000 | $ 661,404,000 |
Equity (Schedule of Share Capit
Equity (Schedule of Share Capital) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Share capital [Line Items] | |||
Common stock (amounts in US$ '000) | $ 58,000 | $ 60,000 | $ 61,000 |
Common shares, of nominal US$ 0.001 | 57,621,998 | 60,238,026 | |
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 | 57,621,998 | 60,238,026 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Common Shares) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 10, 2020 shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) shares | Jul. 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 30, 2021 USD ($) shares | Jun. 30, 2021 USD ($) shares | May 31, 2021 USD ($) shares | Dec. 31, 2022 USD ($) Vote shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Disclosure Of Share capital [Line Items] | |||||||||||||
Number of shares issued | 57,621,998 | 60,238,026 | 57,621,998 | 60,238,026 | |||||||||
Treasury Stock Purchased, Shares | (316,445) | (2,743,722) | (960,454) | (101,986) | |||||||||
Number of shares outstanding | 57,600,000 | 60,200,000 | 57,600,000 | 60,200,000 | 61,000,000 | ||||||||
Issued capital | $ | $ 58 | $ 60 | $ 58 | $ 60 | $ 61 | ||||||||
Common Shares, Number Of Votes | Vote | 1 | ||||||||||||
Stock awards One [Member] | |||||||||||||
Disclosure Of Share capital [Line Items] | |||||||||||||
Date of common shares movement | Jul. 01, 2022 | May 01, 2021 | |||||||||||
Number of shares issued | 100,000 | 200,000 | |||||||||||
Number of shares outstanding | 59,600,000 | 61,200,000 | |||||||||||
Issued capital | $ | $ 60 | $ 61 | |||||||||||
Buyback program [Member] | |||||||||||||
Disclosure Of Share capital [Line Items] | |||||||||||||
Date of common shares movement | Dec. 01, 2022 | Sep. 01, 2022 | Jun. 01, 2022 | Mar. 01, 2022 | Dec. 01, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | ||||||
Treasury Stock Purchased, Shares | (900,000) | (1,100,000) | (500,000) | (200,000) | (500,000) | (400,000) | (100,000) | ||||||
Number of shares outstanding | 57,600,000 | 58,500,000 | 59,500,000 | 60,000,000 | 60,200,000 | 60,700,000 | 61,100,000 | 57,600,000 | 60,200,000 | ||||
Issued capital | $ | $ 58 | $ 59 | $ 60 | $ 60 | $ 60 | $ 61 | $ 61 | $ 58 | $ 60 |
Equity (Schedule of Cash Distri
Equity (Schedule of Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 07, 2022 | Sep. 08, 2022 | Jun. 10, 2022 | Mar. 31, 2022 | Dec. 07, 2021 | Aug. 31, 2021 | May 28, 2021 | Apr. 13, 2021 | Dec. 09, 2020 | Apr. 08, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||||||||||||
Cash distributions, per share | $ 0.1270 | $ 0.1270 | $ 0.0820 | $ 0.0820 | $ 0.0410 | $ 0.0410 | $ 0.0205 | $ 0.0205 | $ 0.0206 | $ 0.0413 | |||
Cash distributions, Total amount | $ 7,281 | $ 7,345 | $ 4,809 | $ 4,847 | $ 2,429 | $ 2,442 | $ 1,220 | $ 1,133 | $ 1,258 | $ 2,343 | $ 24,282 | $ 7,224 | $ 4,859 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | 12 Months Ended | 24 Months Ended | ||||||||||
Nov. 09, 2022 shares | Jul. 15, 2022 USD ($) shares | Nov. 12, 2020 USD ($) shares | Nov. 04, 2020 USD ($) shares | Mar. 11, 2020 shares | Feb. 10, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Jan. 02, 2020 USD ($) shares | Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure Of Share capital [Line items] | ||||||||||||
Purchase of treasury shares | $ | $ 938,000 | $ 3,071,000 | $ 36,265,000 | $ 11,841,000 | ||||||||
Treasury Stock Purchased, Shares | 316,445 | 2,743,722 | 960,454 | 101,986 | ||||||||
Percentage of number of shares repurchase | 10% | 10% | 10% | |||||||||
Maximum shares can buyback | 5,854,285 | 6,062,000 | 5,930,000 | |||||||||
Number of share options granted in share-based payment arrangement | item | 1,096,685 | |||||||||||
Stock dividend per share | $ / shares | $ 0.004 | |||||||||||
Dividend distributed during the period shares | 242,650 | |||||||||||
Share Capital [Member]. | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Share capital | $ | $ 4,352,000 | |||||||||||
Share Premium [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Share premium, common shares issued to key management | $ | $ 4,668,000 | |||||||||||
Non Executive Directors [Member] | Share Capital [Member]. | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Number of shares issued during the period | 75,636 | 64,269 | 60,204 | |||||||||
Non Executive Directors [Member] | Share Premium [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Share premium, common shares issued to Non-Executive Directors | $ | $ 1,040,000 | $ 861,000 | $ 665,000 | |||||||||
Former Chief Executive Officer [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Number of shares issued during the period | 52,058 | 104,439 | ||||||||||
Share Premium, Common Shares Issued To Former Chief Executive Officer | $ | $ 800,000 | $ 800,000 | ||||||||||
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] | ||||||||||||
Share Premium, Common Shares Issued To Employees | $ | $ 4,351,000 | |||||||||||
Management [Member] | Share Capital [Member]. | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Number of shares issued during the period | 2,976,781 | |||||||||||
Director | Share Capital [Member]. | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Number of shares issued during the period | 878,150 | |||||||||||
Value Creation Plan [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Share based compensation arrangement shares vesting percentage | 50% | 50% | 50% |
Borrowings (Schedule of Share C
Borrowings (Schedule of Share Capital) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Borrowings [Line Items] | ||
Borrowings | $ 497,642 | $ 674,092 |
Current borrowings | 12,528 | 17,916 |
Non-current borrowings | 485,114 | 656,176 |
Notes 2024 [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Borrowings | 171,880 | |
Notes 2027 [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Borrowings | $ 497,642 | 499,893 |
Banco Santander [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Borrowings | $ 2,319 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Jun. 27, 2022 USD ($) | Jan. 17, 2020 USD ($) | Sep. 21, 2017 USD ($) | Apr. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) installment | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 21, 2022 USD ($) | Jul. 31, 2022 USD ($) | Sep. 30, 2020 BRL (R$) | Oct. 31, 2018 USD ($) | Oct. 31, 2018 BRL (R$) | |
Disclosure Of Borrowings [Line Items] | |||||||||||||
Payments for debt issue costs | $ 0 | $ 2,019,000 | $ 7,507,000 | ||||||||||
Number of Installment | installment | 3 | ||||||||||||
Line of credit facilities, remaining borrowing capacity | $ 111,198,000 | ||||||||||||
Maximum | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Ratio Of Net Debt To Adjusted EBITDA | 0.0325 | ||||||||||||
Minimum | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Ratio Of Adjusted EBITDA To Interest | 0.025 | ||||||||||||
Notes 2024 [Member] | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Borrowings, interest rate | 6.50% | ||||||||||||
Notional amount | $ 425,000,000 | $ 255,000,000 | $ 102,876,000 | ||||||||||
Payments for debt issue costs | $ 6,683,000 | ||||||||||||
Tender Consideration | 1,000 | ||||||||||||
Early tender payment | 50 | ||||||||||||
Denomination for conversion of debt | $ 1,000 | ||||||||||||
Debt issuance effective rate | 6.90% | ||||||||||||
Repurchased amount | $ 67,124,000 | 57,876,000 | |||||||||||
Redemption price | $ 45,000,000 | ||||||||||||
Redemption price, percentage | 101.625% | ||||||||||||
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% | 101.875% | |||||||||||
Borrowings Yield Rate | 5.625% | 5.117% | |||||||||||
Borrowings, Number Of Guarantors | item | 2 | ||||||||||||
Payments for debt issue costs | $ 5,004,000 | $ 2,019,000 | |||||||||||
Denomination for conversion of debt | $ 1,000 | ||||||||||||
Debt issuance effective rate | 5.88% | ||||||||||||
Consent fee | $ 10 | ||||||||||||
New 2027 Notes [Member] | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Notional amount | $ 150,000,000 | ||||||||||||
Banco Santander [Member] | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Notional amount | $ 3,441,000 | R$ 19410000 | $ 20,000,000 | R$ 77640000 | |||||||||
Banco Santander [Member] | Floating interest rate [member] | |||||||||||||
Disclosure Of Borrowings [Line Items] | |||||||||||||
Adjustment to base rate | 3.55% | 3.55% |
Leases - Statement of Financial
