Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Document Information [Line Items] | |||
Document Type | 20-F | ||
Document Registration Statement | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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$0.001 per share | ||
Trading Symbol | GPRK | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 55,327,520 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Accounting Standard | International Financial Reporting Standards | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 0001464591 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Ernst & Young Audit S.A.S. | Pistrelli, Henry Martin y Asociados S.R.L. | Pistrelli, Henry Martin y Asociados S.R.L. |
Auditor Location | Bogota, Colombia | Buenos Aires, Argentina | Buenos Aires, Argentina |
Auditor Firm ID | 1522 | 1449 | 1449 |
Business Contact [Member] | |||
Document Information [Line Items] | |||
Contact Personnel Name | Mónica Jiménez González | ||
Entity Address, Address Line One | Calle 94 N° 11-30, 8o floor | ||
Entity Address, City or Town | Bogotá | ||
Entity Address, Country | CO | ||
City Area Code | 57 1 | ||
Local Phone Number | 743 2337 | ||
Other Address [Member] | |||
Document Information [Line Items] | |||
Contact Personnel Name | Maurice Blanco, Esq. | ||
Entity Address, Address Line One | 450 Lexington Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017 | ||
City Area Code | 212 | ||
Local Phone Number | 450 4000 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CONSOLIDATED STATEMENT OF INCOME | ||||
REVENUE | $ 756,625,000 | $ 1,049,579,000 | $ 688,543,000 | |
Commodity risk management contracts loss | (70,221,000) | (109,191,000) | ||
Production and operating costs | (232,325,000) | (359,779,000) | (212,790,000) | |
Geological and geophysical expenses | (11,192,000) | (10,529,000) | (7,891,000) | |
Administrative expenses | (43,969,000) | (50,024,000) | (46,828,000) | |
Selling expenses | (13,084,000) | (7,995,000) | (8,730,000) | |
Depreciation | (120,934,000) | (96,692,000) | (88,969,000) | |
Write-off of unsuccessful exploration efforts | (29,563,000) | (25,789,000) | (12,262,000) | |
Impairment loss for non-financial assets, net | (13,332,000) | 0 | (4,334,000) | |
Other (expenses) income | [1] | (21,319,000) | 527,000 | (11,739,000) |
OPERATING PROFIT | 270,907,000 | 429,077,000 | 185,809,000 | |
Financial expenses | (45,815,000) | (57,073,000) | (64,112,000) | |
Financial income | 6,237,000 | 3,180,000 | 1,652,000 | |
Foreign exchange (loss) gain | (16,820,000) | 19,725,000 | 5,049,000 | |
PROFIT BEFORE INCOME TAX | 214,509,000 | 394,909,000 | 128,398,000 | |
Income tax expense | (103,441,000) | (170,474,000) | (67,271,000) | |
PROFIT FOR THE YEAR | $ 111,068,000 | $ 224,435,000 | $ 61,127,000 | |
Earnings per share (in US$). Basic | $ 1.95 | $ 3.78 | $ 1 | |
Earnings per share (in US$). Diluted | $ 1.94 | $ 3.75 | $ 0.99 | |
[1] Includes results related to business transactions in Chile and Argentina. See Note 36. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
Profit for the year | $ 111,068 | $ 224,435 | $ 61,127 | |
Items that may be subsequently reclassified to profit or loss | ||||
Currency translation differences | 1,624 | 2,121 | (1,438) | |
Gain on cash flow hedges | [1] | 2,738 | 966 | |
Income tax expense relating to cash flow hedges | (1,369) | (483) | ||
Other comprehensive profit (loss) for the year | 2,993 | 2,604 | (1,438) | |
Total comprehensive profit for the year | $ 114,061 | $ 227,039 | $ 59,689 | |
[1] Unrealized result on commodity risk management contracts designated as cash flow hedges. See Note 8. |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 686,824,000 | $ 666,879,000 |
Right-of-use assets | 28,451,000 | 37,011,000 |
Prepayments and other receivables | 3,063,000 | 121,000 |
Other financial assets | 12,564,000 | 12,877,000 |
Deferred income tax asset | 15,920,000 | 18,943,000 |
TOTAL NON-CURRENT ASSETS | 746,822,000 | 735,831,000 |
CURRENT ASSETS | ||
Inventories | 13,552,000 | 14,434,000 |
Trade receivables | 65,049,000 | 71,794,000 |
Prepayments and other receivables | 25,896,000 | 22,106,000 |
Derivative financial instrument assets | 3,775,000 | 967,000 |
Cash and cash equivalents | 133,036,000 | 128,843,000 |
Assets held for sale | 28,419,000 | 0 |
TOTAL CURRENT ASSETS | 269,727,000 | 238,144,000 |
TOTAL ASSETS | 1,016,549,000 | 973,975,000 |
Equity attributable to owners of the Company | ||
Share capital | 55,000 | 58,000 |
Share premium | 111,281,000 | 134,798,000 |
Translation reserve | (9,962,000) | (11,586,000) |
Other reserves | 45,116,000 | 73,462,000 |
Retained earnings (Accumulated losses) | 29,530,000 | (81,147,000) |
TOTAL EQUITY | 176,020,000 | 115,585,000 |
NON-CURRENT LIABILITIES | ||
Borrowings | 488,453,000 | 485,114,000 |
Lease liabilities | 23,387,000 | 22,051,000 |
Provisions and other long-term liabilities | 34,083,000 | 51,947,000 |
Deferred income tax liability | 64,063,000 | 70,123,000 |
TOTAL NON-CURRENT LIABILITIES | 609,986,000 | 629,235,000 |
CURRENT LIABILITIES | ||
Borrowings | 12,528,000 | 12,528,000 |
Lease liabilities | 8,911,000 | 10,000,000 |
Derivative financial instrument liabilities | 70,000 | 19,000 |
Current income tax liabilities | 44,269,000 | 65,002,000 |
Trade and other payables | 137,817,000 | 141,606,000 |
Liabilities associated with assets held for sale | 26,948,000 | 0 |
TOTAL CURRENT LIABILITIES | 230,543,000 | 229,155,000 |
TOTAL LIABILITIES | 840,529,000 | 858,390,000 |
TOTAL EQUITY AND LIABILITIES | $ 1,016,549,000 | $ 973,975,000 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share Capital [Member]. | Share Premium [Member] | Translation Reserve [member] | Other Reserves [Member] | Retained Earnings (Accumulated Losses) [Member] | Total |
Beginning Balance at Dec. 31, 2020 | $ 61 | $ 179,399 | $ (12,269) | $ 104,485 | $ (380,866) | $ (109,190) |
Comprehensive income: | ||||||
Profit for the year | 0 | 0 | 0 | 0 | 61,127 | 61,127 |
Other comprehensive profit (loss) for the year | 0 | 0 | (1,438) | 0 | 0 | (1,438) |
Total Comprehensive (loss) profit for the year | 0 | 0 | (1,438) | 0 | 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 26.1.3) | (1) | (11,840) | 0 | 0 | 0 | (11,841) |
Cash distribution (Note 26.2) | 0 | 0 | 0 | (7,224) | 0 | (7,224) |
Total | (1) | (10,179) | 0 | (7,224) | 4,960 | (12,444) |
Ending Balance at Dec. 31, 2021 | 60 | 169,220 | (13,707) | 97,261 | (314,779) | (61,945) |
Comprehensive income: | ||||||
Profit for the year | 0 | 0 | 0 | 0 | 224,435 | 224,435 |
Other comprehensive profit (loss) for the year | 0 | 0 | 2,121 | 483 | 0 | 2,604 |
Total Comprehensive (loss) profit for the year | 0 | 0 | 2,121 | 483 | 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) | (3) | (36,262) | 0 | 0 | 0 | (36,265) |
Cash distribution (Note 26.2) | 0 | 0 | 0 | (24,282) | 0 | (24,282) |
Total | (2) | (34,422) | 0 | (24,282) | 9,197 | (49,509) |
Ending Balance at Dec. 31, 2022 | 58 | 134,798 | (11,586) | 73,462 | (81,147) | 115,585 |
Comprehensive income: | ||||||
Profit for the year | 0 | 0 | 0 | 0 | 111,068 | 111,068 |
Other comprehensive profit (loss) for the year | 0 | 0 | 1,624 | 1,369 | 0 | 2,993 |
Total Comprehensive (loss) profit for the year | 0 | 0 | 1,624 | 1,369 | 111,068 | 114,061 |
Transactions with owners: | ||||||
Share-based payment (Note 31) | 1 | 7,718 | 0 | 0 | (391) | 7,328 |
Repurchase of shares (Note 26.1.3) | (4) | (31,235) | 0 | 0 | 0 | (31,239) |
Cash distribution (Note 26.2) | 0 | 0 | 0 | (29,715) | 0 | (29,715) |
Total | (3) | (23,517) | 0 | (29,715) | (391) | (53,626) |
Ending Balance at Dec. 31, 2023 | $ 55 | $ 111,281 | $ (9,962) | $ 45,116 | $ 29,530 | $ 176,020 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities | ||||
Profit for the year | $ 111,068,000 | $ 224,435,000 | $ 61,127,000 | |
Adjustments for: | ||||
Income tax expense | 103,441,000 | 170,474,000 | 67,271,000 | |
Depreciation | 120,934,000 | 96,692,000 | 88,969,000 | |
Loss on disposal of property, plant and equipment | 426,000 | 73,000 | 787,000 | |
Impairment loss for non-financial assets | 13,332,000 | 0 | 4,334,000 | |
Write-off of unsuccessful exploration efforts | 29,563,000 | 25,789,000 | 12,262,000 | |
Accrual of borrowing's interests | 30,839,000 | 36,360,000 | 44,378,000 | |
Borrowings cancellation costs | 0 | 5,141,000 | 6,308,000 | |
Amortization of other long-term liabilities | (127,000) | (2,407,000) | (223,000) | |
Unwinding of long-term liabilities | 6,456,000 | 6,026,000 | 5,079,000 | |
Accrual of share-based payment | 7,328,000 | 11,038,000 | 6,621,000 | |
Foreign exchange loss (gain) | 19,729,000 | (19,725,000) | (5,049,000) | |
Unrealized gain on commodity risk management contracts | 0 | (13,023,000) | (463,000) | |
Income tax paid | [1] | (115,626,000) | (33,355,000) | (65,273,000) |
Changes in working capital | [2] | (26,425,000) | (40,047,000) | (9,351,000) |
Cash flows from operating activities - net | 300,938,000 | 467,471,000 | 216,777,000 | |
Cash flows from investing activities | ||||
Purchase of property, plant and equipment | (199,040,000) | (168,808,000) | (129,258,000) | |
Proceeds from disposal of long-term assets | 450,000 | 15,135,000 | 2,700,000 | |
Cash flows used in investing activities - net | (198,590,000) | (153,673,000) | (126,558,000) | |
Cash flows from financing activities | ||||
Proceeds from borrowings | 0 | 0 | 172,174,000 | |
Debt issuance costs paid | 0 | 0 | (2,019,000) | |
Principal paid | 0 | (172,522,000) | (274,934,000) | |
Interest paid | (27,500,000) | (36,514,000) | (42,592,000) | |
Borrowings cancellation and other costs paid | 0 | (9,118,000) | (12,908,000) | |
Lease payments | (10,267,000) | (7,851,000) | (7,518,000) | |
Repurchase of shares | (31,239,000) | (36,265,000) | (11,841,000) | |
Cash distribution | (29,715,000) | (24,282,000) | (7,224,000) | |
Payments for transactions with former non-controlling interest | 0 | 0 | (3,580,000) | |
Cash flows used in financing activities - net | (98,721,000) | (286,552,000) | (190,442,000) | |
Net increase (decrease) in cash and cash equivalents | 3,627,000 | 27,246,000 | (100,223,000) | |
Cash and cash equivalents at January 1 | 128,843,000 | 100,604,000 | 201,907,000 | |
Currency translation differences | 566,000 | 993,000 | (1,080,000) | |
Cash and cash equivalents at the end of the year | 133,036,000 | 128,843,000 | 100,604,000 | |
Ending Cash and cash equivalents are specified as follows: | ||||
Cash in bank and bank deposits | 133,023,000 | 128,831,000 | 100,587,000 | |
Cash in hand | 13,000 | 12,000 | 17,000 | |
Cash and cash equivalents | $ 133,036,000 | $ 128,843,000 | $ 100,604,000 | |
[1] Includes self-withholding taxes for US$ 35,116,000 , US$ 20,767,000 and US$ 12,469,000 in 2023, 2022 and 2021, respectively. Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 in 2023, 2022 and 2021, respectively. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
Payments Related To Tax Self Withholding | $ 35,116,000 | $ 20,767,000 | $ 12,469,000 |
Withholding taxes | $ 27,558,000 | $ 27,256,000 | $ 16,361,000 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2023 | |
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, Ecuador and Brazil. These Consolidated Financial Statements were authorized for issue by the board of directors on March 6, 2024 and have been approved to be included in our 2023 annual report (Form 20-F) on March 27, 2024. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, as follows: IFRS 17 Insurance Contracts IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation, and disclosure. This new accounting standard replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance, and re-insurance), regardless of the type of entity that issues them, as well as certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: ● a specific adaptation for contracts with direct participation features (the variable fee approach), and ● a simplified approach (the premium allocation approach) mainly for short-duration contracts. The new standard had no impact on the Consolidated Financial Statements of the Group. Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how to use measurement techniques and inputs to develop accounting estimates. These amendments had no impact on the Consolidated Financial Statements of the Group. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance to apply materiality judgements to accounting policy disclosures. The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. These amendments had no impact on the Consolidated Financial Statements of the Group. Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. These amendments had no impact on the Consolidated Financial Statements of the Group. International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two model rules and include: ● a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, ● disclosure requirements to assist in better understanding the Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception applies immediately. The disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. The amendments had no impact on the Consolidated Financial Statements of the Group. 2.1.1.2 Standards issued but not yet effective The new and amended standards and interpretations that have been issued, but are not yet effective, as of the date of issuance of these Consolidated Financial Statements are disclosed below. The Group has not early adopted these new and amended standards and interpretations, and intends to adopt them, if applicable, when they become effective. Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted, and any earlier application must be disclosed. The amendments are not expected to have a material impact on the Consolidated Financial Statements of the Group. Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, 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. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, 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. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but would need to be disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. The Enhancement and Standardization of Climate-Related Disclosures for Investors On March 06, 2024, the Securities and Exchange Commission (SEC) issued the final rule on The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule mandates the disclosure of information regarding a registrant’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. While compliance with this rule is phased in and not required for these Consolidated Financial Statements, the Group is currently assessing the impact of this rule and planification efforts ahead of initial required compliance. 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$ 133,036,000, the oil hedges to mitigate the price risk exposure within the next twelve to fifteen months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2023, matures in January 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 Exploration 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, Ecuador, Chile and Argentina 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 and economic rights in cash 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 on 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$ 29,563,000 has been recognized in the Consolidated Statement of Income within the ‘Write-off of unsuccessful exploration efforts’ line item (US$ 25,789,000 in 2022 and US$ 12,262,000 in 2021). 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. Impairment losses were recognized for US$ 13,332,000 in 2023 (no impairment losses were recognized in 2022 and US$ 4,334,000 were recognized in 2021). See Note 37. The write-offs are detailed in Note 20. 2.14 Lease contracts – Group as a lessee 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, 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 aris |
Financial Instruments-risk mana
Financial Instruments-risk management | 12 Months Ended |
Dec. 31, 2023 | |
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, Ecuador, Chile and Argentina 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. From time to time, the Group enters 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. No currency risk management contracts were in place as of December 31, 2023, and onwards. In January 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 2023, the Colombian Peso revalued by 21% (devalued by 21% and 16% in 2022 and 2021, respectively), the Chilean Peso devalued by 3% (1% and 19% in 2022 and 2021, respectively), and the Argentine Peso devalued by 356% (72% and 22% in 2022 and 2021, respectively), all against the US Dollar. If the Colombian Peso, the Chilean Peso, and the Argentine 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$ 13,971,000 (US$ 14,695,000 in 2022 and US$ 9,070,000 in 2021). 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 2023, the Brazilian Real revalued by 7% against the US Dollar (revalued by 7% in 2022 and devalued by 7% 2021). 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$ 728,000 (US$ 726,000 in 2022 and US$ 780,000 in 2021). 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 Ecuador, the oil price is linked to Brent and adjusted by a differential that varies month to month and resembles Oriente crude reference. 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 Chile, the oil price was linked to Dated Brent minus certain marketing and quality discounts such as, API, sulphur content and others. The gas price, under a long-term Gas Supply Contract with Methanex, was determined by a formula that considers a basket of international methanol prices, including US and European price indices. If oil and gas 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$ 42,393,000 (US$ 47,330,000 in 2022 and US$ 17,899,000 in 2021). GeoPark seeks to partially mitigates its exposure to crude oil price volatility using derivatives by hedging a portion of its production for a limited period going forward. The Group uses a combination of options to manage its exposure to commodity price risk, which considers forecasted production and budget price levels, among other factors. GeoPark has also obtained credit lines from different 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 2023, the oil and gas production was sold to three clients which concentrate 96% of the Colombian subsidiaries’ revenue, accounting for 89% of the consolidated revenue (97% and 99% of the Colombian subsidiaries’ revenue, accounting for 90% and 89% of the consolidated revenue in 2022 and 2021). 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 2024. 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 Ecuador, oil is transported through the Ecuadorian 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 3% of the consolidated revenue in 2023 (1% in 2022). In Brazil, all the gas from the Manati Block is sold to Petrobras, the State-owned company, which is also the operator of the Manati Field (2% of the consolidated revenue in 2023 and 2022, and 3% in 2021). In Chile, the oil production was sold to ENAP, the State-owned oil and gas company (1% of the consolidated revenue in 2023, 2022 and 2021), and the gas production was sold to the local subsidiary of Methanex, a Canadian public company (1% of the consolidated revenue in 2023 and 2022, and 2% in 2021). 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 2023 and 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 2023 with a cash balance of US$ 133,036,000, and has access to a US$ 80,000,000 senior unsecured credit facility with Banco BTG Pactual S.A. and Banco Latinoamericano de Comercio Exterior S.A., and to US$ 179,600,000 in uncommitted credit lines, and its total indebtedness matures in January 2027. In addition, the Group has a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with over 38,000 boepd in production at year end. This scale and positioning permit the Group to protect its financial condition and selectively allocate capital to the optimal projects subject to prevailing macroeconomic conditions. The Indentures governing the Company Notes 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 currently face interest rate risk on its US$ 500,000,000 Notes which carry a fixed rate coupon of 5.50% per annum and mature in January 2027. Consequently, the accruals and interest payments are not substantially affected by changes in prevailing interest rates. As of December 31, 2023, 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. The Group manages its capital structure and makes adjustments in light of changes in economic conditions, operating risks and working capital requirements. To maintain or adjust its capital structure, the Group may issue or buy back shares, change its dividend policy, raise or refinance debt and/or adjust its capital expenditures to manage its operating and growth objectives. Additionally, the Group utilizes a planning, budgeting and forecasting process to help determine and monitor the funds needed to maintain appropriate liquidity for operational, capital and financial needs. As of December 31, 2023 and 2022, GeoPark is in compliance with the debt covenant ratios associated with the Company´s Notes due 2027. See Note 27. The following table summarizes the Group’s capital structure balances: Amounts in US$‘000 2023 2022 Total Equity 176,020 115,585 Net Debt (a) 367,945 368,799 Working capital (b) 39,184 8,989 (a) Calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the Consolidated Statement of Financial Position) less cash and cash equivalents. (b) Calculated as ‘current assets’ less ‘current liabilities’. |
Accounting estimates and assump
Accounting estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 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 flows estimates for impairment assessments of non-financial assets require assumptions about three primary elements: future prices, reserves and discount rate. 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_3
Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
CONSOLIDATED STATEMENT OF CASH FLOWS. | |
Consolidated Statement of Cash Flows | Note 5 Consolidated Statement of Cash Flows The Consolidated Statement of Cash Flows 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 Flows: Amounts in US$‘000 2023 2022 2021 Increase (Decrease) in asset retirement obligation 7,374 (4,942) (651) Increase (Decrease) in provisions for other long-term liabilities 2,370 (2,616) (443) Purchase of property, plant and equipment (7,864) 7,864 — Additions / changes in estimates of right-of-use assets 137 22,462 5,288 Changes in working capital shown in the Consolidated Statement of Cash Flows are disclosed as follows: Amounts in US$‘000 2023 2022 2021 (Increase) Decrease in Inventories (1,330) (6,694) 1,241 Decrease (Increase) in Trade receivables 6,820 (1,425) (23,290) Increase in Prepayments and other receivables and Other assets (a) (33,328) (30,929) (13,817) Increase (Decrease) in Trade and other payables 1,413 (999) 26,515 (26,425) (40,047) (9,351) (a) Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 , in 2023, 2022 and 2021, 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, 2021 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 Addition to lease liabilities — 137 137 Accrual of borrowing's interests 30,839 — 30,839 Exchange difference — 7,061 7,061 Liabilities associated with assets held for sale (Note 36.1) — (26) (26) Foreign currency translation — 174 174 Unwinding of discount — 3,168 3,168 Interest paid (27,500) — (27,500) Lease payments — (10,267) (10,267) As of December 31, 2023 500,981 32,298 533,279 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
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 Exploration 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 Ecuador Brazil Chile (b) Argentina Corporate Total 2023 Revenue 702,401 19,097 14,019 15,644 — 5,464 756,625 Sale of crude oil 702,308 19,097 490 5,052 — — 726,947 Sale of purchased crude oil — — — — — 5,464 5,464 Sale of gas 903 — 13,529 10,592 — — 25,024 Commodity risk management contracts designated as cash flow hedges (810) — — — — — (810) Production and operating costs (204,245) (10,242) (4,946) (8,226) — (4,666) (232,325) Royalties in cash (11,201) — (1,096) (548) — — (12,845) Economic rights in cash (72,032) — — — — — (72,032) Share-based payment (671) (7) — (72) — — (750) Other operating costs (120,341) (10,235) (3,850) (7,606) — (4,666) (146,698) Adjusted EBITDA 446,835 5,159 6,374 4,952 (2,620) (8,838) 451,862 Depreciation (101,666) (7,096) (2,332) (9,815) (22) (3) (120,934) Recognition of impairment losses — — — (13,332) — — (13,332) Write-off of unsuccessful exploration efforts (29,563) — — — — — (29,563) Total assets 895,900 40,336 27,891 36,192 357 15,873 1,016,549 Employees (average) (a) 400 6 4 33 18 8 469 Employees at year end (a) 412 5 4 27 15 7 470 Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2022 Revenue 978,423 10,671 19,873 29,196 1,962 9,454 1,049,579 Sale of crude oil 977,184 10,671 796 14,460 1,664 — 1,004,775 Sale of purchased crude oil — — — — — 9,454 9,454 Sale of gas 1,239 — 19,077 14,736 298 — 35,350 Realized loss on commodity risk management contracts (83,244) — — — — — (83,244) Production and operating costs (327,626) (3,220) (5,299) (14,126) (1,579) (7,929) (359,779) Royalties in cash (60,314) — (1,546) (1,165) (273) — (63,298) Economic rights in cash (188,989) — — — — — (188,989) Share-based payment (843) (10) — (103) 1 — (955) Other operating costs (77,480) (3,210) (3,753) (12,858) (1,307) (7,929) (106,537) Adjusted EBITDA 525,593 4,197 11,654 11,753 (3,643) (8,775) 540,779 Depreciation (78,775) (788) (2,796) (14,076) (254) (3) (96,692) Write-off of unsuccessful exploration efforts (21,318) (4,471) — — — — (25,789) Total assets 797,390 35,690 34,329 63,379 1,296 41,891 973,975 Employees (average) (a) 362 7 5 53 33 9 469 Employees at year end (a) 388 8 4 49 24 9 482 Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2021 Revenue 618,268 — 20,109 21,471 28,695 — 688,543 Sale of crude oil 616,133 — 661 6,297 24,468 — 647,559 Sale of gas 2,135 — 19,448 15,174 4,227 — 40,984 Realized loss on commodity risk management contracts (109,654) — — — — — (109,654) Production and operating costs (178,384) — (4,596) (11,050) (18,760) — (212,790) Royalties in cash (33,385) — (1,575) (770) (4,270) — (40,000) Economic rights in cash (72,956) — (67) — — — (73,023) Share-based payment (334) — — (31) 26 — (339) Other operating costs (71,709) — (2,954) (10,249) (14,516) — (99,428) Adjusted EBITDA 294,847 (2,071) 12,569 7,639 2,124 (14,308) 300,800 Depreciation (61,279) (200) (4,082) (14,275) (9,130) (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 7,782 38,846 71,515 38,111 50,086 895,741 Employees (average) (a) 308 8 4 55 92 9 476 Employees at year end (a) 321 3 4 52 74 9 463 (a) Unaudited. (b) Divested in January 2024. See Note 36.1. In 2023, approximately 89% of capital expenditure was incurred by Colombia (82% in 2022 and 93% in 2021) and 11% was incurred by Ecuador (11% in 2022 and 4% in 2021). No capital expenditure was incurred by Chile in 2023 (7% in 2022 and 3% in 2021). A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: Amounts in US$ ‘000 2023 2022 2021 Adjusted EBITDA 451,862 540,779 300,800 Unrealized gain on commodity risk management contracts — 13,023 463 Depreciation (a) (120,934) (96,692) (88,969) Share-based payment (7,328) (11,038) (6,621) Impairment and write-off of unsuccessful exploration efforts, net (42,895) (25,789) (16,596) Lease accounting - IFRS 16 10,267 7,851 7,518 Others (b) (20,065) 943 (10,786) Operating profit 270,907 429,077 185,809 Financial expenses (45,815) (57,073) (64,112) Financial income 6,237 3,180 1,652 Foreign exchange (loss) gain (16,820) 19,725 5,049 Profit before tax 214,509 394,909 128,398 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2023, also includes termination and other costs incurred because of the divestment process in Chile, including a provision for investment commitments maintained by GeoPark after the transaction, for a total amount of US$ 9,742,000 (see Note 36.1), together with the amount paid for transferring the working interest in the Los Parlamentos Block in Argentina to the joint operation partner for US$ 7,023,000 (see Note 36.2), and others. 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | Note 7 Revenue Amounts in US$ ‘000 2023 2022 2021 Sale of crude oil 726,947 1,004,775 647,559 Sale of purchased crude oil 5,464 9,454 — Sale of gas 25,024 35,350 40,984 Commodity risk management contracts designated as cash flow hedges (a) (810) — — 756,625 1,049,579 688,543 (a) Realized result on commodity risk management contracts designated as cash flow hedges. See Note 8. |