Leases - Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 37,011 | $ 21,014 | |
Lease Liabilities | |||
Current | 10,000 | 8,231 | |
Non-current | 22,051 | 12,513 | |
Total lease liabilities | 32,051 | 20,744 | $ 22,347 |
Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 32,034 | 15,175 | |
Buildings and improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 4,977 | $ 5,839 |
Leases - Statement of Income (D
Leases - Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | $ (7,045) | $ (6,662) | $ (8,072) |
Unwinding of long-term liabilities (included in Financial results) | (2,838) | (1,453) | (1,247) |
Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) | (2,614) | (1,101) | (1,317) |
Expenses related to low-value leases (include in Administrative expenses) | (708) | (906) | (736) |
Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | (6,057) | (5,526) | (6,472) |
Buildings and improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | $ (988) | $ (1,136) | $ (1,600) |
Leases - Recognition of assets
Leases - Recognition of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets, Beginning balance | $ 21,014 | ||
Depreciation | (7,045) | $ (6,662) | $ (8,072) |
Right-of-use assets, Ending balance | 37,011 | 21,014 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets, Beginning balance | 21,014 | 21,402 | |
Additions / changes in estimates | 22,462 | 5,288 | |
Foreign currency translation | 580 | 986 | |
Depreciation | (7,045) | (6,662) | |
Right-of-use assets, Ending balance | $ 37,011 | $ 21,014 | $ 21,402 |
Leases - Recognition of lease l
Leases - Recognition of lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Lease liabilities, Beginning balance | $ 20,744 | $ 22,347 |
Additions / changes in estimates | 22,462 | 5,288 |
Exchange difference | (6,426) | (365) |
Foreign currency translation | (284) | 461 |
Unwinding of discount | 2,838 | 1,453 |
Lease payments | (7,851) | (7,518) |
Lease liabilities, Ending balance | $ 32,051 | $ 20,744 |
Provisions and other long-ter_3
Provisions and other long-term liabilities (Details) | 12 Months Ended | |||||||||
Oct. 26, 2021 item | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Feb. 06, 2023 USD ($) | Feb. 06, 2023 GBP (£) | Jan. 26, 2023 item | Jul. 31, 2022 item | Jul. 15, 2021 item | Feb. 29, 2020 GBP (£) | |
Disclosure of other provisions [line items] | ||||||||||
Other provisions at beginning of period | $ 62,848,000 | $ 82,370,000 | ||||||||
Addition to provision / changes in estimates | (7,612,000) | (638,000) | ||||||||
Exchange difference | (1,983,000) | (1,975,000) | ||||||||
Foreign currency translation | (563,000) | (653,000) | ||||||||
Amortization | (2,407,000) | (223,000) | ||||||||
Unwinding of discount | 3,188,000 | 3,626,000 | ||||||||
Amounts used during the year | (1,524,000) | (461,000) | ||||||||
Liabilities associated with assets held for sale | (19,198,000) | |||||||||
Other provisions at end of period | 51,947,000 | 62,848,000 | ||||||||
Amount of Assets Under Freeze | £ | £ 4,465,600 | |||||||||
Number of law issues | item | 2 | 2 | 2 | |||||||
Number Of Claimants | item | 102 | |||||||||
Estimated litigation liability | $ 397,089 | £ 330,022 | ||||||||
Recognized provision related to contingent liability | 5,384,000 | £ 4,465,600 | ||||||||
Provision for decommissioning, restoration and rehabilitation costs [member] | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Other provisions at beginning of period | 45,842,000 | 64,040,000 | ||||||||
Addition to provision / changes in estimates | (4,942,000) | (651,000) | ||||||||
Exchange difference | (669,000) | (668,000) | ||||||||
Foreign currency translation | (577,000) | (651,000) | ||||||||
Amortization | 0 | |||||||||
Unwinding of discount | 2,641,000 | 3,140,000 | ||||||||
Amounts used during the year | (1,392,000) | (170,000) | ||||||||
Liabilities associated with assets held for sale | (19,198,000) | |||||||||
Other provisions at end of period | 40,903,000 | 45,842,000 | ||||||||
Provision For Deferred Income [member] | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Other provisions at beginning of period | 3,331,000 | 3,828,000 | ||||||||
Addition to provision / changes in estimates | 0 | (46,000) | ||||||||
Exchange difference | (167,000) | (228,000) | ||||||||
Amortization | (2,407,000) | (223,000) | ||||||||
Unwinding of discount | 0 | |||||||||
Other provisions at end of period | 757,000 | 3,331,000 | ||||||||
Miscellaneous other provisions [member] | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Other provisions at beginning of period | 13,675,000 | 14,502,000 | ||||||||
Addition to provision / changes in estimates | (2,670,000) | 59,000 | ||||||||
Exchange difference | (1,147,000) | (1,079,000) | ||||||||
Foreign currency translation | 14,000 | (2,000) | ||||||||
Amortization | 0 | |||||||||
Unwinding of discount | 547,000 | 486,000 | ||||||||
Amounts used during the year | (132,000) | (291,000) | ||||||||
Other provisions at end of period | $ 10,287,000 | $ 13,675,000 |
Trade and other payables (Sched
Trade and other payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Trade and other payables [Abstract] | ||
V.A.T | $ 8,513 | $ 7,473 |
Trade payables | 102,125 | 86,672 |
Customer advance payments | 481 | 426 |
Other short-term advance payments | 1,558 | |
Staff costs to be paid | 9,306 | 17,973 |
Royalties to be paid | 9,403 | 7,347 |
Taxes and other debts to be paid | 8,963 | 6,651 |
To be paid to co-venturers | 2,815 | 953 |
Total trade and other payables | 141,606 | 129,053 |
Current | 141,606 | 127,513 |
Non current | $ 0 | $ 1,540 |
Trade and other payables (Narra
Trade and other payables (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Trade and other payables [Abstract] | ||
Average credit period Expressed As Creditor Days | 69 days | 89 days |
Share-based payment (Schedule o
Share-based payment (Schedule of Share-based Payment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | |
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 584,395 | ||
Number of share options granted in share-based payment arrangement | 1,096,685 | ||
Number of share options forfeited in share-based payment arrangement | (8,146) | ||
Number of share options exercised in share-based payment arrangement | (127,694) | ||
Number of share options outstanding in share-based payment arrangement | 1,545,240 | 584,395 | |
Expense from share-based payment transactions with employees | $ | $ 11,038 | $ 6,621 | $ 8,444 |
Shares granted to Non-Executive Directors | |||
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 | 75,636 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | (75,636) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 1,041 | $ 861 | 665 |
Shares granted to Executive Directors | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 170,330 | ||
Number of share options granted in share-based payment arrangement | 257,665 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | (52,058) | ||
Number of share options outstanding in share-based payment arrangement | 375,937 | 170,330 | |
Expense from share-based payment transactions with employees | $ | $ 3,560 | $ 800 | 800 |
VCP | |||
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 | $ | $ 2,016 | $ 4,098 | 5,705 |
LTIP for executives | |||
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 | 571,984 | ||
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 | 571,984 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 2,111 | $ 0 | 0 |
Year Of Issuance 2022 [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 | 191,400 | ||
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 | 191,400 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 619 | $ 0 | 0 |
Year of issuance 2020 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 414,065 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | (8,146) | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 405,919 | 414,065 | |
Expense from share-based payment transactions with employees | $ | $ 1,691 | $ 862 | 1,274 |
Issuance [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 414,065 | ||
Number of share options granted in share-based payment arrangement | 191,400 | ||
Number of share options forfeited in share-based payment arrangement | (8,146) | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 597,319 | 414,065 | |
Expense from share-based payment transactions with employees | $ | $ 2,310 | $ 862 | $ 1,274 |
Share-based payment (Narrative)
Share-based payment (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Mar. 08, 2022 shares | Nov. 30, 2019 instrument item | Dec. 31, 2022 installment item shares | Dec. 31, 2018 shares | Feb. 28, 2023 shares | Dec. 31, 2021 shares | |
Disclosure Of Share-based Payment [Line Items] | ||||||
Number of instruments granted in share-based payment arrangement | instrument | 800,000 | |||||
Number of shares issued | 57,621,998 | 60,238,026 | ||||
Description of maximum term of options granted for share-based payment arrangement | 10-year | |||||
Employee Benefit Trust [Member] | ||||||
Disclosure Of Share-based Payment [Line Items] | ||||||
Number of shares issued | 246,110 | |||||
Long-Term Incentive Program Oriented to Senior Management [Member] | ||||||
Disclosure Of Share-based Payment [Line Items] | ||||||
Number of shares authorized | 215,000 | |||||
Vesting period | 3 years | |||||
Long-Term Incentive Program Oriented to Senior Management [Member] | Time Based Restricted Share Units [Member] | ||||||
Disclosure Of Share-based Payment [Line Items] | ||||||
Percentage of vesting award | 20% | |||||
Number of installments | installment | 3 | |||||
Number of anniversaries of grant date | item | 3 | |||||
Long-Term Incentive Program Oriented to Senior Management [Member] | Relative Performance Share Units [Member] | ||||||
Disclosure Of Share-based Payment [Line Items] | ||||||
Vesting period | 3 years | |||||
Percentage of vesting award | 35% | |||||
Long-Term Incentive Program Oriented to Senior Management [Member] | Absolute Performance Share Units [Member] | ||||||
Disclosure Of Share-based Payment [Line Items] | ||||||
Vesting period | 3 years | |||||
Percentage of vesting award | 45% | |||||
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 | 5,000,000 |
Interests in Joint operations_2
Interests in Joint operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Interests in Joint operations [Line Items] | |||
PP and E | $ 666,879 | $ 614,047 | $ 614,665 |
Total Assets | 973,975 | 895,741 | 960,266 |
Total Liabilities | (858,390) | (957,686) | |
Revenue. | $ 1,049,579 | $ 688,543 | $ 393,692 |
Llanos 34 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 45% | 45% | 45% |
PP and E | $ 295,639 | $ 260,589 | $ 212,914 |
Other Assets | 2,284 | 1,866 | 2,834 |
Total Assets | 297,923 | 262,455 | 215,748 |
Total Liabilities | (2,104) | (5,573) | (6,829) |
Net Assets/ (Liabilities) | 295,819 | 256,882 | 208,919 |
Revenue. | 721,326 | 486,779 | 273,077 |
Operating profit (loss) | $ 402,425 | $ 341,473 | $ 203,386 |
Llanos 32 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 12.50% | 12.50% | 12.50% |
PP and E | $ 2,324 | $ 2,730 | $ 1,484 |
Other Assets | 0 | 0 | 0 |
Total Assets | 2,324 | 2,730 | 1,484 |
Total Liabilities | (371) | (197) | (273) |
Net Assets/ (Liabilities) | 1,953 | 2,533 | 1,211 |
Revenue. | 9,791 | 7,690 | 5,885 |
Operating profit (loss) | $ 7,066 | $ 5,378 | $ 4,248 |
Llanos 86 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 970 | $ 408 | $ 137 |
Other Assets | 0 | 0 | 0 |
Total Assets | 970 | 408 | 137 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 970 | 408 | 137 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (60) | $ (60) | $ 0 |
Llanos 87 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 15,038 | $ 1,220 | $ 333 |
Other Assets | 0 | 0 | 0 |
Total Assets | 15,038 | 1,220 | 333 |
Total Liabilities | (41) | 0 | |
Net Assets/ (Liabilities) | 14,997 | 1,220 | 333 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (390) | $ (60) | $ 0 |
Llanos 94 Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 576 | $ 1,489 | $ 42 |
Other Assets | 0 | 0 | 0 |
Total Assets | 576 | 1,489 | 42 |
Total Liabilities | (233) | (270) | (68) |
Net Assets/ (Liabilities) | 343 | 1,219 | (26) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (5,632) | $ (171) | $ 0 |
Llanos 104 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 1,001 | $ 434 | $ 145 |
Other Assets | 0 | 0 | 0 |
Total Assets | 1,001 | 434 | 145 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 1,001 | 434 | 145 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (60) | $ (60) | $ 0 |
Llanos 123 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 1,172 | $ 907 | $ 248 |
Other Assets | 0 | 0 | 0 |
Total Assets | 1,172 | 907 | 248 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 1,172 | 907 | 248 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (60) | $ (60) | $ 0 |
Llanos 124 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 1,207 | $ 841 | $ 240 |
Other Assets | 0 | 0 | 0 |
Total Assets | 1,207 | 841 | 240 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 1,207 | 841 | 240 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (60) | $ (60) | $ 0 |
CPO-5 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 30% | 30% | 30% |
PP and E | $ 199,748 | $ 210,154 | $ 218,298 |
Other Assets | 0 | 0 | 0 |
Total Assets | 199,748 | 210,154 | 218,298 |
Total Liabilities | (344) | (929) | (455) |
Net Assets/ (Liabilities) | 199,404 | 209,225 | 217,843 |
Revenue. | 184,160 | 88,479 | 29,552 |
Operating profit (loss) | $ 69,422 | $ 55,131 | $ 14,398 |
CPO-4-1 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | ||
PP and E | $ 102 | ||
Other Assets | 0 | ||
Total Assets | 102 | ||
Total Liabilities | 0 | ||
Net Assets/ (Liabilities) | 102 | ||
Revenue. | 0 | ||
Operating profit (loss) | $ 0 | ||
Mecaya Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 3,908 | $ 3,837 | $ 1,301 |
Other Assets | 0 | 0 | 0 |
Total Assets | 3,908 | 3,837 | 1,301 |
Total Liabilities | (17) | (84) | (128) |
Net Assets/ (Liabilities) | 3,891 | 3,753 | 1,173 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (62) | $ 0 | $ 0 |
PUT-8 Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 7,927 | $ 7,070 | $ 2,334 |
Other Assets | 0 | 0 | 0 |
Total Assets | 7,927 | 7,070 | 2,334 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 7,927 | 7,070 | 2,334 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (61) | $ 0 | $ 0 |
PUT-9 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 4,420 | $ 4,342 | $ 924 |
Other Assets | 0 | 0 | 0 |
Total Assets | 4,420 | 4,342 | 924 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 4,420 | 4,342 | 924 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (62) | $ 0 | $ 0 |
PUT-12 Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 60% | ||
PP and E | $ 610 | ||
Other Assets | 0 | ||
Total Assets | 610 | ||
Net Assets/ (Liabilities) | 610 | ||
Revenue. | 0 | ||
Operating profit (loss) | $ 0 | ||
PUT-36 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 2,931 | $ 2,870 | $ 31 |
Other Assets | 0 | 0 | 0 |
Total Assets | 2,931 | 2,870 | 31 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 2,931 | 2,870 | 31 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (60) | $ 0 | $ 0 |
Tacacho Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 3,629 | $ 3,591 |
Other Assets | 0 | 0 | 0 |
Total Assets | 3,629 | 3,591 | |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 3,629 | 3,591 | |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (3,699) | $ 0 | $ 0 |
Terecay Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 226 | $ 173 |
Other Assets | 0 | 0 | 0 |
Total Assets | 226 | 173 | |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 226 | 173 | |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (300) | $ 0 | $ 0 |
Flamenco Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 0 | 0 | 0 |
Total Assets | 0 | ||
Total Liabilities | (1,314) | (2,082) | (1,577) |
Net Assets/ (Liabilities) | (1,314) | (2,082) | (1,577) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (261) | $ (137) | $ (7,532) |
Campanario Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 0 | 0 | 0 |
Total Assets | 0 | ||
Total Liabilities | (422) | (551) | (372) |
Net Assets/ (Liabilities) | (422) | (551) | (372) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (115) | $ (106) | $ (16,913) |
Isla Norte Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 60% | 60% | 60% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 0 | 0 | 0 |
Total Assets | 0 | ||
Total Liabilities | (160) | (138) | (132) |
Net Assets/ (Liabilities) | (160) | (138) | (132) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (131) | $ (122) | $ (9,418) |
Manati field [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 10% | 10% | 10% |
PP and E | $ 5,665 | $ 6,851 | $ 13,280 |