Commodity risk management contr
Commodity risk management contracts | 12 Months Ended |
Dec. 31, 2023 | |
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, were accounted for as non-hedge derivatives and therefore all changes in the fair values of these derivative contracts were recognized immediately as gains or losses in the results of the periods in which they occurred as part of the ‘Commodity risk management contracts’ line item in the Consolidated Statement of Income. The table below summarizes the results on non-hedge derivative commodity risk management contracts: 2023 2022 2021 Realized loss on commodity risk management contracts — (83,244) (109,654) Unrealized gain on commodity risk management contracts — 13,023 463 — (70,221) (109,191) 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 Reserves’ 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 as part of the ‘Revenue’ line item in the Consolidated Statement of Income. The following table presents the Group’s production hedged during the year ended December 31, 2023, and for the following periods as a consequence of the derivative contracts in force as of December 31, 2023: Period Reference Type Volume bbl/d Weighted average price US$/bbl January 1, 2023 - March 31, 2023 ICE BRENT Zero Premium Collars 9,500 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ICE BRENT Zero Premium Collars 10,000 69.25 Put 110.56 Call July 1, 2023 - September 30, 2023 ICE BRENT Zero Premium Collars 9,000 70.00 Put 94.69 Call October 1, 2023 - December 31, 2023 ICE BRENT Zero Premium Collars 9,000 69.44 Put 91.82 Call January 1, 2024 - March 31, 2024 ICE BRENT Zero Premium Collars 8,500 65.59 Put 92.04 Call April 1, 2024 - June 30, 2024 ICE BRENT Zero Premium Collars 9,000 67.50 Put 96.99 Call July 1, 2024 - September 30, 2024 ICE BRENT Zero Premium Collars 7,000 66.43 Put 99.32 Call October 1, 2024 - December 31, 2024 ICE BRENT Zero Premium Collars 1,000 70.00 Put 96.00 Call |
Production and operating costs
Production and operating costs | 12 Months Ended |
Dec. 31, 2023 | |
Production and operating costs | |
Production and operating costs | Note 9 Production and operating costs Amounts in US$ '000 2023 2022 2021 Staff costs (Note 11) 13,889 13,114 16,655 Share-based payment (Note 11) 750 955 339 Royalties in cash (a) 12,845 63,298 40,000 Economic rights in cash (a) 72,032 188,989 73,023 Well and facilities maintenance 26,089 20,779 17,989 Operation and maintenance 8,143 6,545 7,826 Consumables (b) 37,556 21,789 19,270 Equipment rental 4,314 7,580 8,127 Transportation costs 5,850 4,021 3,383 Field camp 6,546 4,070 4,386 Safety and insurance costs 5,487 3,745 4,216 Personnel transportation 3,363 2,480 2,397 Consultant fees 2,291 2,133 1,732 Gas plant costs 1,865 1,680 2,596 Non-operated blocks costs (c) 20,421 12,650 4,941 Crude oil stock variation 2,004 (6,449) 1,271 Purchased crude oil 4,666 7,929 — Other costs 4,214 4,471 4,639 232,325 359,779 212,790 (a) Royalties and economic rights in Colombia are payable to the National Hydrocarbons Agency (“ANH”) and are determined on a field-by-field basis depending on different variables such as crude quality and price levels, among others (see Note 33). During 2023, the mix of royalties and economic rights paid “in-kind” increased as compared to royalties and economic rights paid ‘in-cash”. These changes caused variations in the ‘royalties in cash’ and ‘economic rights in cash’ line items from year to year, which are compensated by variations in the quantities of oil sales impacting the ‘Revenue’ line item in the Consolidated Statement of Income. (b) Consumables include energy costs of US$ 26,348,000 in the Llanos 34 Block in 2023 (US$ 6,086,000 in 2022) due to a drought that affected the energy matrix in Colombia as a result of decreased availability of hydroelectric power. (c) Non-operated block costs show the increase in activities in the CPO-5 and Perico Blocks in Colombia and Ecuador, respectively. |
Depreciation
Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
Depreciation | |
Depreciation | Note 10 Depreciation Amounts in US$ ‘000 2023 2022 2021 Oil and gas properties 95,369 76,720 66,011 Production facilities and machinery 12,896 12,244 12,468 Furniture, equipment and vehicles 1,304 1,344 1,960 Buildings and improvements 503 672 700 Depreciation of property, plant and equipment (a) 110,072 90,980 81,139 Related to: Productive assets 108,265 88,964 78,479 Administrative assets 1,807 2,016 2,660 Depreciation total (a) 110,072 90,980 81,139 (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, 2023 | |
Staff costs and Directors' Remuneration | |
Staff costs and Directors' Remuneration | Note 11 Staff costs and Directors’ Remuneration 2023 2022 2021 Number of employees at year end (a) 470 482 463 Amounts in US$ ‘000 Wages and salaries 41,917 38,699 42,516 Share-based payments (Note 31) 7,328 11,038 6,621 Social security charges 5,992 5,593 6,901 Director’s fees and allowance 896 1,172 2,853 56,133 56,502 58,891 Recognized as follows: Production and operating costs 14,639 14,069 16,994 Geological and geophysical expenses 8,407 7,490 6,219 Administrative expenses 32,604 34,533 35,360 Selling expenses 483 410 318 56,133 56,502 58,891 Board of Directors’ and key managers’ remuneration Salaries and fees 6,081 10,317 9,069 Share-based payments 4,886 8,728 5,759 Other benefits in kind — 171 296 10,967 19,216 15,124 (a) Unaudited. Directors’ Remuneration Non-Executive Director Fees Cash Equivalent Directors’ Fees Paid in Shares Total Remuneration (in US$) (No. of Shares) (in US$) James F. Park (a) — — — Andrés Ocampo (b) — — — Robert Bedingfield (c) — 21,098 240,000 Constantin Papadimitriou (d) 120,000 8,791 220,000 Somit Varma (e) — 20,219 230,000 Sylvia Escovar Gomez (f) — 23,109 262,500 Brian Maxted (g) 120,000 8,791 220,000 Carlos Macellari (h) 205,000 8,791 305,000 Marcela Vaca (i) 100,000 8,791 200,000 (a) Mr. Park has 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, and he relinquished his fees as a member of the Board. (b) Mr. Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Audit Committee Chairman. (d) Compensation Committee Chairman. (e) Nomination and Corporate Governance Committee Chairman. (f) Independent Chair of the Board. (g) Technical Committee Chairman. (h) Mr. Macellari, as member of the Technical Committee, instructed by the Board, was awarded additional fees on strategic and technical exploration advisory. (i) SPEED Committee Chairman. |
Geological and geophysical expe
Geological and geophysical expenses | 12 Months Ended |
Dec. 31, 2023 | |
Geological and geophysical expenses | |
Geological and geophysical expenses | Note 12 Geological and geophysical expenses Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 7,879 7,097 6,042 Share-based payment (Note 11) 528 393 177 Communication and IT costs 2,139 1,743 1,071 Consultant fees 1,373 917 854 Allocation to capitalized project (1,254) (416) (953) Other services 527 795 700 11,192 10,529 7,891 |
Administrative expenses
Administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Administrative expenses | |
Administrative expenses | Note 13 Administrative expenses Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 25,675 23,671 26,402 Share-based payment (Note 11) 6,033 9,690 6,105 Consultant fees 10,645 9,574 10,806 Safety and insurance costs 3,890 3,834 3,142 Travel expenses 1,730 2,336 719 Non-operated blocks expenses 1,568 1,390 799 Director’s fees and allowance (Note 11) 896 1,172 2,853 Communication and IT costs 3,760 3,419 4,214 Allocation to joint operations (13,986) (9,642) (8,574) Other administrative expenses 3,758 4,580 362 43,969 50,024 46,828 |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling expenses | |
Selling expenses | Note 14 Selling expenses Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 466 410 318 Shared-based payment (Note 11) 17 — — Transportation (a) 9,022 4,881 4,233 Selling taxes and other 3,579 2,704 4,179 13,084 7,995 8,730 (a) The rise in transportation costs in 2023 is mainly attributed to deliveries at different sales points in the CPO-5 Block in Colombia. Sales at the wellhead incur no selling costs but yield lower revenue, while transportation expenses for sales to alternative delivery points are recognized as selling expenses . |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2023 | |
Financial results | |
Financial results | Note 15 Financial results Amounts in US$ '000 2023 2022 2021 Financial expenses Interest and amortization of debt issue costs (30,839) (36,360) (44,713) Borrowings cancellation costs — (5,141) (6,308) Bank charges and other financial results (8,520) (9,546) (8,012) Unwinding of long-term liabilities (6,456) (6,026) (5,079) (45,815) (57,073) (64,112) Financial income Interest received 6,237 3,180 1,652 6,237 3,180 1,652 Foreign exchange gains and losses Foreign exchange (loss) gain, net (19,729) 19,725 5,049 Realized result on currency risk management contracts 2,909 — — (16,820) 19,725 5,049 Total Financial results (56,398) (34,168) (57,411) |
Tax reform in Colombia
Tax reform in Colombia | 12 Months Ended |
Dec. 31, 2023 | |
Tax reform in Colombia | |
Tax reform in Colombia | Note 16 Tax reform in Colombia In November 2022, the Colombian Congress approved a Tax Reform (“Law 2277”) which contemplated an increase in the effective tax rate and the government take for certain entities of the oil and gas industry. A relevant provision included in the Law 2277 establishes a permanent surtax for companies developing crude oil extractive activities, ranging between 0% 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 2024) 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. The applicable surtax for 2023 was 10%. Income derived from gas production is exempted of surtax. Surcharge Price Triggers applicable for fiscal year 2024 Surcharge rate < US$ 67.18 /bbl 0% US$ 67.18 to US$ 76.39 /bbl 5% US$ 76.39 to US$ 79.87 /bbl 10% > US$ 79.87 /bbl 15% In addition to the aforementioned rules, the Law 2277 included 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 increased to 20% as well as the rate for capital gains tax that increased to 15%. These tax provisions became effective in 2023, but the surtax was considered for deferred income tax purposes from the year ended December 31, 2022. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Income tax | Note 17 Income tax Amounts in US$ ‘000 2023 2022 Current income tax liabilities 44,269 65,002 44,269 65,002 Amounts in US$ ‘000 2023 2022 2021 Current income tax charge (107,740) (126,269) (49,291) Deferred income tax benefit (charge) (Note 18) 4,299 (44,205) (17,980) (103,441) (170,474) (67,271) The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: Amounts in US$ ‘000 2023 2022 2021 Profit before tax 214,509 394,909 128,398 Tax losses from non-taxable jurisdictions 39,526 53,005 91,351 Taxable profit 254,035 447,914 219,749 Income tax calculated at domestic tax rates applicable to Profit in the respective countries (123,202) (157,315) (71,086) Tax losses where no deferred income tax benefit is recognized (6,918) (2,832) (7,510) Effect of currency translation on tax base 36,691 (10,797) (10,354) Effect of inflation adjustment for tax purposes — — 2,482 Changes in the income tax rate (Note 16) (8,853) (3,820) (1,703) Write-down of deferred income tax benefits previously recognized (a) (3,895) (2,938) (7,261) Previously unrecognized tax losses 632 9,067 9,593 Income tax on dividends (b) (2,595) (3,038) — Fiscal recognition of property, plant and equipment — — 8,919 Non-taxable results (c) 4,699 1,199 9,649 Income tax (103,441) (170,474) (67,271) (a) Includes write-down 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, 2023, 2022 and 2021. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. (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 rate in Colombia may range from 35% to 50%, depending on the surcharge applicable for each year (see Note 16). Income tax rates in other countries where the Group operates (Ecuador, Brazil and Chile) ranges from 15% to 34%. There are no income tax consequences attached to the payment of dividends by the Group to its shareholders. The Group has tax losses available which can be utilized against future taxable profit in the following countries: Amounts in US$ ‘000 2023 2022 2021 Colombia — 4,837 15,557 Brazil (a) 26,808 26,736 26,781 Chile (a) (c) 313,409 323,929 285,456 Argentina (b) 9,981 24,065 35,773 Spain (a) 6,936 7,205 9,443 Total tax losses as of December 31 357,134 386,772 373,010 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2023, are: US$ 2,551,000 , US$ 939,000 , US$ 2,297,000 , US$ 927,000 and US$ 3,267,000 expiring in 2024, 2025, 2026, 2027 and 2028, respectively. (c) The Chilean business was divested on January 18, 2024 (see Note 36.1), and therefore these tax losses no longer belong to GeoPark from such date. As of December 31, 2023, deferred income tax assets in respect of tax losses in Chile and Argentina and a portion of tax losses in Brazil have not been recognized as there is insufficient evidence of future taxable profits to offset them. |
Deferred income tax
Deferred income tax | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Deferred income tax as of January 1 (51,180) (6,875) Currency translation differences 107 383 Income tax expense relating to cash flow hedges recognized in OCI (1,369) (483) Income statement benefit (charge) 4,299 (44,205) Deferred income tax as of December 31 (48,143) (51,180) The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2023, and 2022, are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year net profit differences Reclassification of year Deferred income tax assets Difference in depreciation rates and other 4,759 8,911 (108) (556) 13,006 Tax losses 14,184 (11,485) 215 — 2,914 Total 2023 18,943 (2,574) 107 (556) 15,920 Total 2022 14,072 4,488 383 — 18,943 Income tax expense At the beginning Charged to relating to At the end Amounts in US$ ‘000 of year net profit cash flow hedges Reclassification of year Deferred income tax liabilities Difference in depreciation rates and other (70,123) 6,873 (1,369) 556 (64,063) Total 2023 (70,123) 6,873 (1,369) 556 (64,063) Total 2022 (20,947) (48,693) (483) — (70,123) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share | |
Earnings per share | Note 19 Earnings per share Amounts in US$ ‘000 except for shares 2023 2022 2021 Numerator: Profit for the year 111,068 224,435 61,127 Denominator: Weighted average number of shares used in basic EPS 56,836,682 59,330,421 60,901,109 Earnings after tax per share (US$) – basic 1.95 3.78 1.00 Amounts in US$ ‘000 except for shares 2023 2022 2021 Weighted average number of shares used in basic EPS 56,836,682 59,330,421 60,901,109 Effect of dilutive potential common shares Stock awards at US$ 0.001 359,587 552,466 559,012 Weighted average number of common shares for the purposes of diluted earnings per shares 57,196,269 59,882,887 61,460,121 Earnings after tax per share (US$) – diluted 1.94 3.75 0.99 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Property, plant and equipment | Note 20 Property, plant and equipment Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost as of January 1, 2021 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Additions / ARO change (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) — — (c) (12,262) (d) (16,596) Transfers 68,315 58 13,305 391 (70,321) (11,748) — Assets held for sale (Note 36.3) (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 / ARO change (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) (e) (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 Additions / ARO change 9,744 (b) 1,683 12 17 116,304 73,160 200,920 Currency translation differences 3,477 46 277 8 21 22 3,851 Disposals — (1,223) — (2,150) (119) — (3,492) Write-off / Impairment (13,332) (c) — — — — (29,563) (f) (42,895) Transfers 171,538 93 21,262 93 (116,905) (76,081) — Assets held for sale (Note 36.1) (330,024) (6,559) (74,491) (4,948) — — (416,022) Cost as of December 31, 2023 920,660 13,133 169,787 4,047 15,781 80,579 1,203,987 Depreciation and write-down as of January 1, 2021 (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) 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) Depreciation (95,369) (1,304) (12,896) (503) — — (110,072) Disposals — 1,189 — 1,877 — — 3,066 Currency translation differences (3,179) (41) (277) (8) — — (3,505) Assets held for sale (Note 36.1) 310,683 6,488 68,765 2,158 — — 388,094 Depreciation and write-down as of December 31, 2023 (430,145) (10,467) (73,481) (3,070) — — (517,163) 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 Carrying amount as of December 31, 2023 490,515 2,666 96,306 977 15,781 80,579 686,824 (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$ 72,581,000 (US$ 96,041,000 in 2022 and US$ 90,166,000 in 2021). Amounts in US$ ‘000 Total 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 Additions 61,500 Write-offs (24,815) Transfers (45,687) Exploration wells as of December 31, 2023 7,998 As of December 31, 2023, there were two exploratory wells that have been capitalized for a period less than three years amounting to US$ 7,998,000. (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) 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). (e) Corresponds to exploration costs incurred in previous years in the Tacacho and Terecay Blocks (Colombia), 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) . (f) Corresponds to three unsuccessful exploratory wells drilled in the Llanos 87 Block (Colombia), an unsuccessful exploratory well drilled in the Llanos 124 Block (Colombia) and other exploration costs incurred in the Llanos 94, Coati and Llanos 124 Blocks (Colombia). |
Subsidiary undertakings
Subsidiary undertakings | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiary undertakings | |
Subsidiary undertakings | Note 21 Subsidiary undertakings The following chart illustrates main companies of the Group structure as of December 31, 2023: (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, 2023, the following change to the Group structure has taken place: ● 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, became effective as of its registration in the Public Registry of the Chamber of Commerce of Bogota on January 27, 2023. ● As a result of the abovementioned merger and to comply with local regulatory obligations, GeoPark Colombia S.A.S. incorporated a branch in Panama, which is currently dormant. Details of all the subsidiaries of the Group as of December 31, 2023, 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) (c) GeoPark Fell S.p.A. (Chile) 100% (a) (c) GeoPark Magallanes Limitada (Chile) 100% (a) (c) GeoPark TdF S.p.A. (Chile) 100% (a) (c) 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 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) 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% GeoPark Colombia S.A.S. Sucursal Panama (Panama) 100% (a) (b) (a) Indirectly owned. (b) Dormant companies. (c) Divested in January 2024. See Note 36.1. Details of the joint operations of the Group as of December 31, 2023, are set out below: Name and registered office Ownership interest Joint operations Flamenco Block (Chile) 50% (a) (c) Campanario Block (Chile) 50% (a) (c) Isla Norte Block (Chile) 60% (a) (c) Llanos 34 Block (Colombia) 45% (a) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (b) Los Parlamentos (Argentina) 50% (d) 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% (d) PUT-36 Block (Colombia) 50% (a) CPO-4-1 Block (Colombia) 50% (a) GeoPark is the operator. (b) In process of relinquishment. (c) Divested in January 2024. See Note 36.1. (d) GeoPark agreed to transfer its 50% working interest to its joint operation partner. |
Prepayments and other receivabl
Prepayments and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and other receivables | |
Disclosure of prepayments and other assets [text block] | Note 22 Prepayments and other receivables Amounts in US$ '000 2023 2022 V.A.T. 4,310 1,826 Income tax payments in advance 3,685 3,156 Other prepaid taxes 23 37 To be recovered from co-venturers (Note 34) 8,630 8,750 Prepayments and other receivables 12,311 8,458 28,959 22,227 Classified as follows: Current 25,896 22,106 Non-current 3,063 121 28,959 22,227 Movements on the Group provision for impairment are as follows: Amounts in US$ '000 2023 2022 At January 1 14 7 Additions — 10 Foreign exchange gain (loss) 4 (3) 18 14 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | Note 23 Inventories Amounts in US$ '000 2023 2022 Crude oil 9,441 12,630 Materials and spares 4,111 1,804 13,552 14,434 The carrying amount of inventories is not pledged as security for liabilities. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade receivables. | |
Trade receivables | Note 24 Trade receivables Amounts in US$ '000 2023 2022 Trade receivables 65,049 71,794 65,049 71,794 As of December 31, 2023, and 2022, 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, 2023 | |
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 2023 2022 Financial assets at fair value through profit or loss Derivative financial instrument assets 3,775 967 Cash and cash equivalents — 242 3,775 1,209 Other financial assets at amortized cost Trade receivables 65,049 71,794 To be recovered from co-venturers (Note 34) 8,630 8,750 Other financial assets (a) 12,564 12,877 Cash and cash equivalents 133,036 128,601 219,279 222,022 Total financial assets 223,054 223,231 (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 2023 2022 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 70 19 70 19 Other financial liabilities at amortized cost Trade payables 108,977 102,125 To be paid to co-venturers (Note 34) 522 2,815 Lease liabilities 32,298 32,051 Borrowings 500,981 497,642 642,778 634,633 Total financial liabilities 642,848 634,652 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 2023 2022 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa3 — 2,013 A3 949 1,557 Baa1 1,721 99 Baa3 151 198 Ba1 15,068 23,755 Ba2 2,953 — Ba3 — 2,745 B2 63 4,085 Counterparties without an external credit rating Group 1 (a) 44,144 37,342 Total trade receivables 65,049 71,794 (a) Group 1 – no existing balances with customers aged by more than 3 months. 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 2023 2022 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) Aa3 — 10,362 A1 91,747 96,077 A2 268 57 A3 16,147 10,389 Baa1 18 39 Baa2 17,585 7,030 Baa3 125 1,352 Ba1 — 64 Ba2 6,528 268 Ba3 5 3,066 B3 593 51 Counterparties without an external credit rating 12,571 12,953 Total 145,587 141,708 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 13,000 (US$ 12,000 in 2022). 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, 2023 Borrowings 27,500 27,500 541,250 — Lease liabilities 9,416 6,515 11,719 25,134 Trade payables 108,977 — — — To be paid to co-venturers (Note 34) 522 — — — 146,415 34,015 552,969 25,134 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 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, 2023, and 2022, on a recurring basis: As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2023 Assets Derivative financial instrument assets Commodity risk management contracts — 3,775 3,775 Total Assets — 3,775 3,775 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 70 70 Total Liabilities — 70 70 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 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, 2023. 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, 2023, amounts to US$ 443,690,000 (US$ 431,660,000 in 2022). 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, 2023 | |
Equity | |
Equity | Note 26 Equity 26.1 Share capital and Share premium Issued share capital 2023 2022 Common stock (amounts in US$ ‘000) 55 58 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 55,327,520 57,621,998 Total common shares in issue 55,327,520 57,621,998 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, 2023, 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 movement closing US$(`000) GeoPark common shares history Month (millions) (millions) Closing Shares outstanding at the end of 2021 60.2 60 Buyback program Mar 2022 (0.2) 60.0 60 Buyback program Jun 2022 (0.5) 59.5 60 Stock awards Jul 2022 0.1 59.6 60 Buyback program Sep 2022 (1.1) 58.5 59 Buyback program Dec 2022 (0.9) 57.6 58 Shares outstanding at the end of 2022 57.6 58 Stock awards Feb 2023 0.6 58.2 58 Buyback program Mar 2023 (0.6) 57.6 58 Stock awards May 2023 0.1 57.7 58 Buyback program Jun 2023 (1.1) 56.6 57 Buyback program Sep 2023 (0.5) 56.1 56 Buyback program Dec 2023 (0.8) 55.3 55 Shares outstanding at the end of 2023 55.3 55 26.1.2 Stock Award Program and Other Share Based Payments Non-Executive Directors Fees During 2023, the Company issued 99,590 shares (75,636 in 2022 and 64,269 in 2021) to Non-Executive Directors in accordance with contracts as compensation, generating a share premium of US$ 1,133,000 (US$ 1,040,000 in 2022 and US$ 861,000 in 2021). The number 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 February 3, 2023, 350,938 common shares were issued as part of the compensation agreements related to the CEO transition which occurred in 2022, generating a share premium of US$ 4,799,000. 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 February 3, 2023, 246,110 common shares were issued as a result of the vesting of the first tranche of the Long-Term Incentive program (“LTIP”) oriented to executive officers which was granted in 2022, generating a share premium of US$ 1,505,000. During 2023, 82,472 common shares were issued as part of other equity incentive plans vested during the year, generating a share premium of US$ 281,000. 26.1.3 Buyback Program The Company has recurring buyback programs to repurchase its own shares. The latest renewal took place on November 8, 2023, and established a program to repurchase up to 10% of the shares outstanding, or approximately 5,611,797 shares, until December 31, 2024. In addition to any repurchases under the aforementioned repurchase program, the Company has authority from its Board of Directors to repurchase, on a standalone basis, up to US$ 50,000,000 of its common shares in 2024. During 2023, the Company purchased 3,073,588 common shares (2,743,722 in 2022 and 960,454 in 2021) for a total amount of US$ 31,239,000 (US$ 36,265,000 in 2022 and US$ 11,841,000 in 2021). 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 distributions. 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 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 March 8, 2023 March 31, 2023 0.1300 7,505 May 3, 2023 May 31, 2023 0.1300 7,378 August 9, 2023 September 7, 2023 0.1320 7,383 November 8, 2023 December 11, 2023 0.1340 7,449 Cash distributions for the year ended December 31, 2023 29,715 These distributions are deducted from Other Reserves. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Borrowings | Note 27 Borrowings Amounts in US$ ‘000 2023 2022 Outstanding amounts as of December 31 Notes due 2027 500,981 497,642 500,981 497,642 Classified as follows: Current 12,528 12,528 Non-current 488,453 485,114 On January 17, 2020, the Company placed US$ 350,000,000 aggregate principal amount of 5.500% senior secured notes due 2027 (the “Notes due 2027”), 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 Notes due 2027 were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity will be January 17, 2027. In April 2021, the Company reopened its Notes due 2027, issuing an additional US$ 150,000,000 principal amount. The reopening was priced above par at 101.875%, representing a yield to maturity of 5.117%. The Notes due 2027 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 Notes due 2027 are fully and unconditionally guaranteed by GeoPark Colombia, S.L.U. From April 2021 to September 2022, the Company repurchased and cancelled its US$ 425,000,000 aggregate principal amount of 6.500% senior secured notes due 2024 (the “Notes due 2024”). In April 2021, the Company executed a tender to purchase US$ 255,000,000 of the Notes due 2024, funded with a combination of cash in hand and the abovementioned reopening of the Notes due 2027. From March to September 2022, the Company repurchased and cancelled the remaining amount of the Notes due 2024 for a nominal amount of US$ 170,000,000. The difference between the carrying amount of debt that was repurchased or redeemed and the consideration paid was recognized within ‘ ’ The indenture governing the Notes due 2027 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 August 3, 2023, GeoPark Colombia S.A.S., as borrower, and GeoPark Limited, as guarantor, signed a senior unsecured credit agreement with Banco BTG Pactual S.A. and Banco Latinoamericano de Comercio Exterior S.A. which provides GeoPark with access to up to US$ 80,000,000, with an availability period until November 3, 2024, and final maturity on August 3, 2025. The agreement establishes a commitment fee of 1.85% per annum with respect to undrawn amounts and an interest rate of SOFR + 3.70% with respect to amounts drawn. “ ” As of the date of these Consolidated Financial Statements, the Group has access to the abovementioned US$ 80,000,000 senior unsecured committed credit facility and to US$ 179,600,000 in uncommitted credit lines. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | Note 28 Leases The Consolidated Statement of Financial Position shows the following amounts relating to leases: Amounts in US$ ‘000 2023 2022 Right of use assets Production, facilities and machinery 24,201 32,034 Buildings and improvements 4,250 4,977 28,451 37,011 Lease liabilities Current 8,911 10,000 Non-current 23,387 22,051 32,298 32,051 The Consolidated Statement of Income shows the following amounts relating to leases: Amounts in US$ ‘000 2023 2022 2021 Depreciation charge of Right of use assets Production, facilities and machinery (7,858) (6,057) (5,526) Buildings and improvements (792) (988) (1,136) (8,650) (7,045) (6,662) Unwinding of long-term liabilities (included in Financial results) (3,168) (2,838) (1,453) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (838) (2,614) (1,101) Expenses related to low-value leases (included in Administrative expenses) (775) (708) (906) The table below summarizes the amounts of Right-of-use assets recognized and the movements during the reporting years: Amounts in US$‘000 2023 2022 Right-of-use assets as of January 1 37,011 21,014 Additions / changes in estimates 137 22,462 Foreign currency translation 444 580 Assets held for sale (Note 36.1) (491) — Depreciation (8,650) (7,045) Right-of-use assets as of December 31 28,451 37,011 The table below summarizes the amounts of Lease liabilities recognized and the movements during the reporting years: Amounts in US$‘000 2023 2022 Lease liabilities as of January 1 32,051 20,744 Additions / changes in estimates 137 22,462 Exchange difference 7,061 (6,426) Foreign currency translation 174 284 Liabilities associated with assets held for sale (Note 36.1) (26) — Unwinding of discount 3,168 2,838 Lease payments (10,267) (7,851) Lease liabilities as of December 31 32,298 32,051 |