Other Assets | 18,537 | 18,269 | 15,557 |
Total Assets | 24,202 | 25,120 | 28,837 |
Total Liabilities | (12,602) | (13,657) | (11,515) |
Net Assets/ (Liabilities) | 11,600 | 11,463 | 17,322 |
Revenue. | 19,873 | 20,109 | 12,286 |
Operating profit (loss) | $ 11,240 | $ 9,899 | $ 3,339 |
RECT128 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70% | ||
PP and E | $ 0 | ||
Other Assets | 1,152 | ||
Total Assets | 1,152 | ||
Total Liabilities | (52) | ||
Net Assets/ (Liabilities) | 1,100 | ||
Revenue. | 497 | ||
Operating profit (loss) | $ (72) | ||
POT T 785 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70% | 70% | 70% |
PP and E | $ 168 | $ 157 | $ 79 |
Other Assets | 0 | 0 | 0 |
Total Assets | 168 | 157 | 79 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 168 | 157 | 79 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ 0 | $ 0 | $ 0 |
CN-V Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 0 | 149 | 107 |
Total Assets | 149 | 107 | |
Total Liabilities | (14) | (528) | (164) |
Net Assets/ (Liabilities) | (14) | (379) | (57) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (131) | $ (839) | $ (289) |
Los Parlamentos Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 0 | 0 | 0 |
Total Assets | 0 | ||
Total Liabilities | (93) | 0 | |
Net Assets/ (Liabilities) | (93) | 0 | |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (176) | $ (285) | $ (244) |
Puelen Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18% | 18% | 18% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 10 | 12 | 20 |
Total Assets | 10 | 12 | 20 |
Total Liabilities | (105) | (18) | (106) |
Net Assets/ (Liabilities) | (95) | (6) | (86) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (69) | $ (55) | $ (156) |
Sierra del Nevado Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18% | 18% | 18% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 1 | 1 | 7 |
Total Assets | 1 | 1 | 7 |
Total Liabilities | (4) | (5) | (6) |
Net Assets/ (Liabilities) | (3) | (4) | 1 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (8) | $ (10) | $ (13) |
Morona [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 75% | ||
PP and E | $ 3,651 | ||
Other Assets | 607 | ||
Total Assets | 4,258 | ||
Total Liabilities | (6,622) | ||
Net Assets/ (Liabilities) | (2,364) | ||
Revenue. | 0 | ||
Operating profit (loss) | $ (36,980) | ||
Espejo [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 10,727 | $ 1,132 | $ 409 |
Other Assets | 593 | 78 | 29 |
Total Assets | 11,320 | 1,210 | 438 |
Total Liabilities | (5,406) | (610) | (131) |
Net Assets/ (Liabilities) | 5,914 | 600 | 307 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (5,151) | $ (589) | $ (464) |
Perico [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 15,195 | $ 4,658 | $ 397 |
Other Assets | 8,506 | 1,449 | 52 |
Total Assets | 23,701 | 6,107 | 449 |
Total Liabilities | (5,315) | (4,535) | (229) |
Net Assets/ (Liabilities) | 18,386 | 1,572 | 220 |
Revenue. | 10,671 | 0 | 0 |
Operating profit (loss) | $ 4,533 | $ (669) | $ (543) |
Commitments (Schedule of Royalt
Commitments (Schedule of Royalty Commitments) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 USD ($) item bbl | Oct. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | $ 55,245,000 | |||
Royalty maximum production benchmark | item | 15 | |||
Royalty benchmark percentage of total calculation | 75% | |||
Accumulated production of fields benchmark minimum | bbl | 5,000,000 | |||
Llanos 34 and 32 Blocks [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Additional Applicable Economical Right Production Royalty Rate | 1% | |||
CPO-5 Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Additional Applicable Economical Right Production Royalty Rate | 23% | |||
Platanillo Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Additional Applicable Economical Right Production Royalty Rate | 0% | |||
Campanario and Isla Norte Blocks [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Investment Assumption Percentage | 100% | |||
Campanario Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | $ 5,002,000 | |||
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% | |||
Pott785Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | $ 67,000 | |||
Llanos 32, Private Agreement With Other Partner In Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 9,225,000 | |||
Llanos 87 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 13,837,000 | |||
Llanos 94 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 11,470,000 | |||
Llanos 123 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 7,130,000 | |||
Llanos 124 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 10,555,000 | |||
CPO-4-1 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 2,922,000 | |||
CPO-5 Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 2,794,000 | |||
CPO-5, Private Agreement With Other Partner In Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 9,313,000 | |||
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 | |||
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 | 10,550,000 | |||
PUT-9, Private Agreement With Other Partner In Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 4,365,000 | |||
Tacacho Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 4,080,000 | |||
Tacacho, Other Partner 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 | |||
Llanos 86 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 9,895,000 | |||
Llanos 104 Block (Colombia) [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 8,767,000 | |||
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 | 11,891,000 | |||
Los Parlamentos Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | $ 6,000,000 | |||
Working interest percentage | 50% | |||
Espejo Blocks [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 20,912,000 | |||
Perico Blocks [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Capital commitments | 18,084,000 | |||
Previous Owners of Block [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Accrued Overriding Royalty Payments | $ 34,032,000 | $ 22,562,000 | $ 14,018,000 | |
Previous Owners of Block [Member] | Llanos 34 Blocks [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Overriding Royalty rate | 4% | |||
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% | |||
Chilean Government [Member] | Fell Block [Member] | Crude Oil [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Royalties Percentage | 5% | |||
Chilean Government [Member] | Fell Block [Member] | Gas [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Royalties Percentage | 3% | |||
Chilean Government [Member] | Fell Block [Member] | Oil And Natural Gases [Member] | ||||
Disclosure Of Commitments [Line Items] | ||||
Royalties Percentage | 5% | |||
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% | |||
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% |
Related parties (Schedule of Co
Related parties (Schedule of Controlling Interests) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 16, 2020 |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 57,621,998 | 60,238,026 | |
Percentage of voting equity interests acquired | 100% | 100% | |
James F. Park [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 8,817,251 | ||
Percentage of voting equity interests acquired | 15.30% | ||
Compass Group LLC [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 7,525,160 | ||
Percentage of voting equity interests acquired | 13.06% | ||
Gerald O'Shaughnessy [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 5,545,080 | ||
Percentage of voting equity interests acquired | 9.62% | ||
Renaissance Technologies LLC | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,106,263 | ||
Percentage of voting equity interests acquired | 5.39% | ||
Other shareholders [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 32,628,244 | ||
Percentage of voting equity interests acquired | 56.62% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Related parties [Line Items] | |||
Amounts receivable, related party transactions | $ 8,750 | $ 4,680 | |
Geological and geophysical expenses. | 10,529 | 7,891 | $ 14,951 |
Administrative expenses. | 50,024 | 46,828 | 50,315 |
Entities with joint control or significant influence over entity [member] | |||
Disclosure Of Related parties [Line Items] | |||
Amounts receivable, related party transactions | 8,750 | 4,680 | 2,236 |