Provisions and other long-term
Provisions and other long-term liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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 (a) Income (b) Other (c) Total As of January 1, 2022 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 Addition to provision / changes in estimates 7,374 — 2,460 9,834 Exchange difference 1,172 180 560 1,912 Foreign currency translation 717 — (13) 704 Amortization — (127) — (127) Unwinding of discount 2,794 — 494 3,288 Amounts used during the year (2,502) — (4,051) (6,553) Liabilities associated with assets held for sale (Note 36.1) (26,922) — — (26,922) As of December 31, 2023 23,536 810 9,737 34,083 (a) 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). (b) ‘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. (c) ‘Other’ mainly includes environmental obligations in Colombia and Peru. Legal proceeding in the United Kingdom On January 8, 2020, Amerisur Resources Limited (“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, seeking 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. Following initial court hearings, 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. On February 6, 2023, the Court ordered Amerisur to pay the sum of GBP 330,022 (equivalent to US$ 409,000). On August 11, 2023, a settlement (the “Settlement”) was signed between Leigh Day and Amerisur, made on a no-admission of liability basis and included a payment made by Amerisur. All Claimants represented by Leigh Day agreed to the Settlement. On October 2, 2023, the Court approved the Settlement, the litigation was discontinued, and the letter of credit was cancelled. GeoPark had a provision for this contingent liability, which was originally recognized at the moment of the acquisition of Amerisur in 2020. All payments made by Amerisur during 2023 were applied to the previously recognized contingent liability, thus generating a gain of US$ 2,568,000 that was recorded in “Other income (expenses)” in the Consolidated Statement of Income. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Trade and other payables | Note 30 Trade and other payables Amounts in US$ ‘000 2023 2022 V.A.T 975 8,513 Trade payables 108,977 102,125 Customer advance payments — 481 Other short-term advance payments (a) 450 — Outstanding commitments in Chile (b) 5,869 — Staff costs to be paid 10,852 9,306 Royalties to be paid 791 9,403 Taxes and other debts to be paid 9,381 8,963 To be paid to co-venturers (Note 34) 522 2,815 137,817 141,606 Classified as follows: Current 137,817 141,606 Non-current — — (a) Advance payment collected in relation with the sale of the Group´s business in Chile (see Note 36.1). (b) Investment commitments in the Campanario and Isla Norte Blocks as a result of sale agreement of the Group´s business in Chile (see Note 36.1). The average credit period (expressed as creditor days) during the year ended December 31, 2023, was 90 days (2022: 69 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, 2023 | |
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, executive officers 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 2020, a share-based compensation program for employees was approved for approximately 800,000 shares, to vest in 2023. On February 17, 2023, the Compensation Committee reviewed the Group’s results and the performance conditions established in the program and approved 152,030 shares to be delivered to participants, due to the fact that, throughout the vesting period, the performance conditions included in the program were only partially achieved and, to a lesser extent, the Group had lower hirings than estimated and not all the beneficiaries continued being employees at the vesting date. 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, based on the recommendation of the Compensation Committee, approved a Long-Term Incentive program (“LTIP”) for executive officers. Main characteristics of the program are: ● All executive officers are eligible. ● Grants are awarded annually to executive officers. ● 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; and - 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, and the Compensation Committee approved a new grant effective as of February 14, 2023, of 197,197 shares to vest during a three-year period. In December 2022, the Company’s Board of Directors, based on the recommendation of the Compensation Committee, approved a Long-Term Incentive program for employees and new hirings. Main characteristics of the program are: ● All employees (non-top management) and new hirings are eligible. ● 3 -year program, with a grant date of January 2, 2023, or the date on which the employees are hired. ● The components of the program are the following: - 30% Time-based RSUs: vesting annually ratably in three equal installments; - 30% Company Performance: measured over three-year performance period (December 2022-December 2025); and - 40% Absolute Performance Shares: share price at the date of vesting must be higher than the share price at the date of grant or date of hiring. ● The vesting date of the Performance Shares (Company and Absolute) will be on January 2, 2026. 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 2023 2022 2021 Year of issuance No. of Shares Amounts in US$ '000 2023 — 795,412 (105,695) — 689,717 1,452 — — 2022 191,400 12,000 (6,112) (9,444) 187,844 990 619 — 2020 405,919 (253,889) (61,980) 90,050 — 1,691 862 Subtotal 597,319 807,412 (365,696) (71,424) 967,611 2,442 2,310 862 Shares granted to Non-Executive Directors — 99,590 — (99,590) — 1,133 1,041 861 Shares granted to Executive Directors (a) 375,937 — — (359,271) 16,666 126 3,560 800 VCP (b) — — — — — — 2,016 4,098 LTIP for executives 571,984 268,129 — (248,825) 591,288 3,627 2,111 — 1,545,240 1,175,131 (365,696) (779,110) 1,575,565 7,328 11,038 6,621 (a) Includes compensation agreements from CEO transition. (b) The plan named Value Creation Plan (“VCP”), oriented to key management, was approved in 2019. 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, 2023 | |
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, Ecuador, Brazil, Chile and Argentina. 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 Espejo Block in Ecuador, in the POT-T-785 Block in Brazil, and in the Flamenco, Campanario and Isla Norte Blocks in Chile. 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) 2023 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 354,361 5,079 359,440 (7,641) 351,799 464,146 295,556 Llanos 32 Block 12.5 % 2,493 — 2,493 (655) 1,838 7,811 5,661 Llanos 86 Block 50 % 5,532 227 5,759 — 5,759 — (187) Llanos 87 Block 50 % 16,621 650 17,271 (1,211) 16,060 1,527 (17,722) Llanos 94 Block 50 % — — — (336) (336) — (1,044) Llanos 104 Block 50 % 5,536 320 5,856 — 5,856 — (186) Llanos 123 Block 50 % 16,292 1,035 17,327 (520) 16,807 8,648 4,006 Llanos 124 Block 50 % — 170 170 (166) 4 — (7,496) CPO-5 Block 30 % 182,484 — 182,484 (1,540) 180,944 148,594 50,032 CPO-4-1 Block 50 % 102 7 109 — 109 — (96) Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,948 51 3,999 (40) 3,959 — (66) PUT-8 Block 50 % 9,118 306 9,424 — 9,424 — (8) PUT-9 Block 50 % 4,454 68 4,522 — 4,522 — (66) PUT-36 Block 50 % 2,950 50 3,000 — 3,000 — (2) Tacacho Block 50 % — 103 103 — 103 — (8) Terecay Block 50 % — 36 36 — 36 — (8) GeoPark Ecuador S.A. Espejo 50 % 10,072 213 10,285 (467) 9,818 1,450 (1,897) Perico 50 % 22,231 — 22,231 (889) 21,342 17,647 258 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 5,233 17,546 22,779 (12,788) 9,991 14,019 4,955 POT-T‑785 70 % 160 — 160 — 160 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,336) (1,336) — (178) Campanario Block 50 % — — — (5,438) (5,438) — (5,113) Isla Norte Block 60 % — — — (1,018) (1,018) — (1,000) GeoPark Argentina S.A. Los Parlamentos Block 50 % — — — — — — (7,086) Puelen Block 18 % — 2 2 (60) (58) — (51) 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 Ecuador S.A. 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 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 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 Argentina S.A. 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) 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 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) 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 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 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) Capital commitments are disclosed in Note 33.2. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
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 Brazil, the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) is responsible for determining monthly minimum prices for petroleum produced in concessions for purposes of royalties payable with respect to production. Royalties generally correspond to a percentage ranging between 5% and 10% applied to reference prices for oil or natural gas, as established in the relevant bidding guidelines (edital de licitação) and concession agreement. In determining the percentage of royalties applicable to a concession, the ANP takes into consideration, among other factors, the geological risks involved and the production levels expected. In the Manati Block, royalties are calculated at 7.5% of gas production. In Chile, royalties are payable to the Chilean Government. In the Fell Block, royalties were 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 were calculated at 5% of oil and gas production sold. 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 2023, the Group has accrued US$ 27,453,000 (US$ 34,032,000 in 2022 and US$ 22,562,000 in 2021) 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 Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks. Since they are exploratory blocks with no production during 2023, 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 32, Llanos 34 and Llanos 123 Blocks, 3% in the Llanos 87 Block, 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 2023, the Group incurred investments of US$ 54,640,000 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. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ● Llanos 86 Block: 3D seismic and 1 exploratory well (US$ 9,849,000 ) before June 19, 2026. ● Llanos 87 Block: 3D seismic reprocessing, aerogeophysic and 4 exploratory wells (US$ 13,663,000 ) before May 14, 2023. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ● Llanos 94 Block: 1 exploratory well (US$ 3,467,000 ) before October 1, 2025. As of the date of these Consolidated Financial Statements, GeoPark agreed to transfer its 50% working interest to its joint operation partner and thus GeoPark will no longer be liable for this capital commitment in the block. ● Llanos 104 Block: 3D seismic and 1 exploratory well (US$ 8,752,000 ) before June 19, 2026. ● Llanos 123 Block: 3D seismic reprocessing, geochemistry and 2 exploratory wells (US$ 7,130,000 ) before January 14, 2024. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ● Llanos 124 Block: 3D seismic acquisition and reprocessing, geochemistry and 3 exploratory wells (US$ 10,422,000 ) before January 14, 2024. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred or transferred to another block, and the ANH approval is pending. ● 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 May 18, 2027. Pursuant to a private agreement with the joint operation partner, the investment commitment assumed by GeoPark amounts to US$ 9,313,000 . As of the date of these Consolidated Financial Statements, the exploratory well has already been drilled and the ANH approval is pending. ● 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, GeoPark completed the transfer of the pending commitments in the block and the ANH approval is pending. ● 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 joint operation partner, the investment commitment to be incurred by GeoPark amounts to US$ 600,000 . ● PUT-8 Block: 3D seismic acquisition and reprocessing and 3 exploratory wells (US$ 13,107,000 ) before June 14, 2024. 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 joint operation partner 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. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments have 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$ 11,742,000 ). ● Tacacho Block: 2D seismic acquisition, processing and interpretation (US$ 4,080,000 ). GeoPark has signed a private agreement with the joint operation partner 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 joint operation partner 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 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, the total investments needed to fulfill the commitments in the block have already been incurred. 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$ 72,000 ). ● REC-T-58 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ● REC-T-67 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ● REC-T-77 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ● POT-T-834 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). 33.2.4 Chile The remaining investment commitments 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, 2023, the Group has established guarantees for its total commitments. As part of the divesting process detailed in Note 36.1, GeoPark remains responsible for these outstanding investment commitments and consequently recognized a corresponding liability as of December 31, 2023. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Related Parties [Abstract] | |
Related parties | Note 34 Related parties Controlling interest The main shareholders of GeoPark Limited as of December 31, 2023, based solely on Schedules 13D and 13G filed with the SEC, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,817,251 15.94 % Gerald E. O’Shaughnessy (b) 3,673,392 6.64 % Compass Group LLC (c) 3,312,589 5.99 % Renaissance Technologies LLC (d) 3,091,863 5.59 % Socoservin Overseas SPF S.à.r.l. 2,889,315 5.22 % Cobas Asset Management, SGIIC, SA (f) 2,808,406 5.08 % Other shareholders 30,734,704 55.54 % 55,327,520 100.00 % (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 14, 2024. 352,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) 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 February 2, 2024. 3,435,000 of Mr. O’Shaughnessy ’s shares have been pledged pursuant to lending arrangements. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 14, 2024. (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, 2024. (e) The information set forth above and listed in the table is based solely on the disclosure set forth in Socoservin Overseas’ most recent Schedule 13G filed with the SEC on July 25, 2023. (f) The information set forth above and listed in the table is based solely on the disclosure set forth in Cobas Asset Management’s most recent Schedule 13G filed with the SEC on February 12, 2024. Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$´000) in the year end Related Party Relationship 2023 To be recovered from co-venturers — 8,630 Joint Operations Joint Operations To be paid to co-venturers — (522) Joint Operations Joint Operations 2022 To be recovered from co-venturers — 8,750 Joint Operations Joint Operations To be paid to co-venturers — (2,815) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Former Non-Executive Director (a) Administrative expenses 492 — Pedro E. Aylwin Former Executive Director (b) 2021 To be recovered from co-venturers — 4,680 Joint Operations Joint Operations To be paid to co-venturers — (953) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Former Non-Executive Director (a) Administrative expenses 656 — Pedro E. Aylwin Former Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws. There have been no other transactions with the Board of Directors, Executive officers, significant shareholders or other related parties during the year besides the intercompany transactions which have been eliminated in the Consolidated Financial Statements, the normal remuneration of Board of Directors and other benefits informed in Note 11. |
Auditors Fees
Auditors Fees | 12 Months Ended |
Dec. 31, 2023 | |
Auditors Fees | |
Auditors Fees | Note 35 Auditors Fees Amounts in US$‘000 2023 2022 2021 Audit fees 977 946 1,088 Audit related fees 34 24 — Tax services fees 3 27 47 Total Auditors Fees 1,014 997 1,135 Fees are shown net of VAT and other associated tax charges. On October 17, 2023, Ernst & Young Audit S.A.S. (“EY Colombia”), member of Ernst & Young Global Limited, was appointed as the Group’s external auditor, effective for the consolidated audit for the year ended December 31, 2023, succeeding Pistrelli, Henry Martin y Asociados S.R.L. (“EY Argentina”), also member of Ernst & Young Global Limited, that served as the Group’s external auditor from 2020 to 2023. |
Business transactions
Business transactions | 12 Months Ended |
Dec. 31, 2023 | |
Business transactions | |
Business transactions | Note 36 Business transactions 36.1 Chile On December 20, 2023, GeoPark signed a Stock Purchase Agreement to sell its wholly owned subsidiary GeoPark Chile S.p.A. and its subsidiaries, GeoPark Fell S.p.A., GeoPark TdF S.p.A. and GeoPark Magallanes Limitada, which comprise the entire business of GeoPark in Chile, for a total consideration of US$ 4,000,000, subject to working capital adjustments. At that date, GeoPark collected an advanced payment of US$ 450,000. As part of the agreement, GeoPark remains responsible for the outstanding investment commitments in the Campanario and Isla Norte Blocks for US$ 5,002,000 and US$ 867,100, respectively. Consequently, as of December 31, 2023, GeoPark recognized a liability for the full amount of those commitments. Additionally, GeoPark keeps the private right over unconventional activities that would be carried out in the Fell Block and 95% of the revenue derived from such activities over the current operating contract. The divestment transaction closed on January 18, 2024, and consequently GeoPark received an additional payment of US$ 2,792,000, plus a preliminary working capital adjustment of US$ 486,000. The remaining outstanding amount of US$ 758,000 was agreed to be received in 23 monthly equal installments. As of December 31, 2023, the amount of Property, plant and equipment and Right-of-use assets corresponding to the abovementioned subsidiaries and the liabilities associated with them have been classified as held for sale for US$ 28,419,000 and US$ 26,948,000, respectively. Immediately before the classification as held for sale, the recoverable amount of the net assets was estimated and an impairment loss of US$ 13,332,000 was recognized in the Consolidated Statement of Income. In addition, the deferred income tax asset was written down for US$ 2,533,000 as it was assessed as non-recoverable due to the transaction. The restructuring and other costs incurred because of the divestment process for US$ 3,873,000 were recognized within the ‘Other (expenses) income’ line item in the Consolidated Statement of Income. 36.2 Los Parlamentos Block (Argentina) On October 27, 2023, GeoPark agreed to transfer its 50% working interest in the Los Parlamentos Block in Argentina to its joint operation partner and thus, once formally approved by local authorities, GeoPark will no longer be liable to remaining capital commitments or other legal obligations resulting from its participation in the block. As a result of this transaction, GeoPark incurred in a net loss of US$ 2,939,000 in the Consolidated Statement of Income, which is composed by a loss of US$ 7,023,000 within the ‘Other (expenses) income’ line item due to the payment to the joint operation partner, net of a gain of US$ 4,084,000 within the ‘Foreign exchange (loss) gain’ line item due to transactions with U.S. dollar-denominated Argentine securities contributed to the local subsidiary when transferred and disposed in Argentina. 36.3 Aguada Baguales, El Porvenir and Puesto Touquet Blocks (Argentina) 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 divestment transaction closed 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 the ‘Other (expenses) income’ line item. 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 REC-T-128 Block (Brazil) 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. |
Impairment test on Property, pl
Impairment test on Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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. As of December 31, 2023, the Chilean business divestment transaction described in Note 36.1 was considered to be an impairment indicator for the Fell Block, as the carrying amount of the net assets related to the block exceeded their fair value less cost of disposal. Consequently, the net assets related to the Fell Block were impaired to their known selling price. Additionally, Management assessed impairment indicators for each of the other CGUs, such as future Brent oil prices based on internal estimates and other available sources, the amounts of reserves certified by D&M, changes in market and tax conditions, between others, and concluded that there were no impairment indicators at year-end. As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: Amounts in US$‘000 2023 2022 2021 Chile (a) (13,332) — (17,641) Argentina (b) — — 13,307 (13,332) — (4,334) (a) Recognition of impairment loss in the Fell Block due to the known selling price of the related net assets in the context of the transaction described in Note 36.1 in 2023, and due to the decline in the proved reserves estimation in 2021. (b) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks due to the known market price of the blocks in the context of the transaction described in Note 36.3 . |
Supplemental information on oil