Amounts payable, related party transactions | $ (2,815) | $ (953) | $ (5,760) |
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. | $ 160 | $ 160 | $ 130 |
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. | $ 492 | $ 656 | $ 561 |
Description of nature of related party relationship | Former Executive Director (b) | Executive Director (b) | Executive Director (b) |
Related parties (Narrative) (De
Related parties (Narrative) (Details) | Feb. 13, 2023 shares |
James F. Park [Member] | |
Disclosure of classes of share capital held by him personally [Line Items] | |
Shares pledged under lending arrangements | 602,400 |
Auditors Fees (Details)
Auditors Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Auditors Fees | |||
Audit fees | $ 885 | $ 1,023 | $ 926 |
Audit related fees | 85 | 65 | |
Tax services fees | 27 | 47 | 35 |
Total Auditors Fees | $ 997 | $ 1,135 | $ 961 |
Business transactions (Summary
Business transactions (Summary of Consideration Paid in the Acquisition of Amerisur) (Details) - Amerisur Resources Limited [Member] $ in Thousands | Dec. 31, 2020 USD ($) |
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 | (33,709) |
Total identifiable net assets | $ 314,163 |
Business transactions (Narrativ
Business transactions (Narrative) (Details) | 12 Months Ended | |||||||||||
Apr. 30, 2022 USD ($) | Nov. 03, 2021 USD ($) | Jan. 16, 2020 GBP (£) item | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 01, 2022 USD ($) | Mar. 31, 2022 USD ($) | Aug. 31, 2021 | Nov. 22, 2020 BRL (R$) | Jan. 16, 2020 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percentage of voting equity interests acquired | 100% | 100% | 100% | 100% | ||||||||
Provision for Environmental Obligations | £ 4,465,600 | $ 5,384,000 | ||||||||||
Amerisur Resources Limited [Member] | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Cash transferred | $ 314,163,000 | |||||||||||
Manati Block [Member] | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Percent of Ownership Interest Sold | 10% | 10% | ||||||||||
Total Consideration Receivable | $ 30,478,000 | R$ 144400000 | ||||||||||
Fixed Consideration Receivable | R$ | 124,400,000 | |||||||||||
Earn Out Consideration Receivable | R$ | R$ 20000000 | |||||||||||
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% | |||||||||||
Total Consideration Receivable | $ 1,100,000 | |||||||||||
Fixed Consideration Receivable | 710,000 | $ 710,000 | ||||||||||
Aguada Baguales El Porvenir And Puesto Touquet Blocks [Member] | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Total Consideration Receivable | $ 16,000,000 | |||||||||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 1,600,000 | |||||||||||
Percentage of voting equity interests acquired | 100% | |||||||||||
Payment of adjustments for working capital | $ 370,000 | |||||||||||
Result of the transaction recognized gain | $ 3,983,000 | |||||||||||
Acquisition [member] | Amerisur Resources Limited [Member] | ||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||
Cash transferred | £ 241,682,496 | $ 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] | ||||||||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | |||||||||||
Reversal of impairment loss | $ 13,307,000 |
Impairment test on Property, _3
Impairment test on Property, plant and equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Disclosure Of Impairment test on Property, plant and equipment [Abstract] | |
Number Of Projected Oil Price Scenarios | 3 |
Impairment test on Property, _4
Impairment test on Property, plant and equipment (Schedule of Oil price) (Details) - CPO-5 Block (Colombia) [Member] | 12 Months Ended |
Dec. 31, 2022 $ / bbl | |
Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Percentage of oil price | 15% |
Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Percentage of oil price | 60% |
High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Percentage of oil price | 25% |
2023 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Weighted market price used for the impairment test | 93.39 |
2023 | Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 83.22 |
2023 | Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 92.47 |
2023 | High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 101.71 |
2024 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Weighted market price used for the impairment test | 67.97 |
2024 | Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 60.57 |
2024 | Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 67.30 |
2024 | High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 74.03 |
2025 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Weighted market price used for the impairment test | 69.60 |
2025 | Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 62.02 |
2025 | Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 68.91 |
2025 | High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 75.80 |
2026 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Weighted market price used for the impairment test | 71.27 |
2026 | Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 63.51 |
2026 | Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 70.57 |
2026 | High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 77.62 |
Over 2027 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Weighted market price used for the impairment test | 72.98 |
Over 2027 | Low Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 65.03 |
Over 2027 | Middle Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 72.26 |
Over 2027 | High Price | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Price per barrel | 79.49 |
Impairment test on Property, _5
Impairment test on Property, plant and equipment (Schedule of Amounts of Impairment Loss (Recognized) Reversed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | $ 0 | $ (4,334) | $ (133,864) |
Chile [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | 0 | (17,641) | (81,967) |
Brazil [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | 0 | 0 | (1,717) |
Argentina [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | 0 | 13,307 | (16,205) |
Peru [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | $ 0 | $ 0 | $ (33,975) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | $ 0 | $ 0 | $ 202,913 |
Acquisition of properties, Unproved | 0 | 0 | 73,310 |
Total property acquisition | 0 | 0 | 276,223 |
Exploration | 76,187 | 45,769 | 29,951 |
Development | 99,619 | 81,000 | 51,930 |
Total costs incurred | 175,806 | 126,769 | 81,881 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 202,913 |
Acquisition of properties, Unproved | 0 | 0 | 73,310 |
Total property acquisition | 0 | 0 | 276,223 |
Exploration | 48,771 | 40,828 | 19,142 |
Development | 89,231 | 81,310 | 51,793 |
Total costs incurred | 138,002 | 122,138 | 70,935 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 116 | 3,940 | 9,447 |
Development | 9,952 | 1,900 | 3,580 |
Total costs incurred | 10,068 | 5,840 | 13,027 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 0 | 3 | 668 |
Development | (212) | (2,212) | 412 |
Total costs incurred | (212) | (2,209) | 1,080 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 779 | 998 | 694 |
Development | 0 | 2 | (3,855) |
Total costs incurred | 779 | $ 1,000 | $ (3,161) |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | ||
Acquisition of properties, Unproved | 0 | ||
Total property acquisition | 0 | ||
Exploration | 26,521 | ||
Development | 648 | ||
Total costs incurred | $ 27,169 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | $ 222,727 | $ 201,177 | $ 197,829 |
Proved properties, Mineral interest and wells | 1,079,257 | 957,932 | 968,617 |
Proved properties, Other uncompleted projects | 16,480 | 27,204 | 15,477 |
Unproved properties | 113,041 | 94,690 | 77,820 |
Gross capitalised costs | 1,431,505 | 1,281,003 | 1,259,743 |
Accumulated depreciation | (771,353) | (679,774) | (658,432) |
Total net capitalised costs | 660,152 | 601,229 | 601,311 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 144,672 | 125,078 | 115,577 |
Proved properties, Mineral interest and wells | 672,424 | 580,931 | 511,040 |
Proved properties, Other uncompleted projects | 16,099 | 26,136 | 13,048 |
Unproved properties | 102,760 | 94,419 | 77,388 |
Gross capitalised costs | 935,955 | 826,564 | 717,053 |
Accumulated depreciation | (354,981) | (282,616) | (228,929) |
Total net capitalised costs | 580,974 | 543,948 | 488,124 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 74,490 | 72,766 | 74,363 |
Proved properties, Mineral interest and wells | 343,926 | 334,993 | 348,366 |
Proved properties, Other uncompleted projects | 113 | 818 | 2,158 |
Unproved properties | 0 | ||
Gross capitalised costs | 418,529 | 408,577 | 424,887 |
Accumulated depreciation | (371,171) | (358,417) | (345,611) |
Total net capitalised costs | 47,358 | 50,160 | 79,276 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 3,565 | 3,333 | 3,580 |
Proved properties, Mineral interest and wells | 44,716 | 42,008 | 47,729 |
Proved properties, Other uncompleted projects | 268 | 250 | 245 |
Unproved properties | 290 | 271 | 432 |
Gross capitalised costs | 48,839 | 45,862 | 51,986 |
Accumulated depreciation | (42,885) | (38,741) | (38,273) |
Total net capitalised costs | 5,954 | 7,121 | 13,713 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 0 | 4,309 | |
Proved properties, Mineral interest and wells | 0 | 61,482 | |
Proved properties, Other uncompleted projects | 0 | 26 | |
Unproved properties | 0 | 0 | |
Gross capitalised costs | 0 | 65,817 | |
Accumulated depreciation | 0 | (45,619) | |
Total net capitalised costs | $ 0 | $ 20,198 | |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Mineral interest and wells | 18,191 | ||
Unproved properties | 9,991 | ||
Gross capitalised costs | 28,182 | ||
Accumulated depreciation | (2,316) | ||
Total net capitalised costs | $ 25,866 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | $ 1,040,125 | $ 688,543 | $ 393,692 |
Production costs, excluding depreciation | |||
Operating costs | (99,563) | (99,767) | (89,197) |
Royalties and economic rights | (252,287) | (113,023) | (35,875) |
Total production costs | (351,850) | (212,790) | (125,072) |
Exploration expenses | (34,087) | (16,783) | (64,488) |
Accretion expense | (2,641) | (3,140) | (4,276) |
Impairment loss for non-financial assets | (4,334) | (99,889) | |
Depreciation, depletion and amortization | (88,964) | (78,479) | (106,164) |
Results of operations before income tax | 562,583 | 373,017 | (6,197) |
Income tax (expense) benefit | (196,744) | (120,669) | (24,862) |
Results of oil and gas operations | 365,839 | 252,348 | (31,059) |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 978,423 | 618,268 | 334,606 |
Production costs, excluding depreciation | |||
Operating costs | (78,323) | (72,043) | (61,866) |
Royalties and economic rights | (249,303) | (106,341) | (30,453) |
Total production costs | (327,626) | (178,384) | (92,319) |
Exploration expenses | (28,424) | (11,276) | (12,493) |
Accretion expense | (621) | (576) | (670) |
Impairment loss for non-financial assets | 0 | 0 | |
Depreciation, depletion and amortization | (72,386) | (54,588) | (56,720) |
Results of operations before income tax | 549,366 | 373,444 | 172,404 |
Income tax (expense) benefit | (192,278) | (115,768) | (55,169) |
Results of oil and gas operations | 357,088 | 257,676 | 117,235 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 29,196 | 21,471 | 21,704 |
Production costs, excluding depreciation | |||
Operating costs | (12,961) | (10,280) | (9,491) |
Royalties and economic rights | (1,165) | (770) | (753) |
Total production costs | (14,126) | (11,050) | (10,244) |
Exploration expenses | (116) | (4,509) | (50,301) |
Accretion expense | (1,516) | (1,319) | (1,358) |
Impairment loss for non-financial assets | (17,641) | (81,967) | |
Depreciation, depletion and amortization | (12,754) | (12,806) | (32,233) |
Results of operations before income tax | 684 | (25,854) | (154,399) |
Income tax (expense) benefit | (103) | 3,878 | 23,160 |
Results of oil and gas operations | 581 | (21,976) | (131,239) |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 19,873 | 20,109 | 12,783 |
Production costs, excluding depreciation | |||
Operating costs | (3,753) | (2,954) | (2,827) |
Royalties and economic rights | (1,546) | (1,642) | (1,049) |
Total production costs | (5,299) | (4,596) | (3,876) |
Exploration expenses | 0 | (1,000) | |
Accretion expense | (504) | (535) | (867) |
Impairment loss for non-financial assets | 0 | (1,717) | |
Depreciation, depletion and amortization | (1,509) | (2,933) | (2,488) |
Results of operations before income tax | 12,561 | 12,045 | 2,835 |
Income tax (expense) benefit | (4,271) | (4,095) | (964) |
Results of oil and gas operations | 8,290 | 7,950 | 1,871 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 1,962 | 28,695 | 24,599 |
Production costs, excluding depreciation | |||
Operating costs | (1,306) | (14,490) | (15,013) |
Royalties and economic rights | (273) | (4,270) | (3,620) |
Total production costs | (1,579) | (18,760) | (18,633) |
Exploration expenses | (779) | (998) | (694) |
Accretion expense | (710) | (1,381) | |
Impairment loss for non-financial assets | 13,307 | (16,205) | |
Depreciation, depletion and amortization | (8,152) | (14,723) | |
Results of operations before income tax | (396) | 13,382 | (27,037) |
Income tax (expense) benefit | (4,684) | 8,111 | |
Results of oil and gas operations | (396) | $ 8,698 | $ (18,926) |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 10,671 | ||
Production costs, excluding depreciation | |||
Operating costs | (3,220) | ||
Royalties and economic rights | 0 | ||
Total production costs | (3,220) | ||
Exploration expenses | (4,768) | ||
Accretion expense | 0 | ||
Depreciation, depletion and amortization | (2,315) | ||
Results of operations before income tax | 368 | ||
Income tax (expense) benefit | (92) | ||
Results of oil and gas operations | $ 276 |
Supplemental information on o_6
Supplemental information on oil and gas activities (Schedule of Reserve Quantity Information) (Details) | Dec. 31, 2022 MBbls MMcf | Dec. 31, 2021 MBbls MMcf | Dec. 31, 2020 MMcf MBbls | Dec. 31, 2019 MBbls MMcf |
Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 48,068 | 49,750 | 46,334 | 42,001 |
Undeveloped reserves for properties, net | 18,241 | 32,197 | 46,573 | 74,601 |
Proved developed and undeveloped reserves for properties, net | 66,309 | 81,947 | 92,907 | 116,602 |
Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 24,611 | 33,383 | 40,275 | 37,382 |
Undeveloped reserves for properties, net | MMcf | 0 | 1,563 | 5,661 | 6,863 |
Proved developed and undeveloped reserves for properties, net | MMcf | 24,611 | 34,946 | 45,936 | 44,245 |
Colombia [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 46,623 | 47,766 | 43,817 | 39,397 |
Undeveloped reserves for properties, net | 17,765 | 31,019 | 45,240 | 51,212 |
Proved developed and undeveloped reserves for properties, net | 64,388 | 78,785 | 89,057 | 90,609 |
Colombia [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 1,065 | 1,207 | 1,695 | 2,319 |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 | 0 |
Proved developed and undeveloped reserves for properties, net | MMcf | 1,065 | 1,207 | 1,695 | 2,319 |
Chile [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 1,115 | 755 | 798 | 898 |
Undeveloped reserves for properties, net | 476 | 575 | 1,229 | 2,809 |
Proved developed and undeveloped reserves for properties, net | 1,591 | 1,330 | 2,027 | 3,707 |
Chile [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 14,103 | 15,196 | 19,054 | 14,406 |
Undeveloped reserves for properties, net | MMcf | 0 | 1,563 | 5,661 | 6,413 |
Proved developed and undeveloped reserves for properties, net | MMcf | 14,103 | 16,759 | 24,715 | 20,819 |
Brazil [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 8 | 43 | 34 | 48 |
Proved developed and undeveloped reserves for properties, net | 8 | 43 | 34 | 48 |
Brazil [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 9,443 | 13,601 | 13,927 | 14,872 |
Proved developed and undeveloped reserves for properties, net | MMcf | 9,443 | 13,601 | 13,927 | 14,872 |
Argentina [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 0 | 1,186 | 1,685 | 1,658 |
Undeveloped reserves for properties, net | 0 | 603 | 104 | 1,370 |
Proved developed and undeveloped reserves for properties, net | 0 | 1,789 | 1,789 | 3,028 |
Argentina [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 0 | 3,379 | 5,599 | 5,785 |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 | 450 |
Proved developed and undeveloped reserves for properties, net | MMcf | 3,379 | 5,599 | 6,235 | |
Ecuador [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 322 | 0 | 0 | |
Proved developed and undeveloped reserves for properties, net | 322 | 0 | ||