Supplemental information on oil and gas activities | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021. 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 Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 66,953 13,331 107 56 1,481 81,928 Development (a) 125,997 372 255 (564) — 126,060 Total costs incurred 192,950 13,703 362 (508) 1,481 207,988 Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 48,771 26,521 — 116 779 76,187 Development (a) 89,231 648 (212) 9,952 — 99,619 Total costs incurred 138,002 27,169 (212) 10,068 779 175,806 Amounts in US$‘000 Colombia Brazil Chile Argentina Total Year ended December 31, 2021 Acquisition of properties Proved — — — — — Unproved — — — — — Total property acquisition — — — — — Exploration 40,828 3 3,940 998 45,769 Development (a) 81,310 (2,212) 1,900 2 81,000 Total costs incurred 122,138 (2,209) 5,840 1,000 126,769 (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, 2023, 2022 and 2021, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Ecuador Brazil Chile (b) Total As of December 31, 2023 Proved properties (a) Equipment, camps and other facilities 165,666 — 4,121 74,491 244,278 Mineral interest and wells 841,063 31,149 48,448 330,024 1,250,684 Other uncompleted projects 15,770 — 11 — 15,781 Unproved properties 69,823 10,426 330 — 80,579 Gross capitalized costs 1,092,322 41,575 52,910 404,515 1,591,322 Accumulated depreciation (447,716) (8,522) (47,388) (379,448) (883,074) Total net capitalized costs 644,606 33,053 5,522 25,067 708,248 (a) Includes capitalized amounts related to asset retirement obligations and impairment loss recognized in Chile for US$ 13,332,000 . (b) Classified as ‘Assets held for sale’ as of December 31, 2023, due to the divestment process closed in January 2024. See Note 36.1. Amounts in US$‘000 Colombia Ecuador Brazil Chile Total As of December 31, 2022 Proved properties (a) Equipment, camps and other facilities 144,672 — 3,565 74,490 222,727 Mineral interest and wells 672,424 18,191 44,716 343,926 1,079,257 Other uncompleted projects 16,099 — 268 113 16,480 Unproved properties 102,760 9,991 290 — 113,041 Gross capitalized costs 935,955 28,182 48,839 418,529 1,431,505 Accumulated depreciation (354,981) (2,316) (42,885) (371,171) (771,353) Total net capitalized costs 580,974 25,866 5,954 47,358 660,152 (a) Includes capitalized amounts related to asset retirement obligations. Amounts in US$‘000 Colombia Brazil Chile Argentina Total As of December 31, 2021 Proved properties (a) Equipment, camps and other facilities 125,078 3,333 72,766 — 201,177 Mineral interest and wells 580,931 42,008 334,993 — 957,932 Other uncompleted projects 26,136 250 818 — 27,204 Unproved properties (b) 94,419 271 — — 94,690 Gross capitalized costs 826,564 45,862 408,577 — 1,281,003 Accumulated depreciation (282,616) (38,741) (358,417) — (679,774) Total net capitalized costs 543,948 7,121 50,160 — 601,229 (b) 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 . (a) 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, 2023, 2022 and 2021. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 Revenue 702,401 19,097 14,019 15,644 — 751,161 Production costs, excluding depreciation Operating costs (121,012) (10,242) (3,850) (7,678) — (142,782) Royalties and economic rights in cash (83,233) — (1,096) (548) — (84,877) Total production costs (204,245) (10,242) (4,946) (8,226) — (227,659) Exploration expenses (36,395) (309) (90) (56) (1,481) (38,331) Accretion expense (a) (669) (87) (560) (1,478) — (2,794) Impairment loss for non-financial assets — — — (13,332) — (13,332) Depreciation, depletion and amortization (92,735) (6,205) (1,047) (8,278) — (108,265) Results of operations before income tax 368,357 2,254 7,376 (15,726) (1,481) 360,780 Income tax expense (165,761) (564) (2,508) — — (168,833) Results of oil and gas operations 202,596 1,690 4,868 (15,726) (1,481) 191,947 Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 Revenue 978,423 10,671 19,873 29,196 1,962 1,040,125 Production costs, excluding depreciation Operating costs (78,323) (3,220) (3,753) (12,961) (1,306) (99,563) Royalties and economic rights in cash (249,303) — (1,546) (1,165) (273) (252,287) Total production costs (327,626) (3,220) (5,299) (14,126) (1,579) (351,850) Exploration expenses (28,424) (4,768) — (116) (779) (34,087) Accretion expense (a) (621) — (504) (1,516) — (2,641) Depreciation, depletion and amortization (72,386) (2,315) (1,509) (12,754) — (88,964) Results of operations before income tax 549,366 368 12,561 684 (396) 562,583 Income tax expense (192,278) (92) (4,271) (103) — (196,744) Results of oil and gas operations 357,088 276 8,290 581 (396) 365,839 Amounts in US$‘000 Colombia Brazil Chile Argentina Total Year ended December 31, 2021 Revenue 618,268 20,109 21,471 28,695 688,543 Production costs, excluding depreciation Operating costs (72,043) (2,954) (10,280) (14,490) (99,767) Royalties and economic rights in cash (106,341) (1,642) (770) (4,270) (113,023) Total production costs (178,384) (4,596) (11,050) (18,760) (212,790) Exploration expenses (11,276) — (4,509) (998) (16,783) Accretion expense (a) (576) (535) (1,319) (710) (3,140) Impairment loss for non-financial assets — — (17,641) 13,307 (4,334) Depreciation, depletion and amortization (54,588) (2,933) (12,806) (8,152) (78,479) Results of operations before income tax 373,444 12,045 (25,854) 13,382 373,017 Income tax (expense) benefit (115,768) (4,095) 3,878 (4,684) (120,669) Results of oil and gas operations 257,676 7,950 (21,976) 8,698 252,348 (a) 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, 2023, 2022, 2021 and 2020 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, 2023, 2022, 2021 and 2020 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 Oil and Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 43,120 1,075 46,623 1,065 47,766 1,207 43,817 1,695 Ecuador (b) 1,017 — 322 — — — — — Brazil (c) 28 8,888 8 9,443 43 13,601 34 13,927 Chile (d) 619 9,956 1,115 14,103 755 15,196 798 19,054 Argentina (e) — — — — 1,186 3,379 1,685 5,599 Total consolidated 44,784 19,919 48,068 24,611 49,750 33,383 46,334 40,275 Net proved undeveloped Colombia (f) 16,225 — 17,765 — 31,019 — 45,240 — Ecuador (b) 1,278 — — — — — — — Chile (d) 479 855 476 — 575 1,563 1,229 5,661 Argentina (g) — — — — 603 — 104 — Total consolidated 17,982 855 18,241 — 32,197 1,563 46,573 5,661 Total proved reserves 62,766 20,774 66,309 24,611 81,947 34,946 92,907 45,936 (a) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 94% and 6% ( 96% and 4% in 2022, 98% and 2% in 2021, and 97% and 3% in 2020) of the proved developed reserves, respectively. (b) Perico Block accounts for 100% of the reserves (Perico and Espejo Blocks accounted for 85% and 15% of the reserves, respectively, in 2022). (c) BCAM-40 Block accounts for 100% of the reserves. (d) Fell Block accounts for 100% of the reserves. (e) Aguada Baguales, Puesto Touquet and El Porvenir Blocks accounted for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020) of the proved developed reserves, respectively. (f) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 97% and 3% ( 95% and 5% in 2022, 97% and 3% in 2021, and 96% and 4% in 2020) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounted for 100% of the proved undeveloped 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 Ecuador Brazil Chile Argentina Total Reserves as of December 31, 2020 89,057 — 34 2,027 1,789 92,907 Increase (decrease) attributable to: Revisions (a) (3,207) — 18 (597) (169) (3,955) Extensions and discoveries (b) 3,375 — — — 603 3,978 Production (10,440) — (9) (100) (434) (10,983) Reserves as of December 31, 2021 78,785 — 43 1,330 1,789 81,947 Increase (decrease) attributable to: Revisions (c) (2,677) — (27) 422 — (2,282) Extensions and discoveries (d) 204 632 — — — 836 Disposal of Minerals in place (e) — — — — (1,760) (1,760) Production (11,924) (310) (8) (161) (29) (12,432) Reserves as of December 31, 2022 64,388 322 8 1,591 — 66,309 Increase (decrease) attributable to: Revisions (f) 3,617 324 26 (412) — 3,555 Extensions and discoveries (g) 2,549 1,937 — — — 4,486 Production (11,209) (288) (6) (81) — (11,584) Reserves as of December 31, 2023 59,345 2,295 28 1,098 — 62,766 (a) 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. (b) 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. (c) 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). (d) 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. (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). (f) For the year ended December 31, 2023, the Group’s oil and condensate proved reserves were revised upwards by 3.5 mmbbl. The primary factors leading to the above were: - An increase of 1.7 mmbbl in Colombia due to a change in a previously adopted development plan. - An increase of 1.5 mmbbl in Colombia due to higher-than-expected performance from the existing wells. - An increase of 0.4 mmbbl in Colombia due to a change in the royalties’ payment in certain fields from kind to cash. - An increase of 0.3 mmbbl in Ecuador due to higher average oil prices. - Such increase was partially offset by lower-than-expected performance from the existing wells in Chile by 0.4 mmbbl. (g) The extensions and discoveries are primarily due to various fields in the Llanos Basin in Colombia and the Jandaya field extension in the Perico Block in Ecuador. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Brazil Chile Argentina Total Reserves as of December 31, 2020 1,695 13,927 24,715 5,599 45,936 Increase (decrease) attributable to: Revisions (a) 14 3,470 (3,553) (636) (705) Production (502) (3,796) (4,403) (1,584) (10,285) Reserves as of December 31, 2021 1,207 13,601 16,759 3,379 34,946 Increase (decrease) attributable to: Revisions (b) 141 (886) 1,501 — 756 Disposal of Minerals in place (c) — — — (3,227) (3,227) Production (283) (3,272) (4,157) (152) (7,864) Reserves as of December 31, 2022 1,065 9,443 14,103 — 24,611 Increase (decrease) attributable to: Revisions (d) 219 1,659 (9) — 1,869 Production (209) (2,214) (3,283) — (5,706) Reserves as of December 31, 2023 1,075 8,888 10,811 — 20,774 (a) 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. (b) 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). (c) 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). (d) For the year ended December 31, 2023, the Group’s proved natural gas reserves were revised upwards by 1.9 billion cubic feet. This was the effect of higher-than-expected performance from the existing wells in the Manati Block in Brazil ( 1.7 billion cubic feet) and the Llanos 32 Block in Colombia ( 0.2 billion cubic feet). 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 2023, 2022 and 2021 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 Ecuador Brazil Chile Argentina Total As of December 31, 2023 Future cash inflows 4,027,686 140,607 75,757 111,384 — 4,355,434 Future production costs (1,633,889) (45,052) (22,815) (50,343) — (1,752,099) Future development costs (147,045) (13,768) (1,204) (41,359) — (203,376) Future income taxes (764,309) (27,648) (4,036) — — (795,993) Undiscounted future net cash flows 1,482,443 54,139 47,702 19,682 — 1,603,966 10% annual discount (430,250) (11,436) (6,476) 5,205 — (442,957) Standardized measure of discounted future net cash flows 1,052,193 42,703 41,226 24,887 — 1,161,009 As of December 31, 2022 Future cash inflows 5,229,599 26,553 65,002 190,449 — 5,511,603 Future production costs (1,633,818) (8,094) (29,519) (72,411) — (1,743,842) Future development costs (182,701) (297) (1,955) (40,659) — (225,612) Future income taxes (1,191,658) — (1,761) — — (1,193,419) Undiscounted future net cash flows 2,221,422 18,162 31,767 77,379 — 2,348,730 10% annual discount (839,621) (2,504) (8,856) (13,094) — (864,075) Standardized measure of discounted future net cash flows 1,381,801 15,658 22,911 64,285 — 1,484,655 As of December 31, 2021 Future cash inflows 4,381,191 — 89,208 136,152 109,678 4,716,229 Future production costs (1,715,554) — (34,930) (69,067) (61,660) (1,881,211) Future development costs (197,461) — (1,955) (40,339) (49,200) (288,955) Future income taxes (754,205) — (3,449) — (2,947) (760,601) Undiscounted future net cash flows 1,713,971 — 48,874 26,746 (4,129) 1,785,462 10% annual discount (496,150) — (7,171) 6,121 4,471 (492,729) Standardized measure of discounted future net cash flows 1,217,821 — 41,703 32,867 342 1,292,733 Table 7 - Changes in the standardized measure of discounted future net cash flows from proved reserves Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Present value as of December 31, 2020 759,233 — 25,378 17,032 (19) 801,624 Sales of hydrocarbon, net of production costs (516,844) — (15,677) (11,520) (16,855) (560,896) Net changes in sales price and production costs 924,875 — 19,393 64,048 (3,145) 1,005,171 Changes in estimated future development costs 96,364 — 861 (18,731) 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) — 11,957 (23,776) 465 (88,204) Net changes in income taxes (254,618) — (2,780) — 244 (257,154) Accretion of discount 116,851 — 2,571 1,703 (2) 121,123 Present value as of December 31, 2021 1,217,821 — 41,703 32,867 342 1,292,733 Sales of hydrocarbon, net of production costs (891,534) (2,732) (14,697) (15,317) — (924,280) Net changes in sales price and production costs 956,926 — (6,909) 39,457 — 989,474 Changes in estimated future development costs 93,657 (10,483) (933) (22,675) — 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) — (2,441) 15,513 — (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 — 4,515 3,287 — 205,005 Present value as of December 31, 2022 1,381,801 15,658 22,911 64,285 — 1,484,655 Sales of hydrocarbon, net of production costs (491,525) (6,673) (8,143) (6,362) — (512,703) Net changes in sales price and production costs (596,668) (2,893) 21,490 (33,595) — (611,666) Changes in estimated future development costs 9,461 (17,908) (4,440) 5,142 — (7,745) Extensions and discoveries less related costs 72,757 63,619 — — — 136,376 Development costs incurred 115,996 500 — 7 — 116,503 Revisions of previous quantity estimates 104,256 10,642 9,159 (11,019) — 113,038 Net changes in income taxes 198,769 (21,808) (2,218) — — 174,743 Accretion of discount 257,346 1,566 2,467 6,429 — 267,808 Present value as of December 31, 2023 1,052,193 42,703 41,226 24,887 — 1,161,009 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. |
Changes in accounting policy and disclosure | 2.1.1 Changes in accounting policy and disclosure 2.1.1.1 New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2023, as follows: IFRS 17 Insurance Contracts IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation, and disclosure. This new accounting standard replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance, and re-insurance), regardless of the type of entity that issues them, as well as certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: ● a specific adaptation for contracts with direct participation features (the variable fee approach), and ● a simplified approach (the premium allocation approach) mainly for short-duration contracts. The new standard had no impact on the Consolidated Financial Statements of the Group. Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how to use measurement techniques and inputs to develop accounting estimates. These amendments had no impact on the Consolidated Financial Statements of the Group. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance to apply materiality judgements to accounting policy disclosures. The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. These amendments had no impact on the Consolidated Financial Statements of the Group. Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. These amendments had no impact on the Consolidated Financial Statements of the Group. International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two model rules and include: ● a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, ● disclosure requirements to assist in better understanding the Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception applies immediately. The disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. The amendments had no impact on the Consolidated Financial Statements of the Group. 2.1.1.2 Standards issued but not yet effective The new and amended standards and interpretations that have been issued, but are not yet effective, as of the date of issuance of these Consolidated Financial Statements are disclosed below. The Group has not early adopted these new and amended standards and interpretations, and intends to adopt them, if applicable, when they become effective. Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted, and any earlier application must be disclosed. The amendments are not expected to have a material impact on the Consolidated Financial Statements of the Group. Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, 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. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, 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. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but would need to be disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. The Enhancement and Standardization of Climate-Related Disclosures for Investors On March 06, 2024, the Securities and Exchange Commission (SEC) issued the final rule on The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule mandates the disclosure of information regarding a registrant’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. While compliance with this rule is phased in and not required for these Consolidated Financial Statements, the Group is currently assessing the impact of this rule and planification efforts ahead of initial required compliance. |
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$ 133,036,000, the oil hedges to mitigate the price risk exposure within the next twelve to fifteen months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2023, matures in January 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 Exploration 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, Ecuador, Chile and Argentina 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 combinations | 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 and economic rights in cash 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 on 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$ 29,563,000 has been recognized in the Consolidated Statement of Income within the ‘Write-off of unsuccessful exploration efforts’ line item (US$ 25,789,000 in 2022 and US$ 12,262,000 in 2021). 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. Impairment losses were recognized for US$ 13,332,000 in 2023 (no impairment losses were recognized in 2022 and US$ 4,334,000 were recognized in 2021). See Note 37. The write-offs are detailed in Note 20. |
Lease contracts | 2.14 Lease contracts – Group as a lessee 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. As of December 31, 2023, the Group classified non-current assets and liabilities corresponding to the Chilean companies as held for sale due to the divestment process that was agreed to in December 2023 and which closed in January 2024. See Note 36.1. |
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 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 Reserves 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 Reserves 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. ● "Translation reserve" representing the differences arising from translation of investments in overseas subsidiaries. ● "Other reserves" representing: - the difference between the proceeds from transactions with non-controlling interests received against the book value of the shares acquired in subsidiaries, and - the changes in the fair value of the effective portion of derivatives designated as cash flow hedges. ● "Retained earnings (Accumulated losses)" 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, 2023 | |
Financial Instruments-risk management | |
Capital Structure Balance | Amounts in US$‘000 2023 2022 Total Equity 176,020 115,585 Net Debt (a) 367,945 368,799 Working capital (b) 39,184 8,989 (a) Calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the Consolidated Statement of Financial Position) less cash and cash equivalents. (b) Calculated as ‘current assets’ less ‘current liabilities’. |
Consolidated Statement of Cas_4
Consolidated Statement of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONSOLIDATED STATEMENT OF CASH FLOWS. | |
Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow | Amounts in US$‘000 2023 2022 2021 Increase (Decrease) in asset retirement obligation 7,374 (4,942) (651) Increase (Decrease) in provisions for other long-term liabilities 2,370 (2,616) (443) Purchase of property, plant and equipment (7,864) 7,864 — Additions / changes in estimates of right-of-use assets 137 22,462 5,288 |
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 Flows are disclosed as follows: Amounts in US$‘000 2023 2022 2021 (Increase) Decrease in Inventories (1,330) (6,694) 1,241 Decrease (Increase) in Trade receivables 6,820 (1,425) (23,290) Increase in Prepayments and other receivables and Other assets (a) (33,328) (30,929) (13,817) Increase (Decrease) in Trade and other payables 1,413 (999) 26,515 (26,425) (40,047) (9,351) (a) Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 , in 2023, 2022 and 2021, 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$‘000 Borrowings Liabilities Total As of January 1, 2021 784,586 22,347 806,933 Proceeds from borrowings 172,174 — 172,174 Debt issuance costs paid (2,019) — (2,019) Addition to lease liabilities — 5,288 5,288 Accrual of borrowing's interests 44,323 — 44,323 Exchange difference (581) (365) (946) Foreign currency translation (265) (461) (726) Unwinding of discount — 1,453 1,453 Principal paid (274,934) — (274,934) Interest paid (42,592) — (42,592) Borrowings cancellation costs 6,308 — 6,308 Borrowings cancellation and other costs paid (12,908) — (12,908) Lease payments — (7,518) (7,518) As of December 31, 2021 674,092 20,744 694,836 Addition to lease liabilities — 22,462 22,462 Accrual of borrowing's interests 36,360 — 36,360 Exchange difference — (6,426) (6,426) Foreign currency translation 203 284 487 Unwinding of discount — 2,838 2,838 Principal paid (172,522) — (172,522) Interest paid (36,514) — (36,514) Borrowings cancellation costs 5,141 — 5,141 Borrowings cancellation and other costs paid (9,118) — (9,118) Lease payments — (7,851) (7,851) As of December 31, 2022 497,642 32,051 529,693 Addition to lease liabilities — 137 137 Accrual of borrowing's interests 30,839 — 30,839 Exchange difference — 7,061 7,061 Liabilities associated with assets held for sale (Note 36.1) — (26) (26) Foreign currency translation — 174 174 Unwinding of discount — 3,168 3,168 Interest paid (27,500) — (27,500) Lease payments — (10,267) (10,267) As of December 31, 2023 500,981 32,298 533,279 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment information | |
Schedule of Segment Information by Segment Areas (Geographical Segments) | Segment areas (geographical segments) Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2023 Revenue 702,401 19,097 14,019 15,644 — 5,464 756,625 Sale of crude oil 702,308 19,097 490 5,052 — — 726,947 Sale of purchased crude oil — — — — — 5,464 5,464 Sale of gas 903 — 13,529 10,592 — — 25,024 Commodity risk management contracts designated as cash flow hedges (810) — — — — — (810) Production and operating costs (204,245) (10,242) (4,946) (8,226) — (4,666) (232,325) Royalties in cash (11,201) — (1,096) (548) — — (12,845) Economic rights in cash (72,032) — — — — — (72,032) Share-based payment (671) (7) — (72) — — (750) Other operating costs (120,341) (10,235) (3,850) (7,606) — (4,666) (146,698) Adjusted EBITDA 446,835 5,159 6,374 4,952 (2,620) (8,838) 451,862 Depreciation (101,666) (7,096) (2,332) (9,815) (22) (3) (120,934) Recognition of impairment losses — — — (13,332) — — (13,332) Write-off of unsuccessful exploration efforts (29,563) — — — — — (29,563) Total assets 895,900 40,336 27,891 36,192 357 15,873 1,016,549 Employees (average) (a) 400 6 4 33 18 8 469 Employees at year end (a) 412 5 4 27 15 7 470 Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2022 Revenue 978,423 10,671 19,873 29,196 1,962 9,454 1,049,579 Sale of crude oil 977,184 10,671 796 14,460 1,664 — 1,004,775 Sale of purchased crude oil — — — — — 9,454 9,454 Sale of gas 1,239 — 19,077 14,736 298 — 35,350 Realized loss on commodity risk management contracts (83,244) — — — — — (83,244) Production and operating costs (327,626) (3,220) (5,299) (14,126) (1,579) (7,929) (359,779) Royalties in cash (60,314) — (1,546) (1,165) (273) — (63,298) Economic rights in cash (188,989) — — — — — (188,989) Share-based payment (843) (10) — (103) 1 — (955) Other operating costs (77,480) (3,210) (3,753) (12,858) (1,307) (7,929) (106,537) Adjusted EBITDA 525,593 4,197 11,654 11,753 (3,643) (8,775) 540,779 Depreciation (78,775) (788) (2,796) (14,076) (254) (3) (96,692) Write-off of unsuccessful exploration efforts (21,318) (4,471) — — — — (25,789) Total assets 797,390 35,690 34,329 63,379 1,296 41,891 973,975 Employees (average) (a) 362 7 5 53 33 9 469 Employees at year end (a) 388 8 4 49 24 9 482 Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2021 Revenue 618,268 — 20,109 21,471 28,695 — 688,543 Sale of crude oil 616,133 — 661 6,297 24,468 — 647,559 Sale of gas 2,135 — 19,448 15,174 4,227 — 40,984 Realized loss on commodity risk management contracts (109,654) — — — — — (109,654) Production and operating costs (178,384) — (4,596) (11,050) (18,760) — (212,790) Royalties in cash (33,385) — (1,575) (770) (4,270) — (40,000) Economic rights in cash (72,956) — (67) — — — (73,023) Share-based payment (334) — — (31) 26 — (339) Other operating costs (71,709) — (2,954) (10,249) (14,516) — (99,428) Adjusted EBITDA 294,847 (2,071) 12,569 7,639 2,124 (14,308) 300,800 Depreciation (61,279) (200) (4,082) (14,275) (9,130) (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 7,782 38,846 71,515 38,111 50,086 895,741 Employees (average) (a) 308 8 4 55 92 9 476 Employees at year end (a) 321 3 4 52 74 9 463 (a) Unaudited. (b) Divested in January 2024. See Note 36.1. |
Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax | Amounts in US$ ‘000 2023 2022 2021 Adjusted EBITDA 451,862 540,779 300,800 Unrealized gain on commodity risk management contracts — 13,023 463 Depreciation (a) (120,934) (96,692) (88,969) Share-based payment (7,328) (11,038) (6,621) Impairment and write-off of unsuccessful exploration efforts, net (42,895) (25,789) (16,596) Lease accounting - IFRS 16 10,267 7,851 7,518 Others (b) (20,065) 943 (10,786) Operating profit 270,907 429,077 185,809 Financial expenses (45,815) (57,073) (64,112) Financial income 6,237 3,180 1,652 Foreign exchange (loss) gain (16,820) 19,725 5,049 Profit before tax 214,509 394,909 128,398 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2023, also includes termination and other costs incurred because of the divestment process in Chile, including a provision for investment commitments maintained by GeoPark after the transaction, for a total amount of US$ 9,742,000 (see Note 36.1), together with the amount paid for transferring the working interest in the Los Parlamentos Block in Argentina to the joint operation partner for US$ 7,023,000 (see Note 36.2), and others. 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. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Schedule of Information on Revenue | Amounts in US$ ‘000 2023 2022 2021 Sale of crude oil 726,947 1,004,775 647,559 Sale of purchased crude oil 5,464 9,454 — Sale of gas 25,024 35,350 40,984 Commodity risk management contracts designated as cash flow hedges (a) (810) — — 756,625 1,049,579 688,543 (a) Realized result on commodity risk management contracts designated as cash flow hedges. See Note 8. |
Commodity risk management con_2
Commodity risk management contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commodity risk management contracts | |
Summary of Gain (Loss) on the Commodity Risk Management Contracts | The table below summarizes the results on non-hedge derivative commodity risk management contracts: 2023 2022 2021 Realized loss on commodity risk management contracts — (83,244) (109,654) Unrealized gain on commodity risk management contracts — 13,023 463 — (70,221) (109,191) |
Schedule of Group's Derivative Contracts | The following table presents the Group’s production hedged during the year ended December 31, 2023, and for the following periods as a consequence of the derivative contracts in force as of December 31, 2023: Period Reference Type Volume bbl/d Weighted average price US$/bbl January 1, 2023 - March 31, 2023 ICE BRENT Zero Premium Collars 9,500 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ICE BRENT Zero Premium Collars 10,000 69.25 Put 110.56 Call July 1, 2023 - September 30, 2023 ICE BRENT Zero Premium Collars 9,000 70.00 Put 94.69 Call October 1, 2023 - December 31, 2023 ICE BRENT Zero Premium Collars 9,000 69.44 Put 91.82 Call January 1, 2024 - March 31, 2024 ICE BRENT Zero Premium Collars 8,500 65.59 Put 92.04 Call April 1, 2024 - June 30, 2024 ICE BRENT Zero Premium Collars 9,000 67.50 Put 96.99 Call July 1, 2024 - September 30, 2024 ICE BRENT Zero Premium Collars 7,000 66.43 Put 99.32 Call October 1, 2024 - December 31, 2024 ICE BRENT Zero Premium Collars 1,000 70.00 Put 96.00 Call |
Production and operating costs
Production and operating costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Production and operating costs | |
Schedule of Production and Operating Costs | Amounts in US$ '000 2023 2022 2021 Staff costs (Note 11) 13,889 13,114 16,655 Share-based payment (Note 11) 750 955 339 Royalties in cash (a) 12,845 63,298 40,000 Economic rights in cash (a) 72,032 188,989 73,023 Well and facilities maintenance 26,089 20,779 17,989 Operation and maintenance 8,143 6,545 7,826 Consumables (b) 37,556 21,789 19,270 Equipment rental 4,314 7,580 8,127 Transportation costs 5,850 4,021 3,383 Field camp 6,546 4,070 4,386 Safety and insurance costs 5,487 3,745 4,216 Personnel transportation 3,363 2,480 2,397 Consultant fees 2,291 2,133 1,732 Gas plant costs 1,865 1,680 2,596 Non-operated blocks costs (c) 20,421 12,650 4,941 Crude oil stock variation 2,004 (6,449) 1,271 Purchased crude oil 4,666 7,929 — Other costs 4,214 4,471 4,639 232,325 359,779 212,790 (a) Royalties and economic rights in Colombia are payable to the National Hydrocarbons Agency (“ANH”) and are determined on a field-by-field basis depending on different variables such as crude quality and price levels, among others (see Note 33). During 2023, the mix of royalties and economic rights paid “in-kind” increased as compared to royalties and economic rights paid ‘in-cash”. These changes caused variations in the ‘royalties in cash’ and ‘economic rights in cash’ line items from year to year, which are compensated by variations in the quantities of oil sales impacting the ‘Revenue’ line item in the Consolidated Statement of Income. (b) Consumables include energy costs of US$ 26,348,000 in the Llanos 34 Block in 2023 (US$ 6,086,000 in 2022) due to a drought that affected the energy matrix in Colombia as a result of decreased availability of hydroelectric power. (c) Non-operated block costs show the increase in activities in the CPO-5 and Perico Blocks in Colombia and Ecuador, respectively. |
Depreciation (Tables)
Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Depreciation | |
Schedule of Depreciation | Amounts in US$ ‘000 2023 2022 2021 Oil and gas properties 95,369 76,720 66,011 Production facilities and machinery 12,896 12,244 12,468 Furniture, equipment and vehicles 1,304 1,344 1,960 Buildings and improvements 503 672 700 Depreciation of property, plant and equipment (a) 110,072 90,980 81,139 Related to: Productive assets 108,265 88,964 78,479 Administrative assets 1,807 2,016 2,660 Depreciation total (a) 110,072 90,980 81,139 (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, 2023 | |
Staff costs and Directors' Remuneration | |
Schedule of Staff Costs and Directors Remuneration | 2023 2022 2021 Number of employees at year end (a) 470 482 463 Amounts in US$ ‘000 Wages and salaries 41,917 38,699 42,516 Share-based payments (Note 31) 7,328 11,038 6,621 Social security charges 5,992 5,593 6,901 Director’s fees and allowance 896 1,172 2,853 56,133 56,502 58,891 Recognized as follows: Production and operating costs 14,639 14,069 16,994 Geological and geophysical expenses 8,407 7,490 6,219 Administrative expenses 32,604 34,533 35,360 Selling expenses 483 410 318 56,133 56,502 58,891 Board of Directors’ and key managers’ remuneration Salaries and fees 6,081 10,317 9,069 Share-based payments 4,886 8,728 5,759 Other benefits in kind — 171 296 10,967 19,216 15,124 (a) Unaudited. |
Schedule of Directors' Remuneration | Non-Executive Director Fees Cash Equivalent Directors’ Fees Paid in Shares Total Remuneration (in US$) (No. of Shares) (in US$) James F. Park (a) — — — Andrés Ocampo (b) — — — Robert Bedingfield (c) — 21,098 240,000 Constantin Papadimitriou (d) 120,000 8,791 220,000 Somit Varma (e) — 20,219 230,000 Sylvia Escovar Gomez (f) — 23,109 262,500 Brian Maxted (g) 120,000 8,791 220,000 Carlos Macellari (h) 205,000 8,791 305,000 Marcela Vaca (i) 100,000 8,791 200,000 (a) Mr. Park has 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, and he relinquished his fees as a member of the Board. (b) Mr. Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Audit Committee Chairman. (d) Compensation Committee Chairman. (e) Nomination and Corporate Governance Committee Chairman. (f) Independent Chair of the Board. (g) Technical Committee Chairman. (h) Mr. Macellari, as member of the Technical Committee, instructed by the Board, was awarded additional fees on strategic and technical exploration advisory. (i) SPEED Committee Chairman. |
Geological and geophysical ex_2
Geological and geophysical expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Geological and geophysical expenses | |
Schedule of Geological and Geophysical Expenses | Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 7,879 7,097 6,042 Share-based payment (Note 11) 528 393 177 Communication and IT costs 2,139 1,743 1,071 Consultant fees 1,373 917 854 Allocation to capitalized project (1,254) (416) (953) Other services 527 795 700 11,192 10,529 7,891 |
Administrative expenses (Tables
Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Administrative expenses | |
Schedule of Administrative Expenses | Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 25,675 23,671 26,402 Share-based payment (Note 11) 6,033 9,690 6,105 Consultant fees 10,645 9,574 10,806 Safety and insurance costs 3,890 3,834 3,142 Travel expenses 1,730 2,336 719 Non-operated blocks expenses 1,568 1,390 799 Director’s fees and allowance (Note 11) 896 1,172 2,853 Communication and IT costs 3,760 3,419 4,214 Allocation to joint operations (13,986) (9,642) (8,574) Other administrative expenses 3,758 4,580 362 43,969 50,024 46,828 |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling expenses | |
Schedule of Selling Expenses | Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) 466 410 318 Shared-based payment (Note 11) 17 — — Transportation (a) 9,022 4,881 4,233 Selling taxes and other 3,579 2,704 4,179 13,084 7,995 8,730 (a) The rise in transportation costs in 2023 is mainly attributed to deliveries at different sales points in the CPO-5 Block in Colombia. Sales at the wellhead incur no selling costs but yield lower revenue, while transportation expenses for sales to alternative delivery points are recognized as selling expenses . |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial results | |
Schedule of Financial Results | Amounts in US$ '000 2023 2022 2021 Financial expenses Interest and amortization of debt issue costs (30,839) (36,360) (44,713) Borrowings cancellation costs — (5,141) (6,308) Bank charges and other financial results (8,520) (9,546) (8,012) Unwinding of long-term liabilities (6,456) (6,026) (5,079) (45,815) (57,073) (64,112) Financial income Interest received 6,237 3,180 1,652 6,237 3,180 1,652 Foreign exchange gains and losses Foreign exchange (loss) gain, net (19,729) 19,725 5,049 Realized result on currency risk management contracts 2,909 — — (16,820) 19,725 5,049 Total Financial results (56,398) (34,168) (57,411) |
Tax reforms Colombia (Tables)
Tax reforms Colombia (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tax reform in Colombia | |
Schedule of surcharge rate | Surcharge Price Triggers applicable for fiscal year 2024 Surcharge rate < US$ 67.18 /bbl 0% US$ 67.18 to US$ 76.39 /bbl 5% US$ 76.39 to US$ 79.87 /bbl 10% > US$ 79.87 /bbl 15% |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income tax | |
Schedule of Components of Income Tax | Amounts in US$ ‘000 2023 2022 Current income tax liabilities 44,269 65,002 44,269 65,002 Amounts in US$ ‘000 2023 2022 2021 Current income tax charge (107,740) (126,269) (49,291) Deferred income tax benefit (charge) (Note 18) 4,299 (44,205) (17,980) (103,441) (170,474) (67,271) |
Summary of Income Tax Reconciliation | Amounts in US$ ‘000 2023 2022 2021 Profit before tax 214,509 394,909 128,398 Tax losses from non-taxable jurisdictions 39,526 53,005 91,351 Taxable profit 254,035 447,914 219,749 Income tax calculated at domestic tax rates applicable to Profit in the respective countries (123,202) (157,315) (71,086) Tax losses where no deferred income tax benefit is recognized (6,918) (2,832) (7,510) Effect of currency translation on tax base 36,691 (10,797) (10,354) Effect of inflation adjustment for tax purposes — — 2,482 Changes in the income tax rate (Note 16) (8,853) (3,820) (1,703) Write-down of deferred income tax benefits previously recognized (a) (3,895) (2,938) (7,261) Previously unrecognized tax losses 632 9,067 9,593 Income tax on dividends (b) (2,595) (3,038) — Fiscal recognition of property, plant and equipment — — 8,919 Non-taxable results (c) 4,699 1,199 9,649 Income tax (103,441) (170,474) (67,271) (a) Includes write-down 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, 2023, 2022 and 2021. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. (c) Includes non-deductible expenses and non-taxable gains in each jurisdiction. |
Summary of Tax Losses Accumulated | Amounts in US$ ‘000 2023 2022 2021 Colombia — 4,837 15,557 Brazil (a) 26,808 26,736 26,781 Chile (a) (c) 313,409 323,929 285,456 Argentina (b) 9,981 24,065 35,773 Spain (a) 6,936 7,205 9,443 Total tax losses as of December 31 357,134 386,772 373,010 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2023, are: US$ 2,551,000 , US$ 939,000 , US$ 2,297,000 , US$ 927,000 and US$ 3,267,000 expiring in 2024, 2025, 2026, 2027 and 2028, respectively. (c) The Chilean business was divested on January 18, 2024 (see Note 36.1), and therefore these tax losses no longer belong to GeoPark from such date. |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Deferred income tax as of January 1 (51,180) (6,875) Currency translation differences 107 383 Income tax expense relating to cash flow hedges recognized in OCI (1,369) (483) Income statement benefit (charge) 4,299 (44,205) Deferred income tax as of December 31 (48,143) (51,180) |
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, 2023, and 2022, are as follows: At the Currency beginning Charged to translation At the end Amounts in US$ ‘000 of year net profit differences Reclassification of year Deferred income tax assets Difference in depreciation rates and other 4,759 8,911 (108) (556) 13,006 Tax losses 14,184 (11,485) 215 — 2,914 Total 2023 18,943 (2,574) 107 (556) 15,920 Total 2022 14,072 4,488 383 — 18,943 Income tax expense At the beginning Charged to relating to At the end Amounts in US$ ‘000 of year net profit cash flow hedges Reclassification of year Deferred income tax liabilities Difference in depreciation rates and other (70,123) 6,873 (1,369) 556 (64,063) Total 2023 (70,123) 6,873 (1,369) 556 (64,063) Total 2022 (20,947) (48,693) (483) — (70,123) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share | |
Schedule of Earnings per Share | Amounts in US$ ‘000 except for shares 2023 2022 2021 Numerator: Profit for the year 111,068 224,435 61,127 Denominator: Weighted average number of shares used in basic EPS 56,836,682 59,330,421 60,901,109 Earnings after tax per share (US$) – basic 1.95 3.78 1.00 Amounts in US$ ‘000 except for shares 2023 2022 2021 Weighted average number of shares used in basic EPS 56,836,682 59,330,421 60,901,109 Effect of dilutive potential common shares Stock awards at US$ 0.001 359,587 552,466 559,012 Weighted average number of common shares for the purposes of diluted earnings per shares 57,196,269 59,882,887 61,460,121 Earnings after tax per share (US$) – diluted 1.94 3.75 0.99 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment | |
Schedule of Property, Plant and Equipment | Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress assets (a) Total Cost as of January 1, 2021 968,617 20,707 197,829 12,442 18,848 78,614 1,297,057 Additions / ARO change (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) — — (c) (12,262) (d) (16,596) Transfers 68,315 58 13,305 391 (70,321) (11,748) — Assets held for sale (Note 36.3) (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 / ARO change (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) (e) (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 Additions / ARO change 9,744 (b) 1,683 12 17 116,304 73,160 200,920 Currency translation differences 3,477 46 277 8 21 22 3,851 Disposals — (1,223) — (2,150) (119) — (3,492) Write-off / Impairment (13,332) (c) — — — — (29,563) (f) (42,895) Transfers 171,538 93 21,262 93 (116,905) (76,081) — Assets held for sale (Note 36.1) (330,024) (6,559) (74,491) (4,948) — — (416,022) Cost as of December 31, 2023 920,660 13,133 169,787 4,047 15,781 80,579 1,203,987 Depreciation and write-down as of January 1, 2021 (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) 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) Depreciation (95,369) (1,304) (12,896) (503) — — (110,072) Disposals — 1,189 — 1,877 — — 3,066 Currency translation differences (3,179) (41) (277) (8) — — (3,505) Assets held for sale (Note 36.1) 310,683 6,488 68,765 2,158 — — 388,094 Depreciation and write-down as of December 31, 2023 (430,145) (10,467) (73,481) (3,070) — — (517,163) 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 Carrying amount as of December 31, 2023 490,515 2,666 96,306 977 15,781 80,579 686,824 (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$ 72,581,000 (US$ 96,041,000 in 2022 and US$ 90,166,000 in 2021). Amounts in US$ ‘000 Total 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 Additions 61,500 Write-offs (24,815) Transfers (45,687) Exploration wells as of December 31, 2023 7,998 As of December 31, 2023, there were two exploratory wells that have been capitalized for a period less than three years amounting to US$ 7,998,000. (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) 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). (e) Corresponds to exploration costs incurred in previous years in the Tacacho and Terecay Blocks (Colombia), 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) . (f) Corresponds to three unsuccessful exploratory wells drilled in the Llanos 87 Block (Colombia), an unsuccessful exploratory well drilled in the Llanos 124 Block (Colombia) and other exploration costs incurred in the Llanos 94, Coati and Llanos 124 Blocks (Colombia). |
Schedule of Exploration Wells Movement and Balances | Amounts in US$ ‘000 Total 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 Additions 61,500 Write-offs (24,815) Transfers (45,687) Exploration wells as of December 31, 2023 7,998 |
Subsidiary undertakings (Tables
Subsidiary undertakings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiary undertakings | |
Summary of Subsidiaries | Details of all the subsidiaries of the Group as of December 31, 2023, 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) (c) GeoPark Fell S.p.A. (Chile) 100% (a) (c) GeoPark Magallanes Limitada (Chile) 100% (a) (c) GeoPark TdF S.p.A. (Chile) 100% (a) (c) 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 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) 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% GeoPark Colombia S.A.S. Sucursal Panama (Panama) 100% (a) (b) (a) Indirectly owned. (b) Dormant companies. (c) Divested in January 2024. See Note 36.1. |
Summary of joint operations | Details of the joint operations of the Group as of December 31, 2023, are set out below: Name and registered office Ownership interest Joint operations Flamenco Block (Chile) 50% (a) (c) Campanario Block (Chile) 50% (a) (c) Isla Norte Block (Chile) 60% (a) (c) Llanos 34 Block (Colombia) 45% (a) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (b) Los Parlamentos (Argentina) 50% (d) 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% (d) PUT-36 Block (Colombia) 50% (a) CPO-4-1 Block (Colombia) 50% (a) GeoPark is the operator. (b) In process of relinquishment. (c) Divested in January 2024. See Note 36.1. (d) GeoPark agreed to transfer its 50% working interest to its joint operation partner. |
Prepayments and other receiva_2
Prepayments and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and other receivables | |
Schedule of Prepayments and other receivables | Amounts in US$ '000 2023 2022 V.A.T. 4,310 1,826 Income tax payments in advance 3,685 3,156 Other prepaid taxes 23 37 To be recovered from co-venturers (Note 34) 8,630 8,750 Prepayments and other receivables 12,311 8,458 28,959 22,227 Classified as follows: Current 25,896 22,106 Non-current 3,063 121 28,959 22,227 |
Schedule of Movements on the Group Provision for Impairment | Amounts in US$ '000 2023 2022 At January 1 14 7 Additions — 10 Foreign exchange gain (loss) 4 (3) 18 14 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of Inventories | Amounts in US$ '000 2023 2022 Crude oil 9,441 12,630 Materials and spares 4,111 1,804 13,552 14,434 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade receivables. | |
Schedule of Trade Receivables | Amounts in US$ '000 2023 2022 Trade receivables 65,049 71,794 65,049 71,794 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Financial assets at fair value through profit or loss Derivative financial instrument assets 3,775 967 Cash and cash equivalents — 242 3,775 1,209 Other financial assets at amortized cost Trade receivables 65,049 71,794 To be recovered from co-venturers (Note 34) 8,630 8,750 Other financial assets (a) 12,564 12,877 Cash and cash equivalents 133,036 128,601 219,279 222,022 Total financial assets 223,054 223,231 (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 2023 2022 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 70 19 70 19 Other financial liabilities at amortized cost Trade payables 108,977 102,125 To be paid to co-venturers (Note 34) 522 2,815 Lease liabilities 32,298 32,051 Borrowings 500,981 497,642 642,778 634,633 Total financial liabilities 642,848 634,652 |
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 2023 2022 Trade receivables Counterparties with an external credit rating (Moody’s, S&P, Fitch) Aa3 — 2,013 A3 949 1,557 Baa1 1,721 99 Baa3 151 198 Ba1 15,068 23,755 Ba2 2,953 — Ba3 — 2,745 B2 63 4,085 Counterparties without an external credit rating Group 1 (a) 44,144 37,342 Total trade receivables 65,049 71,794 (a) Group 1 – no existing balances with customers aged by more than 3 months. |
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, 2023 Borrowings 27,500 27,500 541,250 — Lease liabilities 9,416 6,515 11,719 25,134 Trade payables 108,977 — — — To be paid to co-venturers (Note 34) 522 — — — 146,415 34,015 552,969 25,134 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 |
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, 2023, and 2022, on a recurring basis: As of December 31, Amounts in US$ ‘000 Level 1 Level 2 2023 Assets Derivative financial instrument assets Commodity risk management contracts — 3,775 3,775 Total Assets — 3,775 3,775 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 70 70 Total Liabilities — 70 70 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 |
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 2023 2022 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) Aa3 — 10,362 A1 91,747 96,077 A2 268 57 A3 16,147 10,389 Baa1 18 39 Baa2 17,585 7,030 Baa3 125 1,352 Ba1 — 64 Ba2 6,528 268 Ba3 5 3,066 B3 593 51 Counterparties without an external credit rating 12,571 12,953 Total 145,587 141,708 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 13,000 (US$ 12,000 in 2022). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Schedule of Share Capital | Issued share capital 2023 2022 Common stock (amounts in US$ ‘000) 55 58 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 55,327,520 57,621,998 Total common shares in issue 55,327,520 57,621,998 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 movement closing US$(`000) GeoPark common shares history Month (millions) (millions) Closing Shares outstanding at the end of 2021 60.2 60 Buyback program Mar 2022 (0.2) 60.0 60 Buyback program Jun 2022 (0.5) 59.5 60 Stock awards Jul 2022 0.1 59.6 60 Buyback program Sep 2022 (1.1) 58.5 59 Buyback program Dec 2022 (0.9) 57.6 58 Shares outstanding at the end of 2022 57.6 58 Stock awards Feb 2023 0.6 58.2 58 Buyback program Mar 2023 (0.6) 57.6 58 Stock awards May 2023 0.1 57.7 58 Buyback program Jun 2023 (1.1) 56.6 57 Buyback program Sep 2023 (0.5) 56.1 56 Buyback program Dec 2023 (0.8) 55.3 55 Shares outstanding at the end of 2023 55.3 55 |
Schedule of Cash distributions | Total amount Date of declaration Date of distribution US$ per share in US$ ‘000 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 March 8, 2023 March 31, 2023 0.1300 7,505 May 3, 2023 May 31, 2023 0.1300 7,378 August 9, 2023 September 7, 2023 0.1320 7,383 November 8, 2023 December 11, 2023 0.1340 7,449 Cash distributions for the year ended December 31, 2023 29,715 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Schedule of Borrowings | Amounts in US$ ‘000 2023 2022 Outstanding amounts as of December 31 Notes due 2027 500,981 497,642 500,981 497,642 Classified as follows: Current 12,528 12,528 Non-current 488,453 485,114 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of financial position of lease assets and liabilities | Amounts in US$ ‘000 2023 2022 Right of use assets Production, facilities and machinery 24,201 32,034 Buildings and improvements 4,250 4,977 28,451 37,011 Lease liabilities Current 8,911 10,000 Non-current 23,387 22,051 32,298 32,051 |
Schedule of lease expenses consolidated statement of income | Amounts in US$ ‘000 2023 2022 2021 Depreciation charge of Right of use assets Production, facilities and machinery (7,858) (6,057) (5,526) Buildings and improvements (792) (988) (1,136) (8,650) (7,045) (6,662) Unwinding of long-term liabilities (included in Financial results) (3,168) (2,838) (1,453) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (838) (2,614) (1,101) Expenses related to low-value leases (included in Administrative expenses) (775) (708) (906) |
Schedule of right-of-use assets recognized | Amounts in US$‘000 2023 2022 Right-of-use assets as of January 1 37,011 21,014 Additions / changes in estimates 137 22,462 Foreign currency translation 444 580 Assets held for sale (Note 36.1) (491) — Depreciation (8,650) (7,045) Right-of-use assets as of December 31 28,451 37,011 |
Schedule of lease liabilities recognized | Amounts in US$‘000 2023 2022 Lease liabilities as of January 1 32,051 20,744 Additions / changes in estimates 137 22,462 Exchange difference 7,061 (6,426) Foreign currency translation 174 284 Liabilities associated with assets held for sale (Note 36.1) (26) — Unwinding of discount 3,168 2,838 Lease payments (10,267) (7,851) Lease liabilities as of December 31 32,298 32,051 |
Provisions and other long-ter_2
Provisions and other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions and other long-term liabilities | |
Schedule of Provisions and Other Long-term Liabilities | Asset retirement Deferred Amounts in US$ ‘000 obligation (a) Income (b) Other (c) Total As of January 1, 2022 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 Addition to provision / changes in estimates 7,374 — 2,460 9,834 Exchange difference 1,172 180 560 1,912 Foreign currency translation 717 — (13) 704 Amortization — (127) — (127) Unwinding of discount 2,794 — 494 3,288 Amounts used during the year (2,502) — (4,051) (6,553) Liabilities associated with assets held for sale (Note 36.1) (26,922) — — (26,922) As of December 31, 2023 23,536 810 9,737 34,083 (a) 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). (b) ‘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. (c) ‘Other’ mainly includes environmental obligations in Colombia and Peru. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Schedule of Trade and Other Payables | Amounts in US$ ‘000 2023 2022 V.A.T 975 8,513 Trade payables 108,977 102,125 Customer advance payments — 481 Other short-term advance payments (a) 450 — Outstanding commitments in Chile (b) 5,869 — Staff costs to be paid 10,852 9,306 Royalties to be paid 791 9,403 Taxes and other debts to be paid 9,381 8,963 To be paid to co-venturers (Note 34) 522 2,815 137,817 141,606 Classified as follows: Current 137,817 141,606 Non-current — — (a) Advance payment collected in relation with the sale of the Group´s business in Chile (see Note 36.1). (b) Investment commitments in the Campanario and Isla Norte Blocks as a result of sale agreement of the Group´s business in Chile (see Note 36.1). |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Based Payment [Abstract] | |
Schedule of Share-based Payment | Awards at the Awards granted Awards Awards Awards at Charged to net profit/loss beginning in the year forfeited exercised year end 2023 2022 2021 Year of issuance No. of Shares Amounts in US$ '000 2023 — 795,412 (105,695) — 689,717 1,452 — — 2022 191,400 12,000 (6,112) (9,444) 187,844 990 619 — 2020 405,919 (253,889) (61,980) 90,050 — 1,691 862 Subtotal 597,319 807,412 (365,696) (71,424) 967,611 2,442 2,310 862 Shares granted to Non-Executive Directors — 99,590 — (99,590) — 1,133 1,041 861 Shares granted to Executive Directors (a) 375,937 — — (359,271) 16,666 126 3,560 800 VCP (b) — — — — — — 2,016 4,098 LTIP for executives 571,984 268,129 — (248,825) 591,288 3,627 2,111 — 1,545,240 1,175,131 (365,696) (779,110) 1,575,565 7,328 11,038 6,621 (a) Includes compensation agreements from CEO transition. (b) The plan named Value Creation Plan (“VCP”), oriented to key management, was approved in 2019. 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, 2023 | |
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) 2023 GeoPark Colombia S.A.S. Llanos 34 Block 45 % 354,361 5,079 359,440 (7,641) 351,799 464,146 295,556 Llanos 32 Block 12.5 % 2,493 — 2,493 (655) 1,838 7,811 5,661 Llanos 86 Block 50 % 5,532 227 5,759 — 5,759 — (187) Llanos 87 Block 50 % 16,621 650 17,271 (1,211) 16,060 1,527 (17,722) Llanos 94 Block 50 % — — — (336) (336) — (1,044) Llanos 104 Block 50 % 5,536 320 5,856 — 5,856 — (186) Llanos 123 Block 50 % 16,292 1,035 17,327 (520) 16,807 8,648 4,006 Llanos 124 Block 50 % — 170 170 (166) 4 — (7,496) CPO-5 Block 30 % 182,484 — 182,484 (1,540) 180,944 148,594 50,032 CPO-4-1 Block 50 % 102 7 109 — 109 — (96) Amerisur Exploración Colombia Limitada Sucursal Colombia Mecaya Block 50 % 3,948 51 3,999 (40) 3,959 — (66) PUT-8 Block 50 % 9,118 306 9,424 — 9,424 — (8) PUT-9 Block 50 % 4,454 68 4,522 — 4,522 — (66) PUT-36 Block 50 % 2,950 50 3,000 — 3,000 — (2) Tacacho Block 50 % — 103 103 — 103 — (8) Terecay Block 50 % — 36 36 — 36 — (8) GeoPark Ecuador S.A. Espejo 50 % 10,072 213 10,285 (467) 9,818 1,450 (1,897) Perico 50 % 22,231 — 22,231 (889) 21,342 17,647 258 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. Manati Field 10 % 5,233 17,546 22,779 (12,788) 9,991 14,019 4,955 POT-T‑785 70 % 160 — 160 — 160 — — GeoPark TdF S.p.A. Flamenco Block 50 % — — — (1,336) (1,336) — (178) Campanario Block 50 % — — — (5,438) (5,438) — (5,113) Isla Norte Block 60 % — — — (1,018) (1,018) — (1,000) GeoPark Argentina S.A. Los Parlamentos Block 50 % — — — — — — (7,086) Puelen Block 18 % — 2 2 (60) (58) — (51) 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 Ecuador S.A. 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 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 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 Argentina S.A. 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) 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 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) 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 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 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) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
Disclosure Of Related Parties [Abstract] | |
Schedule of Controlling Interests | The main shareholders of GeoPark Limited as of December 31, 2023, based solely on Schedules 13D and 13G filed with the SEC, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,817,251 15.94 % Gerald E. O’Shaughnessy (b) 3,673,392 6.64 % Compass Group LLC (c) 3,312,589 5.99 % Renaissance Technologies LLC (d) 3,091,863 5.59 % Socoservin Overseas SPF S.à.r.l. 2,889,315 5.22 % Cobas Asset Management, SGIIC, SA (f) 2,808,406 5.08 % Other shareholders 30,734,704 55.54 % 55,327,520 100.00 % (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 14, 2024. 352,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) 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 February 2, 2024. 3,435,000 of Mr. O’Shaughnessy ’s shares have been pledged pursuant to lending arrangements. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 14, 2024. (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, 2024. (e) The information set forth above and listed in the table is based solely on the disclosure set forth in Socoservin Overseas’ most recent Schedule 13G filed with the SEC on July 25, 2023. (f) The information set forth above and listed in the table is based solely on the disclosure set forth in Cobas Asset Management’s most recent Schedule 13G filed with the SEC on February 12, 2024. |
Schedule of Balances Outstanding and Transactions with Related Parties | Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in US$´000) in the year end Related Party Relationship 2023 To be recovered from co-venturers — 8,630 Joint Operations Joint Operations To be paid to co-venturers — (522) Joint Operations Joint Operations 2022 To be recovered from co-venturers — 8,750 Joint Operations Joint Operations To be paid to co-venturers — (2,815) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Former Non-Executive Director (a) Administrative expenses 492 — Pedro E. Aylwin Former Executive Director (b) 2021 To be recovered from co-venturers — 4,680 Joint Operations Joint Operations To be paid to co-venturers — (953) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Former Non-Executive Director (a) Administrative expenses 656 — Pedro E. Aylwin Former Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws. |