Ecuador [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 0 | 0 | 0 | |
Peru [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 0 | 0 | 0 | 19,210 |
Proved developed and undeveloped reserves for properties, net | 0 | 0 | 19,210 | |
Peru [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved 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, 2022 MBbls MMcf | Dec. 31, 2021 MMcf MBbls | Dec. 31, 2020 MMcf MBbls | |
Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 81,947 | 92,907 | 116,602 |
Increase (decrease) attributable to: | |||
Revisions | (2,282) | (3,955) | (4,530) |
Extensions and discoveries | 836 | 3,978 | 4,824 |
Purchase or (Disposal) of Minerals in place | (1,760) | (12,357) | |
Productions | (12,432) | (10,983) | (11,632) |
Reserves | 66,309 | 81,947 | 92,907 |
Oil And Condensates [Member] | Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 78,785 | 89,057 | 90,609 |
Increase (decrease) attributable to: | |||
Revisions | (2,677) | (3,207) | (1,964) |
Extensions and discoveries | 204 | 3,375 | 4,545 |
Purchase or (Disposal) of Minerals in place | 0 | 6,853 | |
Productions | (11,924) | (10,440) | (10,986) |
Reserves | 64,388 | 78,785 | 89,057 |
Oil And Condensates [Member] | Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 1,330 | 2,027 | 3,707 |
Increase (decrease) attributable to: | |||
Revisions | 422 | (597) | (1,825) |
Extensions and discoveries | 0 | 279 | |
Purchase or (Disposal) of Minerals in place | 0 | ||
Productions | (161) | (100) | (134) |
Reserves | 1,591 | 1,330 | 2,027 |
Oil And Condensates [Member] | Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 43 | 34 | 48 |
Increase (decrease) attributable to: | |||
Revisions | (27) | 18 | (7) |
Extensions and discoveries | 0 | ||
Purchase or (Disposal) of Minerals in place | 0 | ||
Productions | (8) | (9) | (7) |
Reserves | 8 | 43 | 34 |
Oil And Condensates [Member] | Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 1,789 | 1,789 | 3,028 |
Increase (decrease) attributable to: | |||
Revisions | (169) | (734) | |
Extensions and discoveries | 603 | ||
Purchase or (Disposal) of Minerals in place | (1,760) | 0 | |
Productions | (29) | (434) | (505) |
Reserves | 0 | 1,789 | 1,789 |
Oil And Condensates [Member] | Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 0 | ||
Increase (decrease) attributable to: | |||
Revisions | 0 | ||
Extensions and discoveries | 632 | 0 | |
Purchase or (Disposal) of Minerals in place | 0 | ||
Productions | (310) | 0 | 0 |
Reserves | 322 | 0 | |
Oil And Condensates [Member] | Peru [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 0 | 19,210 | |
Increase (decrease) attributable to: | |||
Revisions | 0 | ||
Extensions and discoveries | 0 | ||
Purchase or (Disposal) of Minerals in place | (19,210) | ||
Productions | 0 | 0 | |
Reserves | 0 | 0 | |
Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 34,946 | 45,936 | 44,245 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 756 | (705) | 2,133 |
Extensions and discoveries | MMcf | 10,456 | ||
Purchase or (Disposal) of Minerals in place | MMcf | (3,227) | ||
Productions | MMcf | (7,864) | (10,285) | (10,898) |
Reserves | MMcf | 24,611 | 34,946 | 45,936 |
Naturals gas [Member] | Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 1,207 | 1,695 | 2,319 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 141 | 14 | (211) |
Extensions and discoveries | MMcf | 0 | ||
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Productions | MMcf | (283) | (502) | (413) |
Reserves | MMcf | 1,065 | 1,207 | 1,695 |
Naturals gas [Member] | Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 16,759 | 24,715 | 20,819 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 1,501 | (3,553) | (385) |
Extensions and discoveries | MMcf | 10,456 | ||
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Productions | MMcf | (4,157) | (4,403) | (6,175) |
Reserves | MMcf | 14,103 | 16,759 | 24,715 |
Naturals gas [Member] | Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 13,601 | 13,927 | 14,872 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | (886) | 3,470 | 1,840 |
Extensions and discoveries | MMcf | 0 | ||
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Productions | MMcf | (3,272) | (3,796) | (2,785) |
Reserves | MMcf | 9,443 | 13,601 | 13,927 |
Naturals gas [Member] | Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 3,379 | 5,599 | 6,235 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | (636) | 889 | |
Purchase or (Disposal) of Minerals in place | MMcf | (3,227) | ||
Productions | MMcf | (152) | (1,584) | (1,525) |
Reserves | MMcf | 3,379 | 5,599 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | $ 5,511,603 | $ 4,716,229 | $ 2,844,129 | |
Future production costs | (1,743,842) | (1,881,211) | (1,034,109) | |
Future development costs | (225,612) | (288,955) | (253,474) | |
Future income taxes | (1,193,419) | (760,601) | (409,603) | |
Undiscounted future net cash flows | 2,348,730 | 1,785,462 | 1,146,943 | |
10% annual discount | (864,075) | (492,729) | (345,319) | |
Standardized measure of discounted future net cash flows | 1,484,655 | 1,292,733 | 801,624 | $ 1,593,735 |
Colombia [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 5,229,599 | 4,381,191 | 2,561,947 | |
Future production costs | (1,633,818) | (1,715,554) | (850,029) | |
Future development costs | (182,701) | (197,461) | (197,859) | |
Future income taxes | (1,191,658) | (754,205) | (409,276) | |
Undiscounted future net cash flows | 2,221,422 | 1,713,971 | 1,104,783 | |
10% annual discount | (839,621) | (496,150) | (345,550) | |
Standardized measure of discounted future net cash flows | 1,381,801 | 1,217,821 | 759,233 | 1,313,572 |
Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 190,449 | 136,152 | 130,200 | |
Future production costs | (72,411) | (69,067) | (82,290) | |
Future development costs | (40,659) | (40,339) | (28,620) | |
Future income taxes | 0 | 0 | ||
Undiscounted future net cash flows | 77,379 | 26,746 | 19,290 | |
10% annual discount | (13,094) | 6,121 | (2,258) | |
Standardized measure of discounted future net cash flows | 64,285 | 32,867 | 17,032 | 104,223 |
Brazil [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 65,002 | 89,208 | 68,857 | |
Future production costs | (29,519) | (34,930) | (36,254) | |
Future development costs | (1,955) | (1,955) | (2,355) | |
Future income taxes | (1,761) | (3,449) | (327) | |
Undiscounted future net cash flows | 31,767 | 48,874 | 29,921 | |
10% annual discount | (8,856) | (7,171) | (4,543) | |
Standardized measure of discounted future net cash flows | 22,911 | 41,703 | 25,378 | 43,382 |
Argentina [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 109,678 | 83,125 | ||
Future production costs | (61,660) | (65,536) | ||
Future development costs | (49,200) | (24,640) | ||
Future income taxes | 0 | (2,947) | ||
Undiscounted future net cash flows | (4,129) | (7,051) | ||
10% annual discount | 4,471 | 7,032 | ||
Standardized measure of discounted future net cash flows | 0 | 342 | (19) | 11,341 |
Ecuador [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 26,553 | 0 | 0 | |
Future production costs | (8,094) | 0 | 0 | |
Future development costs | (297) | 0 | 0 | |
Future income taxes | 0 | 0 | 0 | |
Undiscounted future net cash flows | 18,162 | 0 | 0 | |
10% annual discount | (2,504) | 0 | 0 | |
Standardized measure of discounted future net cash flows | 15,658 | 0 | 0 | |
Peru [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Standardized measure of discounted future net cash flows | $ 0 | $ 0 | $ 0 | $ 121,217 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | $ 1,292,733 | $ 801,624 | $ 1,593,735 |
Sales of hydrocarbon, net of production costs | (924,280) | (560,896) | (236,797) |
Net changes in sales price and production costs | 989,474 | 1,005,171 | (1,108,304) |
Changes in estimated future development costs | 59,566 | 99,168 | 512,994 |
Extensions and discoveries less related costs | 35,627 | 79,913 | 73,812 |
Development costs incurred | 105,348 | 91,988 | 81,276 |
Revisions of previous quantity estimates | (74,779) | (88,204) | (36,683) |
Purchase or (Disposal) of Minerals in place | (342) | (30,902) | |
Net changes in income taxes | (203,697) | (257,154) | (281,554) |
Accretion of discount | 205,005 | 121,123 | 234,047 |
Balance Ending | 1,484,655 | 1,292,733 | 801,624 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 1,217,821 | 759,233 | 1,313,572 |