Auditors Fees (Tables)
Auditors Fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Auditors Fees | |
Schedule of Fees Paid to Auditors | Amounts in US$‘000 2023 2022 2021 Audit fees 977 946 1,088 Audit related fees 34 24 — Tax services fees 3 27 47 Total Auditors Fees 1,014 997 1,135 |
Impairment test on Property, _2
Impairment test on Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairment test on Property, plant and equipment | |
Schedule of Impairment Loss were (Recognized) Reversed | As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: Amounts in US$‘000 2023 2022 2021 Chile (a) (13,332) — (17,641) Argentina (b) — — 13,307 (13,332) — (4,334) (a) Recognition of impairment loss in the Fell Block due to the known selling price of the related net assets in the context of the transaction described in Note 36.1 in 2023, and due to the decline in the proved reserves estimation in 2021. (b) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks due to the known market price of the blocks in the context of the transaction described in Note 36.3 . |
Supplemental information on o_2
Supplemental information on oil and gas activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental information on oil and gas activities | |
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development | Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 66,953 13,331 107 56 1,481 81,928 Development (a) 125,997 372 255 (564) — 126,060 Total costs incurred 192,950 13,703 362 (508) 1,481 207,988 Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 48,771 26,521 — 116 779 76,187 Development (a) 89,231 648 (212) 9,952 — 99,619 Total costs incurred 138,002 27,169 (212) 10,068 779 175,806 Amounts in US$‘000 Colombia Brazil Chile Argentina Total Year ended December 31, 2021 Acquisition of properties Proved — — — — — Unproved — — — — — Total property acquisition — — — — — Exploration 40,828 3 3,940 998 45,769 Development (a) 81,310 (2,212) 1,900 2 81,000 Total costs incurred 122,138 (2,209) 5,840 1,000 126,769 (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$‘000 Colombia Ecuador Brazil Chile (b) Total As of December 31, 2023 Proved properties (a) Equipment, camps and other facilities 165,666 — 4,121 74,491 244,278 Mineral interest and wells 841,063 31,149 48,448 330,024 1,250,684 Other uncompleted projects 15,770 — 11 — 15,781 Unproved properties 69,823 10,426 330 — 80,579 Gross capitalized costs 1,092,322 41,575 52,910 404,515 1,591,322 Accumulated depreciation (447,716) (8,522) (47,388) (379,448) (883,074) Total net capitalized costs 644,606 33,053 5,522 25,067 708,248 (a) Includes capitalized amounts related to asset retirement obligations and impairment loss recognized in Chile for US$ 13,332,000 . (b) Classified as ‘Assets held for sale’ as of December 31, 2023, due to the divestment process closed in January 2024. See Note 36.1. Amounts in US$‘000 Colombia Ecuador Brazil Chile Total As of December 31, 2022 Proved properties (a) Equipment, camps and other facilities 144,672 — 3,565 74,490 222,727 Mineral interest and wells 672,424 18,191 44,716 343,926 1,079,257 Other uncompleted projects 16,099 — 268 113 16,480 Unproved properties 102,760 9,991 290 — 113,041 Gross capitalized costs 935,955 28,182 48,839 418,529 1,431,505 Accumulated depreciation (354,981) (2,316) (42,885) (371,171) (771,353) Total net capitalized costs 580,974 25,866 5,954 47,358 660,152 (a) Includes capitalized amounts related to asset retirement obligations. Amounts in US$‘000 Colombia Brazil Chile Argentina Total As of December 31, 2021 Proved properties (a) Equipment, camps and other facilities 125,078 3,333 72,766 — 201,177 Mineral interest and wells 580,931 42,008 334,993 — 957,932 Other uncompleted projects 26,136 250 818 — 27,204 Unproved properties (b) 94,419 271 — — 94,690 Gross capitalized costs 826,564 45,862 408,577 — 1,281,003 Accumulated depreciation (282,616) (38,741) (358,417) — (679,774) Total net capitalized costs 543,948 7,121 50,160 — 601,229 (b) 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 . (a) Do not include Ecuador capitalized costs. |
Schedule of Results of Operations for Oil and Gas Producing Activities | Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 Revenue 702,401 19,097 14,019 15,644 — 751,161 Production costs, excluding depreciation Operating costs (121,012) (10,242) (3,850) (7,678) — (142,782) Royalties and economic rights in cash (83,233) — (1,096) (548) — (84,877) Total production costs (204,245) (10,242) (4,946) (8,226) — (227,659) Exploration expenses (36,395) (309) (90) (56) (1,481) (38,331) Accretion expense (a) (669) (87) (560) (1,478) — (2,794) Impairment loss for non-financial assets — — — (13,332) — (13,332) Depreciation, depletion and amortization (92,735) (6,205) (1,047) (8,278) — (108,265) Results of operations before income tax 368,357 2,254 7,376 (15,726) (1,481) 360,780 Income tax expense (165,761) (564) (2,508) — — (168,833) Results of oil and gas operations 202,596 1,690 4,868 (15,726) (1,481) 191,947 Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 Revenue 978,423 10,671 19,873 29,196 1,962 1,040,125 Production costs, excluding depreciation Operating costs (78,323) (3,220) (3,753) (12,961) (1,306) (99,563) Royalties and economic rights in cash (249,303) — (1,546) (1,165) (273) (252,287) Total production costs (327,626) (3,220) (5,299) (14,126) (1,579) (351,850) Exploration expenses (28,424) (4,768) — (116) (779) (34,087) Accretion expense (a) (621) — (504) (1,516) — (2,641) Depreciation, depletion and amortization (72,386) (2,315) (1,509) (12,754) — (88,964) Results of operations before income tax 549,366 368 12,561 684 (396) 562,583 Income tax expense (192,278) (92) (4,271) (103) — (196,744) Results of oil and gas operations 357,088 276 8,290 581 (396) 365,839 Amounts in US$‘000 Colombia Brazil Chile Argentina Total Year ended December 31, 2021 Revenue 618,268 20,109 21,471 28,695 688,543 Production costs, excluding depreciation Operating costs (72,043) (2,954) (10,280) (14,490) (99,767) Royalties and economic rights in cash (106,341) (1,642) (770) (4,270) (113,023) Total production costs (178,384) (4,596) (11,050) (18,760) (212,790) Exploration expenses (11,276) — (4,509) (998) (16,783) Accretion expense (a) (576) (535) (1,319) (710) (3,140) Impairment loss for non-financial assets — — (17,641) 13,307 (4,334) Depreciation, depletion and amortization (54,588) (2,933) (12,806) (8,152) (78,479) Results of operations before income tax 373,444 12,045 (25,854) 13,382 373,017 Income tax (expense) benefit (115,768) (4,095) 3,878 (4,684) (120,669) Results of oil and gas operations 257,676 7,950 (21,976) 8,698 252,348 (a) Represents accretion of ARO and other environmental liabilities. |
Schedule of Reserve Quantity Information | As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 Oil and Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 43,120 1,075 46,623 1,065 47,766 1,207 43,817 1,695 Ecuador (b) 1,017 — 322 — — — — — Brazil (c) 28 8,888 8 9,443 43 13,601 34 13,927 Chile (d) 619 9,956 1,115 14,103 755 15,196 798 19,054 Argentina (e) — — — — 1,186 3,379 1,685 5,599 Total consolidated 44,784 19,919 48,068 24,611 49,750 33,383 46,334 40,275 Net proved undeveloped Colombia (f) 16,225 — 17,765 — 31,019 — 45,240 — Ecuador (b) 1,278 — — — — — — — Chile (d) 479 855 476 — 575 1,563 1,229 5,661 Argentina (g) — — — — 603 — 104 — Total consolidated 17,982 855 18,241 — 32,197 1,563 46,573 5,661 Total proved reserves 62,766 20,774 66,309 24,611 81,947 34,946 92,907 45,936 (a) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 94% and 6% ( 96% and 4% in 2022, 98% and 2% in 2021, and 97% and 3% in 2020) of the proved developed reserves, respectively. (b) Perico Block accounts for 100% of the reserves (Perico and Espejo Blocks accounted for 85% and 15% of the reserves, respectively, in 2022). (c) BCAM-40 Block accounts for 100% of the reserves. (d) Fell Block accounts for 100% of the reserves. (e) Aguada Baguales, Puesto Touquet and El Porvenir Blocks accounted for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020) of the proved developed reserves, respectively. (f) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 97% and 3% ( 95% and 5% in 2022, 97% and 3% in 2021, and 96% and 4% in 2020) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounted for 100% of the proved undeveloped 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 Ecuador Brazil Chile Argentina Total Reserves as of December 31, 2020 89,057 — 34 2,027 1,789 92,907 Increase (decrease) attributable to: Revisions (a) (3,207) — 18 (597) (169) (3,955) Extensions and discoveries (b) 3,375 — — — 603 3,978 Production (10,440) — (9) (100) (434) (10,983) Reserves as of December 31, 2021 78,785 — 43 1,330 1,789 81,947 Increase (decrease) attributable to: Revisions (c) (2,677) — (27) 422 — (2,282) Extensions and discoveries (d) 204 632 — — — 836 Disposal of Minerals in place (e) — — — — (1,760) (1,760) Production (11,924) (310) (8) (161) (29) (12,432) Reserves as of December 31, 2022 64,388 322 8 1,591 — 66,309 Increase (decrease) attributable to: Revisions (f) 3,617 324 26 (412) — 3,555 Extensions and discoveries (g) 2,549 1,937 — — — 4,486 Production (11,209) (288) (6) (81) — (11,584) Reserves as of December 31, 2023 59,345 2,295 28 1,098 — 62,766 (a) 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. (b) 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. (c) 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). (d) 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. (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). (f) For the year ended December 31, 2023, the Group’s oil and condensate proved reserves were revised upwards by 3.5 mmbbl. The primary factors leading to the above were: - An increase of 1.7 mmbbl in Colombia due to a change in a previously adopted development plan. - An increase of 1.5 mmbbl in Colombia due to higher-than-expected performance from the existing wells. - An increase of 0.4 mmbbl in Colombia due to a change in the royalties’ payment in certain fields from kind to cash. - An increase of 0.3 mmbbl in Ecuador due to higher average oil prices. - Such increase was partially offset by lower-than-expected performance from the existing wells in Chile by 0.4 mmbbl. (g) The extensions and discoveries are primarily due to various fields in the Llanos Basin in Colombia and the Jandaya field extension in the Perico Block in Ecuador. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Brazil Chile Argentina Total Reserves as of December 31, 2020 1,695 13,927 24,715 5,599 45,936 Increase (decrease) attributable to: Revisions (a) 14 3,470 (3,553) (636) (705) Production (502) (3,796) (4,403) (1,584) (10,285) Reserves as of December 31, 2021 1,207 13,601 16,759 3,379 34,946 Increase (decrease) attributable to: Revisions (b) 141 (886) 1,501 — 756 Disposal of Minerals in place (c) — — — (3,227) (3,227) Production (283) (3,272) (4,157) (152) (7,864) Reserves as of December 31, 2022 1,065 9,443 14,103 — 24,611 Increase (decrease) attributable to: Revisions (d) 219 1,659 (9) — 1,869 Production (209) (2,214) (3,283) — (5,706) Reserves as of December 31, 2023 1,075 8,888 10,811 — 20,774 (a) 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. (b) 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). (c) 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). (d) For the year ended December 31, 2023, the Group’s proved natural gas reserves were revised upwards by 1.9 billion cubic feet. This was the effect of higher-than-expected performance from the existing wells in the Manati Block in Brazil ( 1.7 billion cubic feet) and the Llanos 32 Block in Colombia ( 0.2 billion cubic feet). |
Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves | Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total As of December 31, 2023 Future cash inflows 4,027,686 140,607 75,757 111,384 — 4,355,434 Future production costs (1,633,889) (45,052) (22,815) (50,343) — (1,752,099) Future development costs (147,045) (13,768) (1,204) (41,359) — (203,376) Future income taxes (764,309) (27,648) (4,036) — — (795,993) Undiscounted future net cash flows 1,482,443 54,139 47,702 19,682 — 1,603,966 10% annual discount (430,250) (11,436) (6,476) 5,205 — (442,957) Standardized measure of discounted future net cash flows 1,052,193 42,703 41,226 24,887 — 1,161,009 As of December 31, 2022 Future cash inflows 5,229,599 26,553 65,002 190,449 — 5,511,603 Future production costs (1,633,818) (8,094) (29,519) (72,411) — (1,743,842) Future development costs (182,701) (297) (1,955) (40,659) — (225,612) Future income taxes (1,191,658) — (1,761) — — (1,193,419) Undiscounted future net cash flows 2,221,422 18,162 31,767 77,379 — 2,348,730 10% annual discount (839,621) (2,504) (8,856) (13,094) — (864,075) Standardized measure of discounted future net cash flows 1,381,801 15,658 22,911 64,285 — 1,484,655 As of December 31, 2021 Future cash inflows 4,381,191 — 89,208 136,152 109,678 4,716,229 Future production costs (1,715,554) — (34,930) (69,067) (61,660) (1,881,211) Future development costs (197,461) — (1,955) (40,339) (49,200) (288,955) Future income taxes (754,205) — (3,449) — (2,947) (760,601) Undiscounted future net cash flows 1,713,971 — 48,874 26,746 (4,129) 1,785,462 10% annual discount (496,150) — (7,171) 6,121 4,471 (492,729) Standardized measure of discounted future net cash flows 1,217,821 — 41,703 32,867 342 1,292,733 |
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves | Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Present value as of December 31, 2020 759,233 — 25,378 17,032 (19) 801,624 Sales of hydrocarbon, net of production costs (516,844) — (15,677) (11,520) (16,855) (560,896) Net changes in sales price and production costs 924,875 — 19,393 64,048 (3,145) 1,005,171 Changes in estimated future development costs 96,364 — 861 (18,731) 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) — 11,957 (23,776) 465 (88,204) Net changes in income taxes (254,618) — (2,780) — 244 (257,154) Accretion of discount 116,851 — 2,571 1,703 (2) 121,123 Present value as of December 31, 2021 1,217,821 — 41,703 32,867 342 1,292,733 Sales of hydrocarbon, net of production costs (891,534) (2,732) (14,697) (15,317) — (924,280) Net changes in sales price and production costs 956,926 — (6,909) 39,457 — 989,474 Changes in estimated future development costs 93,657 (10,483) (933) (22,675) — 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) — (2,441) 15,513 — (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 — 4,515 3,287 — 205,005 Present value as of December 31, 2022 1,381,801 15,658 22,911 64,285 — 1,484,655 Sales of hydrocarbon, net of production costs (491,525) (6,673) (8,143) (6,362) — (512,703) Net changes in sales price and production costs (596,668) (2,893) 21,490 (33,595) — (611,666) Changes in estimated future development costs 9,461 (17,908) (4,440) 5,142 — (7,745) Extensions and discoveries less related costs 72,757 63,619 — — — 136,376 Development costs incurred 115,996 500 — 7 — 116,503 Revisions of previous quantity estimates 104,256 10,642 9,159 (11,019) — 113,038 Net changes in income taxes 198,769 (21,808) (2,218) — — 174,743 Accretion of discount 257,346 1,566 2,467 6,429 — 267,808 Present value as of December 31, 2023 1,052,193 42,703 41,226 24,887 — 1,161,009 |
Summary of significant accoun_3
Summary of significant accounting policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure summary of significant accounting policies [Line Items] | ||||
Cash and cash equivalents | $ 133,036,000 | $ 128,843,000 | $ 100,604,000 | $ 201,907,000 |
Write-off of Unsuccessful Exploration Efforts | 29,563,000 | 25,789,000 | 12,262,000 | |
Impairment loss | $ 13,332,000 | $ 0 | $ 4,334,000 | |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments-risk management | ||||
Total Equity | $ 176,020 | $ 115,585 | $ (61,945) | $ (109,190) |
Net Debt | 367,945 | 368,799 | ||
Working capital | $ 39,184 | $ 8,989 |
Financial Instruments-risk ma_4
Financial Instruments-risk management (Narrative) (Details) | 12 Months Ended | ||||
Aug. 03, 2023 USD ($) | Dec. 31, 2023 USD ($) item customer | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2023 USD ($) | |
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Foreign exchange gain (loss) | $ (16,820,000) | $ 19,725,000 | $ 5,049,000 | ||
Uncommitted credit lines | $ 179,600,000 | 179,600,000 | |||
Repayments of borrowings, classified as financing activities | 0 | 172,522,000 | 274,934,000 | ||
Borrowings | 500,981,000 | 497,642,000 | |||
Derivative financial instruments | $ 38,000,000 | ||||
Senior unsecured credit facility | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Line of credit facility maximum borrowing capacity | $ 80,000,000 | $ 80,000,000 | |||
Commitment fee percent | 1.85% | ||||
Ifrs Scenario Plan [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Price Decrease Additional Percentage Against Actual Price | 10% | ||||
Price fluctuation gain (loss) | $ 42,393,000 | $ 47,330,000 | $ 17,899,000 | ||
Currency risk [member] | Argentine Peso [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Currency Devaluation Percentage Against Dollar | 356% | 72% | 22% | ||
Currency risk [member] | Chilean Peso [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Currency Devaluation Percentage Against Dollar | 3% | 1% | 19% | ||
Currency risk [member] | Colombian Peso [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Currency Devaluation Percentage Against Dollar | 21% | 16% | |||
Currency Revaluation Percentage Against Dollar | 21% | ||||
Currency risk [member] | Brazilian Real [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Currency Devaluation Percentage Against Dollar | 7% | ||||
Currency Revaluation Percentage Against Dollar | 7% | 7% | |||
Currency risk [member] | Ifrs Scenario Plan [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Currency Devaluation Additional Percentage Against Dollar | 10% | ||||
Foreign exchange fluctuation gain (loss) | $ 13,971,000 | $ 14,695,000 | $ 9,070,000 | ||
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% | ||||
Foreign exchange fluctuation gain (loss) | $ 728,000 | $ 726,000 | $ 780,000 | ||
Liquidity risk [member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Cash | $ 133,036,000 | ||||
Barrels of oil equivalent per day in production at year end | item | 38,000 | ||||
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% | 1% | |||
Credit Risk [Member] | Ecuador [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Percentage of entity's revenue | 3% | 1% | |||
Percentage of entity's production sold | 100% | ||||
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% | 1% | 2% | ||
Credit Risk [Member] | Petrobras Brazil [Member] | Brazil [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Percentage of entity's revenue | 2% | 2% | 3% | ||
Credit Risk [Member] | Three Clients [Member] | |||||
Disclosure Of Financial Instruments Risk management [Line items] | |||||
Percentage of entity's revenue | 89% | 90% | 89% | ||
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 | 96% | 97% | 99% |
Consolidated Statement of Cas_5
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF CASH FLOWS. | |||
Increase (Decrease) in asset retirement obligation | $ 7,374 | $ (4,942) | $ (651) |
Increase (Decrease) in provisions for other long-term liabilities | 2,370 | (2,616) | (443) |
Purchase of property, plant and equipment | (7,864) | 7,864 | |
Additions / changes in estimates of right-of-use assets | $ 137 | $ 22,462 | $ 5,288 |
Consolidated Statement of Cas_6
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CONSOLIDATED STATEMENT OF CASH FLOWS. | ||||
(Increase) Decrease in Inventories | $ (1,330,000) | $ (6,694,000) | $ 1,241,000 | |
Decrease (Increase) in Trade receivables | 6,820,000 | (1,425,000) | (23,290,000) | |
Increase in Prepayments and other receivables and Other assets | (33,328,000) | (30,929,000) | (13,817,000) | |
Increase (Decrease) in Trade and other payables | 1,413,000 | (999,000) | 26,515,000 | |
Decrease in working capital | [1] | (26,425,000) | (40,047,000) | (9,351,000) |
Withholding taxes | $ 27,558,000 | $ 27,256,000 | $ 16,361,000 | |
[1] Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 in 2023, 2022 and 2021, respectively. |
Consolidated Statement of Cas_7
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | $ 529,693 | $ 694,836 | $ 806,933 |
Proceeds from borrowings | 0 | 0 | 172,174 |
Debt issuance costs paid | 0 | 0 | (2,019) |
Addition to lease liabilities | 137 | 22,462 | 5,288 |
Accrual of borrowing's interests | 30,839 | 36,360 | 44,323 |
Exchange difference | 7,061 | (6,426) | (946) |
Liabilities associated with assets held for sale | (26) | ||
Foreign currency translation | 174 | 487 | (726) |
Unwinding of discount | 3,168 | 2,838 | 1,453 |
Principal paid | 0 | (172,522) | (274,934) |
Interest paid | (27,500) | (36,514) | (42,592) |
Borrowings cancellation costs | 0 | 5,141 | 6,308 |
Borrowings cancellation and other costs paid | 0 | (9,118) | (12,908) |
Lease payments | (10,267) | (7,851) | (7,518) |
Balances at end of period | 533,279 | 529,693 | 694,836 |
Borrowing [Member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 497,642 | 674,092 | 784,586 |
Proceeds from borrowings | 172,174 | ||
Debt issuance costs paid | (2,019) | ||
Accrual of borrowing's interests | 30,839 | 36,360 | 44,323 |
Exchange difference | (581) | ||
Foreign currency translation | 203 | (265) | |
Principal paid | (172,522) | (274,934) | |
Interest paid | (27,500) | (36,514) | (42,592) |
Borrowings cancellation costs | 5,141 | 6,308 | |
Borrowings cancellation and other costs paid | (9,118) | (12,908) | |
Balances at end of period | 500,981 | 497,642 | 674,092 |
Lease liabilities [member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 32,051 | 20,744 | 22,347 |
Addition to lease liabilities | 137 | 22,462 | 5,288 |
Exchange difference | 7,061 | (6,426) | (365) |
Liabilities associated with assets held for sale | (26) | ||
Foreign currency translation | 174 | 284 | (461) |
Unwinding of discount | 3,168 | 2,838 | 1,453 |
Lease payments | (10,267) | (7,851) | (7,518) |
Balances at end of period | $ 32,298 | $ 32,051 | $ 20,744 |
Segment information (Schedule o
Segment information (Schedule of Segment Information by Segment Areas (Geographical Segments) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | |
Disclosure of Segment information [Line Items] | |||
Revenue | $ 756,625,000 | $ 1,049,579,000 | $ 688,543,000 |
Sale of crude oil | 726,947,000 | 1,004,775,000 | 647,559,000 |
Sale of purchased crude oil | 5,464,000 | 9,454,000 | |
Sale of gas | 25,024,000 | 35,350,000 | 40,984,000 |
Commodity risk management contracts designated as cash flow hedges | (810,000) | ||
Realized gain (loss) on commodity risk management contracts | (83,244,000) | (109,654,000) | |
Production and operating costs | (232,325,000) | (359,779,000) | (212,790,000) |
Royalties in cash | (12,845,000) | (63,298,000) | (40,000,000) |
Economic rights in cash | (72,032,000) | (188,989,000) | (73,023,000) |
Share-based payment | (750,000) | (955,000) | (339,000) |
Other operating costs | (146,698,000) | (106,537,000) | (99,428,000) |
Adjusted EBITDA | 451,862,000 | 540,779,000 | 300,800,000 |
Depreciation | (120,934,000) | (96,692,000) | (88,969,000) |
Impairment loss for non-financial assets, net | (13,332,000) | 0 | (4,334,000) |
Write-off of unsuccessful exploration efforts | (29,563,000) | (25,789,000) | (12,262,000) |
Total assets | $ 1,016,549,000 | $ 973,975,000 | $ 895,741,000 |
Employees (average) | employee | 469 | 469 | 476 |
Employees at year end | employee | 470 | 482 | 463 |
Colombia [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 702,401,000 | $ 978,423,000 | $ 618,268,000 |
Sale of crude oil | 702,308,000 | 977,184,000 | 616,133,000 |
Sale of gas | 903,000 | 1,239,000 | 2,135,000 |
Commodity risk management contracts designated as cash flow hedges | (810,000) | ||
Realized gain (loss) on commodity risk management contracts | (83,244,000) | (109,654,000) | |
Production and operating costs | (204,245,000) | (327,626,000) | (178,384,000) |
Royalties in cash | (11,201,000) | (60,314,000) | (33,385,000) |
Economic rights in cash | (72,032,000) | (188,989,000) | (72,956,000) |
Share-based payment | (671,000) | (843,000) | (334,000) |
Other operating costs | (120,341,000) | (77,480,000) | (71,709,000) |
Adjusted EBITDA | 446,835,000 | 525,593,000 | 294,847,000 |
Depreciation | (101,666,000) | (78,775,000) | (61,279,000) |
Impairment loss for non-financial assets, net | 0 | 0 | |
Write-off of unsuccessful exploration efforts | (29,563,000) | (21,318,000) | (7,827,000) |
Total assets | $ 895,900,000 | $ 797,390,000 | $ 689,401,000 |
Employees (average) | employee | 400 | 362 | 308 |
Employees at year end | employee | 412 | 388 | 321 |
Chile [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 15,644,000 | $ 29,196,000 | $ 21,471,000 |
Sale of crude oil | 5,052,000 | 14,460,000 | 6,297,000 |
Sale of gas | 10,592,000 | 14,736,000 | 15,174,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | |
Production and operating costs | (8,226,000) | (14,126,000) | (11,050,000) |
Royalties in cash | (548,000) | (1,165,000) | (770,000) |
Economic rights in cash | 0 | ||
Share-based payment | (72,000) | (103,000) | (31,000) |
Other operating costs | (7,606,000) | (12,858,000) | (10,249,000) |
Adjusted EBITDA | 4,952,000 | 11,753,000 | 7,639,000 |
Depreciation | (9,815,000) | (14,076,000) | (14,275,000) |
Impairment loss for non-financial assets, net | (13,332,000) | 0 | (17,641,000) |
Write-off of unsuccessful exploration efforts | 0 | 0 | (4,435,000) |
Total assets | $ 36,192,000 | $ 63,379,000 | $ 71,515,000 |
Employees (average) | employee | 33 | 53 | 55 |
Employees at year end | employee | 27 | 49 | 52 |
Brazil [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 14,019,000 | $ 19,873,000 | $ 20,109,000 |
Sale of crude oil | 490,000 | 796,000 | 661,000 |
Sale of gas | 13,529,000 | 19,077,000 | 19,448,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | |
Production and operating costs | (4,946,000) | (5,299,000) | (4,596,000) |
Royalties in cash | (1,096,000) | (1,546,000) | (1,575,000) |
Economic rights in cash | 0 | (67,000) | |
Share-based payment | 0 | 0 | 0 |
Other operating costs | (3,850,000) | (3,753,000) | (2,954,000) |
Adjusted EBITDA | 6,374,000 | 11,654,000 | 12,569,000 |
Depreciation | (2,332,000) | (2,796,000) | (4,082,000) |
Impairment loss for non-financial assets, net | 0 | 0 | |
Write-off of unsuccessful exploration efforts | 0 | 0 | 0 |
Total assets | $ 27,891,000 | $ 34,329,000 | $ 38,846,000 |
Employees (average) | employee | 4 | 5 | 4 |
Employees at year end | employee | 4 | 4 | 4 |
Argentina [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 0 | $ 1,962,000 | $ 28,695,000 |
Sale of crude oil | 0 | 1,664,000 | 24,468,000 |
Sale of gas | 0 | 298,000 | 4,227,000 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | |
Production and operating costs | 0 | (1,579,000) | (18,760,000) |
Royalties in cash | 0 | (273,000) | (4,270,000) |
Economic rights in cash | 0 | ||
Share-based payment | 0 | 1,000 | 26,000 |
Other operating costs | 0 | (1,307,000) | (14,516,000) |
Adjusted EBITDA | (2,620,000) | (3,643,000) | 2,124,000 |
Depreciation | (22,000) | (254,000) | (9,130,000) |
Impairment loss for non-financial assets, net | 0 | 0 | 13,307,000 |
Write-off of unsuccessful exploration efforts | 0 | 0 | 0 |
Total assets | $ 357,000 | $ 1,296,000 | $ 38,111,000 |
Employees (average) | employee | 18 | 33 | 92 |
Employees at year end | employee | 15 | 24 | 74 |
Ecuador [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 19,097,000 | $ 10,671,000 | $ 0 |
Sale of crude oil | 19,097,000 | 10,671,000 | 0 |
Sale of gas | 0 | 0 | 0 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | |
Production and operating costs | (10,242,000) | (3,220,000) | 0 |
Royalties in cash | 0 | 0 | 0 |
Economic rights in cash | 0 | ||
Share-based payment | (7,000) | (10,000) | 0 |
Other operating costs | (10,235,000) | (3,210,000) | 0 |
Adjusted EBITDA | 5,159,000 | 4,197,000 | (2,071,000) |
Depreciation | (7,096,000) | (788,000) | (200,000) |
Impairment loss for non-financial assets, net | 0 | 0 | |
Write-off of unsuccessful exploration efforts | 0 | (4,471,000) | 0 |
Total assets | $ 40,336,000 | $ 35,690,000 | $ 7,782,000 |
Employees (average) | employee | 6 | 7 | 8 |
Employees at year end | employee | 5 | 8 | 3 |
Corporate [Member] | Other Segments [Member] | |||
Disclosure of Segment information [Line Items] | |||
Revenue | $ 5,464,000 | $ 9,454,000 | $ 0 |
Sale of crude oil | 0 | 0 | 0 |
Sale of purchased crude oil | 5,464,000 | 9,454,000 | |
Sale of gas | 0 | 0 | 0 |
Realized gain (loss) on commodity risk management contracts | 0 | 0 | |
Production and operating costs | (4,666,000) | (7,929,000) | 0 |
Royalties in cash | 0 | 0 | 0 |
Economic rights in cash | 0 | ||
Share-based payment | 0 | 0 | 0 |
Other operating costs | (4,666,000) | (7,929,000) | 0 |
Adjusted EBITDA | (8,838,000) | (8,775,000) | (14,308,000) |
Depreciation | (3,000) | (3,000) | (3,000) |
Impairment loss for non-financial assets, net | 0 | 0 | |
Write-off of unsuccessful exploration efforts | 0 | 0 | 0 |
Total assets | $ 15,873,000 | $ 41,891,000 | $ 50,086,000 |
Employees (average) | employee | 8 | 9 | 9 |
Employees at year end | employee | 7 | 9 | 9 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Segment information [Line Items] | |||
Adjusted EBITDA for reportable segments | $ 451,862 | $ 540,779 | $ 300,800 |
Unrealized gain on commodity risk management contracts | 13,023 | 463 | |
Depreciation | (120,934) | (96,692) | (88,969) |
Share-based payment | (7,328) | (11,038) | (6,621) |
Others | (146,698) | (106,537) | (99,428) |
Operating profit | 270,907 | 429,077 | 185,809 |
Financial expenses | (45,815) | (57,073) | (64,112) |
Financial income | 6,237 | 3,180 | 1,652 |
Foreign exchange (loss) gain | (16,820) | 19,725 | 5,049 |
Profit before tax | 214,509 | 394,909 | 128,398 |
Reportable segments [member] | |||
Disclosure of Segment information [Line Items] | |||
Adjusted EBITDA for reportable segments | 451,862 | 540,779 | 300,800 |
Unrealized gain on commodity risk management contracts | 13,023 | 463 | |
Depreciation | (120,934) | (96,692) | (88,969) |
Share-based payment | (7,328) | (11,038) | (6,621) |
Impairment and write-off of unsuccessful exploration efforts | (42,895) | (25,789) | (16,596) |
Lease accounting - IFRS 16 | 10,267 | 7,851 | 7,518 |
Others | 943 | ||
Others | (20,065) | (10,786) | |
Operating profit | 270,907 | 429,077 | 185,809 |
Financial expenses | (45,815) | (57,073) | (64,112) |
Financial income | 6,237 | 3,180 | 1,652 |
Foreign exchange (loss) gain | (16,820) | 19,725 | 5,049 |
Profit before tax | $ 214,509 | $ 394,909 | $ 128,398 |
Segment information (Narrative)
Segment information (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Oct. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Los Parlamentos Block (Argentina) [Member] | ||||
Disclosure of Segment information [Line Items] | ||||
Working interest transfer | $ (7,023,000) | $ 7,023,000 | ||
Colombia [Member] | ||||
Disclosure of Segment information [Line Items] | ||||
Capital Expenditure Incurred Percentage | 89% | 82% | 93% | |
Chile [Member] | ||||
Disclosure of Segment information [Line Items] | ||||
Capital Expenditure Incurred Percentage | 0% | 7% | 3% | |
Provision for investment commitments | $ 9,742,000 | |||
Ecuador [Member] | ||||
Disclosure of Segment information [Line Items] | ||||
Capital Expenditure Incurred Percentage | 11% | 11% | 4% |
Revenue (Schedule of Informatio
Revenue (Schedule of Information on Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Sale of crude oil | $ 726,947 | $ 1,004,775 | $ 647,559 |
Sale of purchased crude oil | 5,464 | 9,454 | |
Sale of gas | 25,024 | 35,350 | 40,984 |
Commodity risk management contracts designated as cash flow hedges | (810) | ||
Revenue | $ 756,625 | $ 1,049,579 | $ 688,543 |
Commodity risk management con_3
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 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Abstract] | ||
Realized loss on commodity risk management contracts | $ (83,244) | $ (109,654) |
Unrealized gain on commodity risk management contracts | 13,023 | 463 |
Total | $ (70,221) | $ (109,191) |
Commodity risk management con_4
Commodity risk management contracts (Schedule of Group's Derivative Contracts) (Details) - Cash flow hedges | 12 Months Ended |
Dec. 31, 2023 $ / bbl bbl | |
January 1, 2023 - March 31, 2023 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 9,500 |
January 1, 2023 - March 31, 2023 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 66.05 |
January 1, 2023 - March 31, 2023 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 112.59 |
April 1, 2023 - June 30, 2023 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 10,000 |
April 1, 2023 - June 30, 2023 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 69.25 |
April 1, 2023 - June 30, 2023 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 110.56 |
July 1, 2023 - September 30, 2023 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 9,000 |
July 1, 2023 - September 30, 2023 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 70 |
July 1, 2023 - September 30, 2023 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 94.69 |
October 1, 2023 - December 31, 2023 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 9,000 |
October 1, 2023 - December 31, 2023 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 69.44 |
October 1, 2023 - December 31, 2023 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 91.82 |
January 1, 2024 - March 31, 2024 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 8,500 |
January 1, 2024 - March 31, 2024 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 65.59 |
January 1, 2024 - March 31, 2024 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 92.04 |
April 1, 2024 - June 30, 2024 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 9,000 |
April 1, 2024 - June 30, 2024 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 67.50 |
April 1, 2024 - June 30, 2024 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 96.99 |
July 1, 2024 - September 30, 2024 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 7,000 |
July 1, 2024 - September 30, 2024 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 66.43 |
July 1, 2024 - September 30, 2024 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 99.32 |
October 1, 2024 - December 31, 2024 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative contracts, Type of Instrument | Zero Premium Collars |
Derivative contracts, Volume | bbl | 1,000 |
October 1, 2024 - December 31, 2024 | Written put options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 70 |
October 1, 2024 - December 31, 2024 | Purchased call options [member] | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | |
Derivative Price | 96 |
Production and operating cost_2
Production and operating costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs (Note 11) | $ 13,889,000 | $ 13,114,000 | $ 16,655,000 |
Share-based payment (Note 11) | 750,000 | 955,000 | 339,000 |
Royalties in cash | 12,845,000 | 63,298,000 | 40,000,000 |
Economic rights in cash | 72,032,000 | 188,989,000 | 73,023,000 |
Well and facilities maintenance | 26,089,000 | 20,779,000 | 17,989,000 |
Operation and maintenance | 8,143,000 | 6,545,000 | 7,826,000 |
Consumables | 37,556,000 | 21,789,000 | 19,270,000 |
Equipment rental | 4,314,000 | 7,580,000 | 8,127,000 |
Transportation costs | 5,850,000 | 4,021,000 | 3,383,000 |
Field camp | 6,546,000 | 4,070,000 | 4,386,000 |
Safety and Insurance costs | 5,487,000 | 3,745,000 | 4,216,000 |
Personnel transportation | 3,363,000 | 2,480,000 | 2,397,000 |
Consultant fees | 2,291,000 | 2,133,000 | 1,732,000 |
Gas plant costs | 1,865,000 | 1,680,000 | 2,596,000 |
Non-operated blocks costs | 20,421,000 | 12,650,000 | 4,941,000 |
Crude oil stock variation | 2,004,000 | (6,449,000) | 1,271,000 |
Purchased crude oil | 4,666,000 | 7,929,000 | |
Other costs | 4,214,000 | 4,471,000 | 4,639,000 |
Operating expense | 232,325,000 | 359,779,000 | $ 212,790,000 |
Llanos 34 Block [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Energy costs | $ 26,348,000 | $ 6,086,000 |
Depreciation (Details)
Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | $ 110,072 | $ 90,980 | $ 81,139 |
Oil and gas properties [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | 95,369 | 76,720 | 66,011 |
Production facilities and machinery [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | 12,896 | 12,244 | 12,468 |
Buildings and improvements | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | 503 | 672 | 700 |
Furniture, equipment and vehicles [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | 1,304 | 1,344 | 1,960 |
Productive assets [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | 108,265 | 88,964 | 78,479 |
Administrative assets [Member] | |||
Disclosure Of Depreciation [Line Items] | |||
Depreciation of property, plant and equipment | $ 1,807 | $ 2,016 | $ 2,660 |
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, 2023 USD ($) employee | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Number of employees at year end | employee | 470 | 482 | 463 |
Wages and salaries | $ 41,917 | $ 38,699 | $ 42,516 |
Share-based payments (Note 31) | 7,328 | 11,038 | 6,621 |
Social security charges | 5,992 | 5,593 | 6,901 |
Director's fees and allowance | 896 | 1,172 | 2,853 |
Employee benefits expense | 56,133 | 56,502 | 58,891 |
Salaries and fees | 6,081 | 10,317 | 9,069 |
Share-based payments | 4,886 | 8,728 | 5,759 |
Other benefits in kind | 171 | 296 | |
Key Management Personnel Compensation | 10,967 | 19,216 | 15,124 |
Production and operating costs [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 14,639 | 14,069 | 16,994 |
Geological and geophysical expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 8,407 | 7,490 | 6,219 |
Administrative expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 32,604 | 34,533 | 35,360 |
Selling expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | $ 483 | $ 410 | $ 318 |
Staff costs and Directors Rem_4
Staff costs and Directors Remuneration (Schedule of Directors' Remuneration) (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
James F. Park [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
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 |
Robert Bedingfield [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 240,000 |
Director Fees Paid as Shares | shares | 21,098 |
Constantine Papadimitriou [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 220,000 |
Director Fees Paid as Shares | shares | 8,791 |
Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 230,000 |
Director Fees Paid as Shares | shares | 20,219 |
Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 262,500 |
Director Fees Paid as Shares | shares | 23,109 |
Brian Maxted [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 220,000 |
Director Fees Paid as Shares | shares | 8,791 |
Carlos Macellari [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 305,000 |
Director Fees Paid as Shares | shares | 8,791 |
Marcela Vaca [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 200,000 |
Director Fees Paid as Shares | shares | 8,791 |
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 | Robert Bedingfield [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 | 120,000 |
Non-Executive Directors' Fees | Somit Varma [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | Sylvia Escovar Gomez [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 0 |
Non-Executive Directors' Fees | Brian Maxted [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 120,000 |
Non-Executive Directors' Fees | Carlos Macellari [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | 205,000 |
Non-Executive Directors' Fees | Marcela Vaca [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Key management personnel compensation | $ 100,000 |
Geological and geophysical ex_3
Geological and geophysical expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Geological and geophysical expenses | |||
Staff costs (Note 11) | $ 7,879 | $ 7,097 | $ 6,042 |
Share-based payment (Notes 11) | 528 | 393 | 177 |
Communication and IT costs | 2,139 | 1,743 | 1,071 |
Consultant fees | 1,373 | 917 | 854 |
Allocation to capitalised project | (1,254) | (416) | (953) |
Other services | 527 | 795 | 700 |
Geological and geophysical expenses | $ 11,192 | $ 10,529 | $ 7,891 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Administrative expenses | |||
Staff costs (Note 11) | $ 25,675 | $ 23,671 | $ 26,402 |
Share-based payment (Notes 11) | 6,033 | 9,690 | 6,105 |
Consultant fees | 10,645 | 9,574 | 10,806 |
Safety and insurance costs | 3,890 | 3,834 | 3,142 |
Travel expenses | 1,730 | 2,336 | 719 |
Non-operated blocks expenses | 1,568 | 1,390 | 799 |
Director's fees and allowance (Note 11) | 896 | 1,172 | 2,853 |
Communication and IT costs | 3,760 | 3,419 | 4,214 |
Allocation to joint operations | (13,986) | (9,642) | (8,574) |
Other administrative expenses | 3,758 | 4,580 | 362 |
Administrative expenses | $ 43,969 | $ 50,024 | $ 46,828 |
Selling expenses (Details)
Selling expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling expenses | |||
Staff costs (Note 11) | $ 466 | $ 410 | $ 318 |
Share-based payment (Note 11) | 17 | ||
Transportation | 9,022 | 4,881 | 4,233 |
Selling taxes and other | 3,579 | 2,704 | 4,179 |
Selling expenses | $ 13,084 | $ 7,995 | $ 8,730 |
Financial results (Details)
Financial results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial expenses | |||
Interest and amortization of debt issue costs | $ (30,839) | $ (36,360) | $ (44,713) |
Borrowings cancellation costs | (5,141) | (6,308) | |
Bank charges and other financial results | (8,520) | (9,546) | (8,012) |
Unwinding of long-term liabilities | (6,456) | (6,026) | (5,079) |
Financial expenses total | (45,815) | (57,073) | (64,112) |
Financial income | |||
Interest received | 6,237 | 3,180 | 1,652 |
Financial income total | 6,237 | 3,180 | 1,652 |
Foreign exchange gains and losses | |||
Foreign exchange gain (loss), net | (19,729) | 19,725 | 5,049 |
Realized result on currency risk management contracts | 2,909 | ||
Foreign exchange gains and losses total | (16,820) | 19,725 | 5,049 |
Total Financial results | $ (56,398) | $ (34,168) | $ (57,411) |
Tax reforms Colombia (Narrative
Tax reforms Colombia (Narrative) (Details) - Colombia [Member] | Nov. 30, 2022 |
Disclosure of Tax reforms [Line Items] | |
Term of average bend price | 10 years |
Percentage of bent price | 30% |
Tax reforms Colombia (Summary o
Tax reforms Colombia (Summary of Surcharge Rate) (Details) - Colombia [Member] - $ / bbl | 12 Months Ended | |
Dec. 31, 2024 | Dec. 31, 2023 | |
Disclosure of Tax reforms [Line Items] | ||
Surcharge rate | 10% | |
Maximum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge rate | 15% | |
Minimum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge rate | 0% | |
Less than US$ 67.18 /bbl [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 67.18 | |
Surcharge rate | 0% | |
US$ 67.18 to US$ 76.39 /bbl [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge rate | 5% | |
US$ 67.18 to US$ 76.39 /bbl [Member] | Maximum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 76.39 | |
US$ 67.18 to US$ 76.39 /bbl [Member] | Minimum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 67.18 | |
US$ 76.39 to US$ 79.87 /bbl [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge rate | 10% | |
US$ 76.39 to US$ 79.87 /bbl [Member] | Maximum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 79.87 | |
US$ 76.39 to US$ 79.87 /bbl [Member] | Minimum | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 76.39 | |
Greater than US$ 79.87 /bbl [Member] | ||
Disclosure of Tax reforms [Line Items] | ||
Surcharge price triggers per barrel | 79.87 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax | |||
Current income tax liabilities | $ 44,269 | $ 65,002 | |
Total current tax liabilities | 44,269 | 65,002 | |
Current income tax charge | (107,740) | (126,269) | $ (49,291) |
Deferred income tax benefit (charge) (Note 18) | 4,299 | (44,205) | (17,980) |
Income tax | $ (103,441) | $ (170,474) | $ (67,271) |
Income tax (Summary of Income T
Income tax (Summary of Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax | |||
Profit before tax | $ 214,509 | $ 394,909 | $ 128,398 |
Tax losses from non-taxable jurisdictions | 39,526 | 53,005 | 91,351 |
Taxable profit | 254,035 | 447,914 | 219,749 |
Income tax calculated at domestic tax rates applicable to Profit in the respective countries | (123,202) | (157,315) | (71,086) |
Tax losses where no deferred income tax benefit is recognized | (6,918) | (2,832) | (7,510) |
Effect of currency translation on tax base | 36,691 | (10,797) | (10,354) |
Effect of inflation adjustment for tax purposes | 2,482 | ||
Changes in the income tax rate (Note 16) | (8,853) | (3,820) | (1,703) |
Write-down of deferred income tax benefits previously recognized | (3,895) | (2,938) | (7,261) |
Previously unrecognized tax losses | 632 | 9,067 | 9,593 |
Income tax on dividends | (2,595) | (3,038) | |
Fiscal recognition of property, plant and equipment | 8,919 | ||
Non-taxable results | 4,699 | 1,199 | 9,649 |
Income tax | $ (103,441) | $ (170,474) | $ (67,271) |
Income tax (Summary of Tax Loss
Income tax (Summary of Tax Losses Accumulated) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | $ 357,134 | $ 386,772 | $ 373,010 |
Colombia [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 4,837 | 15,557 | |
Brazil [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 26,808 | 26,736 | 26,781 |
Chile [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 313,409 | 323,929 | 285,456 |
Argentina [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | 9,981 | 24,065 | 35,773 |
Spain [Member] | |||
Disclosure Of Income tax [Line Items] | |||
Total tax losses as of December 31 | $ 6,936 | $ 7,205 | $ 9,443 |
Income tax (Schedule of Expirin
Income tax (Schedule of Expiring Dates for Tax Losses) (Details) | Dec. 31, 2023 USD ($) |
2024 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | $ 2,551,000 |
2025 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 939,000 |
2026 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 2,297,000 |
2027 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | 927,000 |
2028 | |
Disclosure Of Income tax [Line Items] | |
Tax losses | $ 3,267,000 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | Colombia [Member] | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 35% |
Minimum | Other countries where the group operates | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 15% |
Maximum | Colombia [Member] | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 50% |
Maximum | Other countries where the group operates | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 34% |
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, 2023 | Dec. 31, 2022 | |
Deferred income tax | ||
Deferred income tax as of January 1 | $ (51,180) | $ (6,875) |
Currency translation differences | 107 | 383 |
Income tax expense relating to cash flow hedges recognized in OCI | (1,369) | (483) |
Income statement benefit (charge) | 4,299 | (44,205) |
Deferred income tax as of December 31 | $ (48,143) | $ (51,180) |
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, 2023 | Dec. 31, 2022 | |
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | $ 18,943 | $ 14,072 |
Charged to net profit | (2,574) | 4,488 |
Currency translation differences | 107 | 383 |
Reclassified to assets | 15,920 | 18,943 |
Reclassified from assets | (556) | |
At end of year | 15,920 | 18,943 |
At the beginning of year | (70,123) | (20,947) |
Charged to net profit | 6,873 | (48,693) |
Income tax relating to components of other comprehensive income | (1,369) | (483) |
Reclassified from liabilities | (64,063) | (70,123) |
Reclassified to Liabilities | 556 | |
At end of year | (64,063) | (70,123) |
Difference in depreciation rates and other | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | (70,123) | |
Charged to net profit | 6,873 | |
Income tax relating to components of other comprehensive income | (1,369) | |
Reclassified from liabilities | 556 | |
At end of year | (64,063) | (70,123) |
Difference in depreciation rates and other. | ||
Disclosure of deferred income tax [Line Items] | ||
Charged to net profit | 8,911 | |
Currency translation differences | (108) | |
Reclassified to assets | (556) | |
At the beginning of year | (4,759) | |
At end of year | (4,759) | |
At end of year | 13,006 | |
Taxable losses. | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | 14,184 | |
Charged to net profit | (11,485) | |
Currency translation differences | 215 | |
Reclassified from assets | $ 2,914 | |
At end of year | $ 14,184 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Profit (Loss) for the year | $ 111,068 | $ 224,435 | $ 61,127 |
Denominator: | |||
Weighted average number of shares used in basic EPS | 56,836,682 | 59,330,421 | 60,901,109 |
Earnings after tax per share (US$) - basic | $ 1.95 | $ 3.78 | $ 1 |
Stock awards at US$ 0.001 | 359,587 | 552,466 | 559,012 |
Weighted average number of common shares for the purposes of diluted earnings per shares | 57,196,269 | 59,882,887 | 61,460,121 |
Earnings after tax per share (US$) - diluted | $ 1.94 | $ 3.75 | $ 0.99 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | $ 666,879 | $ 614,047 | |
Depreciation | (110,072) | (90,980) | $ (81,139) |
Property, plant and equipment at year-end | 686,824 | 666,879 | 614,047 |
Oil and gas properties [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 436,977 | 394,775 | |
Depreciation | (95,369) | (76,720) | (66,011) |
Property, plant and equipment at year-end | 490,515 | 436,977 | 394,775 |
Furniture, equipment and vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 2,294 | 2,044 | |
Depreciation | (1,304) | (1,344) | (1,960) |
Property, plant and equipment at year-end | 2,666 | 2,294 | 2,044 |
Production facilities and machinery [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 93,654 | 84,560 | |
Depreciation | (12,896) | (12,244) | (12,468) |
Property, plant and equipment at year-end | 96,306 | 93,654 | 84,560 |
Buildings and improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 4,433 | 4,994 | |
Depreciation | (503) | (672) | (700) |
Property, plant and equipment at year-end | 977 | 4,433 | 4,994 |
Construction in Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 16,480 | 27,204 | |
Property, plant and equipment at year-end | 15,781 | 16,480 | 27,204 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 113,041 | 100,470 | |
Property, plant and equipment at year-end | 80,579 | 113,041 | 100,470 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 1,461,625 | 1,317,157 | 1,297,057 |
Additions / ARO change | 200,920 | 169,114 | 128,164 |
Currency translation differences | 3,851 | 3,233 | (3,637) |
Disposals | (3,492) | (2,090) | (7,350) |
Write-off / Impairment | (42,895) | (25,789) | (16,596) |
Transfers | 0 | 0 | 0 |
Assets held for sale | (416,022) | (80,481) | |
Property, plant and equipment at year-end | 1,203,987 | 1,461,625 | 1,317,157 |
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 | 1,079,257 | 957,932 | 968,617 |
Additions / ARO change | 9,744 | ||
Retirements, property, plant and equipment | (7,558) | (1,094) | |
Currency translation differences | 3,477 | 2,921 | (3,284) |
Disposals | 0 | 0 | 0 |
Write-off / Impairment | (13,332) | 0 | (1,575) |
Transfers | 171,538 | 125,962 | 68,315 |
Assets held for sale | (330,024) | (73,047) | |
Property, plant and equipment at year-end | 920,660 | 1,079,257 | 957,932 |
Gross carrying amount [member] | Furniture, equipment and vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | 19,093 | 18,712 | 20,707 |
Additions / ARO change | 1,683 | 1,620 | 930 |
Currency translation differences | 46 | 37 | (43) |
Disposals | (1,223) | (1,290) | (1,762) |
Write-off / Impairment | 0 | 0 | 0 |
Transfers | 93 | 14 | 58 |
Assets held for sale | (6,559) | (1,178) | |
Property, plant and equipment at year-end | 13,133 | 19,093 | 18,712 |
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 | 222,727 | 201,177 | 197,829 |
Additions / ARO change | 12 | 6 | 0 |
Currency translation differences | 277 | 232 | (246) |
Disposals | 0 | (26) | (900) |
Write-off / Impairment | 0 | 0 | (2,759) |
Transfers | 21,262 | 21,338 | 13,305 |
Assets held for sale | (74,491) | (6,052) | |
Property, plant and equipment at year-end | 169,787 | 222,727 | 201,177 |
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 | 11,027 | 11,662 | 12,442 |
Additions / ARO change | 17 | 0 | |
Retirements, property, plant and equipment | (14) | ||
Currency translation differences | 8 | 6 | (16) |
Disposals | (2,150) | (774) | (978) |
Write-off / Impairment | 0 | 0 | 0 |
Transfers | 93 | 147 | 391 |
Assets held for sale | (4,948) | (177) | |
Property, plant and equipment at year-end | 4,047 | 11,027 | 11,662 |
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 | 16,480 | 27,204 | 18,848 |
Additions / ARO change | 116,304 | 107,171 | 82,094 |
Currency translation differences | 21 | 18 | (18) |
Disposals | (119) | 0 | (3,372) |
Write-off / Impairment | 0 | 0 | 0 |
Transfers | (116,905) | (117,913) | (70,321) |
Assets held for sale | 0 | (27) | |
Property, plant and equipment at year-end | 15,781 | 16,480 | 27,204 |
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 | 113,041 | 100,470 | 78,614 |
Additions / ARO change | 73,160 | 67,889 | 46,234 |
Currency translation differences | 22 | 19 | (30) |
Disposals | 0 | 0 | (338) |
Write-off / Impairment | (29,563) | (25,789) | (12,262) |
Transfers | (76,081) | (29,548) | (11,748) |
Assets held for sale | 0 | 0 | |
Property, plant and equipment at year-end | 80,579 | 113,041 | 100,470 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at the beginning | (794,746) | (703,110) | (682,392) |
Currency translation differences | (3,505) | (2,673) | 2,518 |
Depreciation | (110,072) | (90,980) | (81,139) |
Disposals | 3,066 | 2,017 | 3,063 |
Assets held for sale | 388,094 | 54,840 | |
Property, plant and equipment at year-end | (517,163) | (794,746) | (703,110) |
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 | (642,280) | (563,157) | (548,445) |
Currency translation differences | (3,179) | (2,403) | 2,219 |
Depreciation | (95,369) | (76,720) | (66,011) |
Disposals | 0 | 0 | 0 |
Assets held for sale | 310,683 | 49,080 | |
Property, plant and equipment at year-end | (430,145) | (642,280) | (563,157) |
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 | (16,799) | (16,668) | (16,985) |
Currency translation differences | (41) | (33) | 37 |
Depreciation | (1,304) | (1,344) | (1,960) |
Disposals | 1,189 | 1,246 | 1,325 |
Assets held for sale | 6,488 | 915 | |
Property, plant and equipment at year-end | (10,467) | (16,799) | (16,668) |
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 | (129,073) | (116,617) | (109,987) |
Currency translation differences | (277) | (231) | 246 |
Depreciation | (12,896) | (12,244) | (12,468) |
Disposals | 0 | 19 | 900 |
Assets held for sale | 68,765 | 4,692 | |
Property, plant and equipment at year-end | (73,481) | (129,073) | (116,617) |
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 | (6,594) | (6,668) | (6,975) |
Currency translation differences | (8) | (6) | 16 |
Depreciation | (503) | (672) | (700) |
Disposals | 1,877 | 752 | 838 |
Assets held for sale | 2,158 | 153 | |
Property, plant and equipment at year-end | (3,070) | (6,594) | (6,668) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | $ 686,824,000 | $ 666,879,000 | $ 614,047,000 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | 80,579,000 | 113,041,000 | 100,470,000 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 61,500,000 | 56,491,000 | |
Write-offs | (24,815,000) | (21,460,000) | |
Transfers | (45,687,000) | (28,335,000) | |