Sales of hydrocarbon, net of production costs | (891,534) | (516,844) | (221,620) |
Net changes in sales price and production costs | 956,926 | 924,875 | (975,716) |
Changes in estimated future development costs | 93,657 | 96,364 | 514,317 |
Extensions and discoveries less related costs | 6,754 | 80,933 | 59,898 |
Development costs incurred | 94,195 | 87,877 | 69,694 |
Revisions of previous quantity estimates | (87,851) | (76,850) | (27,190) |
Purchase or (Disposal) of Minerals in place | 0 | 90,315 | |
Net changes in income taxes | (205,370) | (254,618) | (281,264) |
Accretion of discount | 197,203 | 116,851 | 217,227 |
Balance Ending | 1,381,801 | 1,217,821 | 759,233 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 32,867 | 17,032 | 104,223 |
Sales of hydrocarbon, net of production costs | (15,317) | (11,520) | (12,803) |
Net changes in sales price and production costs | 39,457 | 64,048 | (117,895) |
Changes in estimated future development costs | (22,675) | (18,731) | 20,870 |
Extensions and discoveries less related costs | 0 | 0 | 13,914 |
Development costs incurred | 11,153 | 4,111 | 10,743 |
Revisions of previous quantity estimates | 15,513 | (23,776) | (13,002) |
Purchase or (Disposal) of Minerals in place | 0 | 0 | |
Net changes in income taxes | 0 | 0 | 0 |
Accretion of discount | 3,287 | 1,703 | 10,982 |
Balance Ending | 64,285 | 32,867 | 17,032 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 41,703 | 25,378 | 43,382 |
Sales of hydrocarbon, net of production costs | (14,697) | (15,677) | 8,080 |
Net changes in sales price and production costs | (6,909) | 19,393 | (14,580) |
Changes in estimated future development costs | (933) | 861 | (19,606) |
Extensions and discoveries less related costs | 0 | 0 | 0 |
Development costs incurred | 0 | 0 | 394 |
Revisions of previous quantity estimates | (2,441) | 11,957 | 3,519 |
Purchase or (Disposal) of Minerals in place | 0 | 0 | |
Net changes in income taxes | 1,673 | (2,780) | (290) |
Accretion of discount | 4,515 | 2,571 | 4,479 |
Balance Ending | 22,911 | 41,703 | 25,378 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 342 | (19) | 11,341 |
Sales of hydrocarbon, net of production costs | 0 | (16,855) | (10,454) |
Net changes in sales price and production costs | 0 | (3,145) | (113) |
Changes in estimated future development costs | 0 | 20,674 | (2,587) |
Extensions and discoveries less related costs | 0 | (1,020) | 0 |
Development costs incurred | 0 | 0 | 445 |
Revisions of previous quantity estimates | 0 | 465 | (10) |
Purchase or (Disposal) of Minerals in place | (342) | 0 | |
Net changes in income taxes | 0 | 244 | 0 |
Accretion of discount | 0 | (2) | 1,359 |
Balance Ending | 0 | 342 | (19) |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 0 | 0 | |
Sales of hydrocarbon, net of production costs | (2,732) | ||
Changes in estimated future development costs | (10,483) | ||
Extensions and discoveries less related costs | 28,873 | ||
Balance Ending | 15,658 | 0 | 0 |
Peru [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 0 | 0 | 121,217 |
Sales of hydrocarbon, net of production costs | 0 | 0 | 0 |
Net changes in sales price and production costs | 0 | 0 | 0 |
Changes in estimated future development costs | 0 | 0 | 0 |
Extensions and discoveries less related costs | 0 | 0 | 0 |
Development costs incurred | 0 | 0 | 0 |
Revisions of previous quantity estimates | 0 | 0 | 0 |
Purchase or (Disposal) of Minerals in place | 0 | (121,217) | |
Net changes in income taxes | 0 | 0 | 0 |
Accretion of discount | 0 | 0 | 0 |
Balance Ending | $ 0 | $ 0 | $ 0 |
Supplemental information on _10
Supplemental information on oil and gas activities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Bcf MMBbls | Dec. 31, 2021 USD ($) Bcf MMBbls | Dec. 31, 2020 USD ($) MMBbls Bcf | Dec. 31, 2019 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Impairment loss | $ | $ 0 | $ 4,334,000 | $ 133,864,000 | |
Discount rate used in current estimate of value in use | 10% | 10% | 10% | |
Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | MMBbls | 2.3 | 4 | 4.5 | |
Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | 0.8 | 0.7 | 2.1 | |
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | 4 | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | 0.8 | |||
Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Impairment loss | $ | $ 17,641,000 | $ 81,967,000 | ||
Chile [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | MMBbls | 0.1 | 0.3 | ||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | MMBbls | 0.1 | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | MMBbls | 0.6 | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | MMBbls | 0.3 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | MMBbls | 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 Lower Performance Revisions | 2.7 | |||
Proved Developed And Undeveloped Reserves Due to Revisions Associated With Incremental Activity | 3.4 | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | 1.5 | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | 0.7 | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | 7.9 | |||
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | 5.8 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | 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 Than Expected Increase | 2.5 | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | 0.8 | 1 | ||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | 3 | |||
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | 1.6 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | 1.2 | |||
Colombia [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | MMBbls | 0.6 | 5.7 | 5.1 | |
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | MMBbls | 3.6 | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | MMBbls | 0.3 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | MMBbls | 4.2 | |||
Argentina [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Impairment loss | $ | $ 13,307,000 | $ 16,205,000 | ||
Argentina [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | MMBbls | 0.1 | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | MMBbls | 0.5 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | MMBbls | 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 Lower Performance Revisions | 1.6 | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | 1 | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | 1.9 | |||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | 1.2 | |||
Oil and gas properties [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | MMBbls | 1.6 | |||
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 | MMBbls | 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 From Existing Wells Revisions | MMBbls | 8.9 | 2.8 | ||
Oil and gas properties [Member] | Argentina [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | MMBbls | 0.3 | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | MMBbls | 0.2 | |||
Llanos 34 Blocks [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 84% | 88% | 86% | 97% |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 85% | 88% | 91% | 96% |
CPO-5 Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 11% | 8% | 8% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 3% | 5% | 4% | |
Llanos 32 Blocks [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 1% | 2% | 3% | 3% |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 7% | 5% | 5% | 4% |
Llanos 32 Blocks [Member] | 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 | 0.1 | |||
Platanillo Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 4% | 2% | 3% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 5% | 3% | ||
Fell Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 100% | 100% | 100% | 100% |
BCAM-40 Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 100% | 100% | 100% | 100% |
Aguada Baguales Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 45% | 50% | 49% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 100% | 100% | 100% | 100% |
Puesto Touquet Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 21% | 26% | 30% | |
El Porvenir Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 33% | 24% | 21% | |
Morona Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 100% | 100% | 100% | 100% |
Perico Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 85% | |||
Espejo Block Account [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportional interest of net proved developed reserve | 15% |