Property, plant and equipment at year-end | $ 7,998,000 | $ 17,000,000 | $ 10,304,000 |
Property, plant and equipment_4
Property, plant and equipment (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of Exploratory Wells | item | 2 | ||
Property, plant and equipment. | $ 686,824,000 | $ 666,879,000 | $ 614,047,000 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment. | 80,579,000 | 113,041,000 | 100,470,000 |
Construction in Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment. | 15,781,000 | 16,480,000 | 27,204,000 |
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. | 72,581,000 | $ 96,041,000 | 90,166,000 |
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. | $ 7,998,000 | $ 17,000,000 | $ 10,304,000 |
Number of unsuccessful exploration wells | item | 3 | 2 |
Subsidiary undertakings (Summar
Subsidiary undertakings (Summary of Subsidiaries and Joint Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries | GeoPark Colombia S.A.S. Sucursal Panama (Panama) | ||
Proportion of ownership interest in subsidiaries | 100% | ||
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% |
Working interest percentage | 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% | ||
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 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% | ||
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 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% | ||
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% |
Prepayments and other receiva_3
Prepayments and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepayments and other receivables | ||
V.A.T. | $ 4,310 | $ 1,826 |
Income tax payments in advance | 3,685 | 3,156 |
Other prepaid taxes | 23 | 37 |
To be recovered from co-venturers (Note 34) | 8,630 | 8,750 |
Prepayments and other receivables | 12,311 | 8,458 |
Total prepayments and accrued income | 28,959 | 22,227 |
Current | 25,896 | 22,106 |
Non current | $ 3,063 | $ 121 |
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, 2023 | Dec. 31, 2022 | |
Prepayments and other receivables | ||
At 1 January | $ 14 | $ 7 |
Additions | 10 | |
Foreign exchange (loss) income | 4 | (3) |
At 31 December | $ 18 | $ 14 |
Inventories Disclosure (Details
Inventories Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories | ||
Crude oil | $ 9,441 | $ 12,630 |
Materials and spares | 4,111 | 1,804 |
Inventories | $ 13,552 | $ 14,434 |
Trade receivables (Schedule of
Trade receivables (Schedule of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade receivables. | ||
Trade receivables | $ 65,049 | $ 71,794 |
Trade receivables (Narrative) (
Trade receivables (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Trade receivables | $ 65,049,000 | $ 71,794,000 |
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, 2023 | Dec. 31, 2022 | |
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 | 3,775,000 | 1,209,000 |
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 219,279,000 | 222,022,000 |
Financial assets | 223,054,000 | 223,231,000 |
Derivative Financial Instrument Assets [Member] | ||
Financial assets at fair value through profit or loss | ||
Financial assets at fair value through profit or loss | 3,775,000 | 967,000 |
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 | |
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 133,036,000 | 128,601,000 |
Trade receivables [member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 65,049,000 | 71,794,000 |
Financial assets | 65,049,000 | 71,794,000 |
To be recovered from co-venturers [Member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | 8,630,000 | 8,750,000 |
Other financial assets [Member] | ||
Other financial assets at amortized cost | ||
Financial assets at amortised cost | $ 12,564,000 | $ 12,877,000 |
Financial instruments by cate_4
Financial instruments by category (Schedule of Total Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities at fair value through profit and loss | ||
Financial liabilities | $ 642,848 | $ 634,652 |
Derivative financial instrument liabilities | 70 | 19 |
Financial liabilities at fair value through profit or loss | 70 | 19 |
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 642,778 | 634,633 |
Trade payables [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 108,977 | 102,125 |
To be paid to co-venturers [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 522 | 2,815 |
Lease liabilities [member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 32,298 | 32,051 |
Borrowing [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | $ 500,981 | $ 497,642 |
Financial instruments by cate_5
Financial instruments by category (Schedule of Credit Quality of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | $ 223,054 | $ 223,231 |
Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 65,049 | 71,794 |
Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 44,144 | 37,342 |
Moody's, Aa3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 0 | 2,013 |
Moody's, A3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 949 | 1,557 |
Moody's, Baa1 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 1,721 | 99 |
Moody's, Baa3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 151 | 198 |
Moody's, Ba1 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 15,068 | 23,755 |
Moody's, Ba2 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 2,953 | 0 |
Moody's, Ba3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | 0 | 2,745 |
Moody's, B2 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member] | ||
Disclosure of Financial instruments by category [Line Items] | ||
Financial assets | $ 63 | $ 4,085 |
Financial instruments by cate_6
Financial instruments by category (Schedule of Cash at Bank and Other Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | $ 223,054 | $ 223,231 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 145,587 | 141,708 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Aa3 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 0 | 10,362 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A1 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 91,747 | 96,077 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A2 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 268 | 57 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A3 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 16,147 | 10,389 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa1 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 18 | 39 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa2 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 17,585 | 7,030 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa3 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 125 | 1,352 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba1 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 0 | 64 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba2 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 6,528 | 268 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba3 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 5 | 3,066 |
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, B3 Rating [Member] | ||
Disclosure of Financial instrument category [Line Items] | ||
Financial assets | 593 | 51 |
Financial instruments not credit-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 | $ 12,571 | $ 12,953 |
Financial instruments by cate_7
Financial instruments by category (Schedule of Financial Liabilities - contractual undiscounted cash flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Lease liabilities | $ 32,298 | $ 32,051 | $ 20,744 |
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 | 522 | 2,815 | $ 953 |
Less than 1 year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 27,500 | 27,500 | |
Lease liabilities | 9,416 | 10,939 | |
Trade payables | 108,977 | 102,125 | |
Non-derivative financial liabilities, undiscounted cash flows | 146,415 | 143,379 | |
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 | 522 | 2,815 | |
Between 1 and 2 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 27,500 | 27,500 | |
Lease liabilities | 6,515 | 5,653 | |
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 34,015 | 33,153 | |
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 | 541,250 | 568,750 | |
Lease liabilities | 11,719 | 11,209 | |
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 552,969 | 579,959 | |
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 | 0 | |
Lease liabilities | 25,134 | 25,012 | |
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 25,134 | 25,012 | |
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, 2023 | Dec. 31, 2022 |
Categories of financial assets [abstract] | ||
Derivative financial assets | $ 3,775 | $ 1,209 |
Liabilities | ||
Derivative financial liabilities | 70 | 19 |
Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 242 | |
Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 0 | 242 |
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 | |
Level 2 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 3,775 | 967 |
Liabilities | ||
Derivative financial liabilities | 70 | 19 |
Level 2 of fair value hierarchy [member] | Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 0 | |
Commodity price risk [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 3,775 | 967 |
Liabilities | ||
Derivative financial liabilities | 70 | 19 |
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 | 3,775 | 967 |
Liabilities | ||
Derivative financial liabilities | $ 70 | $ 19 |
Financial instruments by cate_9
Financial instruments by category (Narrative) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial instruments by category | |||
Cash on hand | $ 13,000 | $ 12,000 | $ 17,000 |
Financial liabilities, at fair value | $ 443,690,000 | $ 431,660,000 |
Equity (Schedule of Share Capit
Equity (Schedule of Share Capital) (Details) - USD ($) | Dec. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Share capital [Line Items] | ||||
Common stock (amounts in US$ '000) | $ 55,000 | $ 58,000 | $ 60,000 | |
Common shares, of nominal US$ 0.001 | 55,327,520 | 246,110 | 57,621,998 | |
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 | 55,327,520 | 57,621,998 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Common Shares) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 USD ($) shares | Sep. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | May 31, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Feb. 28, 2023 USD ($) 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 ($) shares | Dec. 31, 2023 USD ($) Vote shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure Of Share capital [Line Items] | ||||||||||||||
Number of shares issued | 55,327,520 | 246,110 | 57,621,998 | 55,327,520 | 57,621,998 | |||||||||
Treasury Stock Purchased, Shares | (3,073,588) | (2,743,722) | (960,454) | |||||||||||
Number of shares outstanding | 55,300,000 | 57,600,000 | 55,300,000 | 57,600,000 | 60,200,000 | |||||||||
Issued capital | $ | $ 55 | $ 58 | $ 55 | $ 58 | $ 60 | |||||||||
Common Shares, Number Of Votes | Vote | 1 | |||||||||||||
Stock awards One [Member] | ||||||||||||||
Disclosure Of Share capital [Line Items] | ||||||||||||||
Date of common shares movement | May 01, 2023 | Feb. 01, 2023 | Jul. 01, 2022 | |||||||||||
Number of shares issued | 100,000 | 600,000 | 100,000 | |||||||||||
Number of shares outstanding | 57,700,000 | 58,200,000 | 59,600,000 | |||||||||||
Issued capital | $ | $ 58 | $ 58 | $ 60 | |||||||||||
Buyback program [Member] | ||||||||||||||
Disclosure Of Share capital [Line Items] | ||||||||||||||
Date of common shares movement | Dec. 01, 2023 | Sep. 01, 2023 | Jun. 01, 2023 | Mar. 01, 2023 | Dec. 01, 2022 | Sep. 01, 2022 | Jun. 01, 2022 | Mar. 01, 2022 | ||||||
Treasury Stock Purchased, Shares | (800,000) | (500,000) | (1,100,000) | (600,000) | (900,000) | (1,100,000) | (500,000) | (200,000) | ||||||
Number of shares outstanding | 55,300,000 | 56,100,000 | 56,600,000 | 57,600,000 | 57,600,000 | 58,500,000 | 59,500,000 | 60,000,000 | 55,300,000 | 57,600,000 | ||||
Issued capital | $ | $ 55 | $ 56 | $ 57 | $ 58 | $ 58 | $ 59 | $ 60 | $ 60 | $ 55 | $ 58 |
Equity (Schedule of Cash Distri
Equity (Schedule of Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||
Dec. 11, 2023 | Sep. 07, 2023 | May 31, 2023 | Mar. 31, 2023 | 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. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | |||||||||||||||
Cash distributions, per share | $ 0.1340 | $ 0.1320 | $ 0.1300 | $ 0.1300 | $ 0.1270 | $ 0.1270 | $ 0.0820 | $ 0.0820 | $ 0.0410 | $ 0.0410 | $ 0.0205 | $ 0.0205 | |||
Cash distributions, Total amount | $ 7,449 | $ 7,383 | $ 7,378 | $ 7,505 | $ 7,281 | $ 7,345 | $ 4,809 | $ 4,847 | $ 2,429 | $ 2,442 | $ 1,220 | $ 1,133 | $ 29,715 | $ 24,282 | $ 7,224 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||
Nov. 08, 2023 | Feb. 03, 2023 | Jul. 15, 2022 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Share capital [Line items] | |||||||
Purchase of treasury shares | $ 31,239,000 | $ 36,265,000 | $ 11,841,000 | ||||
Treasury Stock Purchased, Shares | 3,073,588 | 2,743,722 | 960,454 | ||||
Percentage of number of shares repurchase | 10% | ||||||
Maximum shares can buyback | 5,611,797 | ||||||
Maximum value of stocks that can be repurchased under company's authority from BOD on standalone basis | $ 50,000,000 | ||||||
Number of share options granted in share-based payment arrangement | 1,175,131 | ||||||
Non Executive Directors [Member] | Share Capital [Member]. | |||||||
Disclosure Of Share capital [Line items] | |||||||
Number of shares issued during the period | 99,590 | 75,636 | 64,269 | ||||
Non Executive Directors [Member] | Share Premium [Member] | |||||||
Disclosure Of Share capital [Line items] | |||||||
Share premium, common shares issued to Non-Executive Directors | $ 1,133,000 | $ 1,040,000 | $ 861,000 | ||||
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 | |||||
Chief executive officer | |||||||
Disclosure Of Share capital [Line items] | |||||||
Number of shares issued during the period | 350,938 | ||||||
Share Premium, Common Shares Issued To Former Chief Executive Officer | $ 4,799,000 | ||||||
LTIP for executives | |||||||
Disclosure Of Share capital [Line items] | |||||||
Number of shares issued during the period | 246,110 | ||||||
Share premium, common shares issued to key management | $ 1,505,000 | ||||||
Number of share options granted in share-based payment arrangement | 268,129 | ||||||
Other equity incentive plans | |||||||
Disclosure Of Share capital [Line items] | |||||||
Number of shares issued during the period | 82,472 | ||||||
Other equity incentive plans | Former Chief Executive Officer [Member] | |||||||
Disclosure Of Share capital [Line items] | |||||||
Share Premium, Common Shares Issued To Former Chief Executive Officer | $ 281,000 |
Borrowings (Schedule of Share C
Borrowings (Schedule of Share Capital) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Borrowings [Line Items] | ||
Borrowings | $ 500,981 | $ 497,642 |
Current borrowings | 12,528 | 12,528 |
Non-current borrowings | 488,453 | 485,114 |
Notes due 2027 | ||
Disclosure Of Borrowings [Line Items] | ||
Borrowings | $ 500,981 | $ 497,642 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Aug. 03, 2023 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Jan. 17, 2020 | |
Disclosure Of Borrowings [Line Items] | |||||||
Uncommitted credit lines | $ 179,600,000 | $ 179,600,000 | |||||
Payments for debt issue costs | 0 | $ 0 | $ 2,019,000 | ||||
Maximum | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Ratio Of Net Debt To Adjusted EBITDA | 3.25 | ||||||
Minimum | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Ratio Of Adjusted EBITDA To Interest | 2.5 | ||||||
Notes due 2024 | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Borrowings, interest rate | 6.50% | ||||||
Notional amount | $ 255,000,000 | ||||||
Company repurchased and cancelled the remaining nominal amount | 425,000,000 | ||||||
Notes due 2027 | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Borrowings, interest rate | 5.50% | ||||||
Notional amount | $ 150,000,000 | $ 350,000,000 | |||||
Debt Instrument Issued Price, Percent | 101.875% | 99.285% | |||||
Company repurchased and cancelled the remaining nominal amount | $ 170,000,000 | ||||||
Borrowings Yield Rate | 5.117% | 5.625% | |||||
Senior unsecured credit facility | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 80,000,000 | $ 80,000,000 | |||||
Commitment fee percent | 1.85% | ||||||
Senior unsecured credit facility | Ifrs Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Disclosure Of Borrowings [Line Items] | |||||||
Adjustment to base rate | 3.70% |
Leases - Statement of Financial
Leases - Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 28,451 | $ 37,011 | |
Lease Liabilities | |||
Current | 8,911 | 10,000 | |
Non-current | 23,387 | 22,051 | |
Total lease liabilities | 32,298 | 32,051 | $ 20,744 |
Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 24,201 | 32,034 | |
Buildings and improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 4,250 | $ 4,977 |
Leases - Statement of Income (D
Leases - Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | $ (8,650) | $ (7,045) | $ (6,662) |
Unwinding of long-term liabilities (included in Financial results) | (3,168) | (2,838) | (1,453) |
Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) | (838) | (2,614) | (1,101) |
Expenses related to low-value leases (include in Administrative expenses) | (775) | (708) | (906) |
Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | (7,858) | (6,057) | (5,526) |
Buildings and improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation charge of Right of use assets | $ (792) | $ (988) | $ (1,136) |
Leases - Recognition of assets
Leases - Recognition of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets, Beginning balance | $ 37,011 | ||
Depreciation | (8,650) | $ (7,045) | $ (6,662) |
Right-of-use assets, Ending balance | 28,451 | 37,011 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets, Beginning balance | 37,011 | 21,014 | |
Additions / changes in estimates | 137 | 22,462 | |
Foreign currency translation | 444 | 580 | |
Assets held for sale | (491) | ||
Depreciation | (8,650) | (7,045) | |
Right-of-use assets, Ending balance | $ 28,451 | $ 37,011 | $ 21,014 |
Leases - Recognition of lease l
Leases - Recognition of lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Lease liabilities, Beginning balance | $ 32,051 | $ 20,744 |
Additions / changes in estimates | 137 | 22,462 |
Exchange difference | 7,061 | (6,426) |
Foreign currency translation | (174) | (284) |
Liabilities associated with assets held for sale | (26) | |
Unwinding of discount | 3,168 | 2,838 |
Lease payments | (10,267) | (7,851) |
Lease liabilities, Ending balance | $ 32,298 | $ 32,051 |
Provisions and other long-ter_3
Provisions and other long-term liabilities (Details) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 06, 2023 USD ($) | Feb. 06, 2023 GBP (£) | Jan. 08, 2020 GBP (£) | |
Disclosure of other provisions [line items] | |||||
Other provisions at beginning of period | $ 51,947,000 | $ 62,848,000 | |||
Addition to provision / changes in estimates | 9,834,000 | (7,612,000) | |||
Exchange difference | 1,912,000 | (1,983,000) | |||
Foreign currency translation | 704,000 | (563,000) | |||
Amortization | (127,000) | (2,407,000) | |||
Unwinding of discount | 3,288,000 | 3,188,000 | |||
Amounts used during the year | (6,553,000) | (1,524,000) | |||
Liabilities associated with assets held for sale | (26,922,000) | ||||
Other provisions at end of period | 34,083,000 | 51,947,000 | |||
Amount of Assets Under Freeze | $ 409,000 | £ 330,022 | £ 4,465,600 | ||
Generating gain from previously recognized contingent liability | 2,568,000 | ||||
Provision for decommissioning, restoration and rehabilitation costs [member] | |||||
Disclosure of other provisions [line items] | |||||
Other provisions at beginning of period | 40,903,000 | 45,842,000 | |||
Addition to provision / changes in estimates | 7,374,000 | (4,942,000) | |||
Exchange difference | 1,172,000 | (669,000) | |||
Foreign currency translation | 717,000 | (577,000) | |||
Amortization | 0 | ||||
Unwinding of discount | 2,794,000 | 2,641,000 | |||
Amounts used during the year | (2,502,000) | (1,392,000) | |||
Liabilities associated with assets held for sale | (26,922,000) | ||||
Other provisions at end of period | 23,536,000 | 40,903,000 | |||
Provision For Deferred Income [member] | |||||
Disclosure of other provisions [line items] | |||||
Other provisions at beginning of period | 757,000 | 3,331,000 | |||
Addition to provision / changes in estimates | 0 | 0 | |||
Exchange difference | 180,000 | (167,000) | |||
Amortization | (127,000) | (2,407,000) | |||
Unwinding of discount | 0 | ||||
Other provisions at end of period | 810,000 | 757,000 | |||
Miscellaneous other provisions [member] | |||||
Disclosure of other provisions [line items] | |||||
Other provisions at beginning of period | 10,287,000 | 13,675,000 | |||
Addition to provision / changes in estimates | 2,460,000 | (2,670,000) | |||
Exchange difference | 560,000 | (1,147,000) | |||
Foreign currency translation | (13,000) | 14,000 | |||
Amortization | 0 | ||||
Unwinding of discount | 494,000 | 547,000 | |||
Amounts used during the year | (4,051,000) | (132,000) | |||
Other provisions at end of period | $ 9,737,000 | $ 10,287,000 |
Trade and other payables (Sched
Trade and other payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables. | ||
V.A.T | $ 975 | $ 8,513 |
Trade payables | 108,977 | 102,125 |
Customer advance payments | 481 | |
Other short-term advance payments | 450 | |
Outstanding commitments in Chile | 5,869 | |
Staff costs to be paid | 10,852 | 9,306 |
Royalties to be paid | 791 | 9,403 |
Taxes and other debts to be paid | 9,381 | 8,963 |
To be paid to co-venturers | 522 | 2,815 |
Total trade and other payables | 137,817 | 141,606 |
Current | $ 137,817 | $ 141,606 |
Trade and other payables (Narra
Trade and other payables (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and other payables. | ||
Average credit period Expressed As Creditor Days | 90 days | 69 days |
Share-based payment (Schedule o
Share-based payment (Schedule of Share-based Payment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,545,240 | ||
Number of share options granted in share-based payment arrangement | 1,175,131 | ||
Number of share options forfeited in share-based payment arrangement | (365,696) | ||
Number of share options exercised in share-based payment arrangement | (779,110) | ||
Number of share options outstanding in share-based payment arrangement | 1,575,565 | 1,545,240 | |
Expense from share-based payment transactions with employees | $ | $ 7,328 | $ 11,038 | $ 6,621 |
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 | 99,590 | ||
Number of share options exercised in share-based payment arrangement | (99,590) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 1,133 | $ 1,041 | 861 |
Shares granted to Executive Directors | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 375,937 | ||
Number of share options exercised in share-based payment arrangement | (359,271) | ||
Number of share options outstanding in share-based payment arrangement | 16,666 | 375,937 | |
Expense from share-based payment transactions with employees | $ | $ 126 | $ 3,560 | 800 |
VCP | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 0 | $ 2,016 | 4,098 |
LTIP for executives | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 571,984 | ||
Number of share options granted in share-based payment arrangement | 268,129 | ||
Number of share options exercised in share-based payment arrangement | (248,825) | ||
Number of share options outstanding in share-based payment arrangement | 591,288 | 571,984 | |
Expense from share-based payment transactions with employees | $ | $ 3,627 | $ 2,111 | 0 |
Year Of Issuance 2023 [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 | 795,412 | ||
Number of share options forfeited in share-based payment arrangement | (105,695) | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 689,717 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 1,452 | $ 0 | 0 |
Year Of Issuance 2022 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 191,400 | ||
Number of share options granted in share-based payment arrangement | 12,000 | ||
Number of share options forfeited in share-based payment arrangement | (6,112) | ||
Number of share options exercised in share-based payment arrangement | (9,444) | ||
Number of share options outstanding in share-based payment arrangement | 187,844 | 191,400 | |
Expense from share-based payment transactions with employees | $ | $ 990 | $ 619 | 0 |
Year of issuance 2020 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 405,919 | ||
Number of share options forfeited in share-based payment arrangement | (253,889) | ||
Number of share options exercised in share-based payment arrangement | (61,980) | ||
Number of share options outstanding in share-based payment arrangement | 90,050 | 405,919 | |
Expense from share-based payment transactions with employees | $ | $ 0 | $ 1,691 | 862 |
Issuance [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 597,319 | ||
Number of share options granted in share-based payment arrangement | 807,412 | ||
Number of share options forfeited in share-based payment arrangement | (365,696) | ||
Number of share options exercised in share-based payment arrangement | (71,424) | ||
Number of share options outstanding in share-based payment arrangement | 967,611 | 597,319 | |
Expense from share-based payment transactions with employees | $ | $ 2,442 | $ 2,310 | $ 862 |
Share-based payment (Narrative)
Share-based payment (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 14, 2023 shares | Mar. 08, 2022 shares | Dec. 31, 2022 installment shares | Dec. 31, 2023 item installment shares | Dec. 31, 2020 instrument | Dec. 31, 2018 shares | Feb. 28, 2023 shares | Feb. 17, 2023 shares | |
Disclosure Of Share-based Payment [Line Items] | ||||||||
Number of instruments granted in share-based payment arrangement | instrument | 800,000 | |||||||
Performance conditions established in the program and approved | 152,030 | |||||||
Number of shares issued | 57,621,998 | 55,327,520 | 246,110 | |||||
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] | ||||||||
Performance conditions established in the program and approved | 197,197 | |||||||
Vesting period | 3 years | 3 years | ||||||
Employee Benefit Trust [Member] | Time Based Restricted Share Units [Member] | ||||||||
Disclosure Of Share-based Payment [Line Items] | ||||||||
Percentage of vesting award | 30% | |||||||
Number of installments | installment | 3 | |||||||
Employee Benefit Trust [Member] | Absolute Performance Share Units [Member] | ||||||||
Disclosure Of Share-based Payment [Line Items] | ||||||||
Percentage of vesting award | 40% | |||||||
Employee Benefit Trust [Member] | Ifrs Performance Shares [Member] | ||||||||
Disclosure Of Share-based Payment [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Percentage of vesting award | 30% | |||||||
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% | |||||||
Maximum | ||||||||
Disclosure Of Share-based Payment [Line Items] | ||||||||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Interests in Joint operations [Line Items] | |||
PP and E | $ 686,824 | $ 666,879 | $ 614,047 |
Total Assets | 1,016,549 | 973,975 | 895,741 |
Total Liabilities | (840,529) | (858,390) | |
Revenue. | $ 756,625 | $ 1,049,579 | $ 688,543 |
Llanos 34 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 45% | 45% | 45% |
PP and E | $ 354,361 | $ 295,639 | $ 260,589 |
Other Assets | 5,079 | 2,284 | 1,866 |
Total Assets | 359,440 | 297,923 | 262,455 |
Total Liabilities | (7,641) | (2,104) | (5,573) |
Net Assets/ (Liabilities) | 351,799 | 295,819 | 256,882 |
Revenue. | 464,146 | 721,326 | 486,779 |
Operating profit (loss) | $ 295,556 | $ 402,425 | $ 341,473 |
Llanos 32 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 12.50% | 12.50% | 12.50% |
PP and E | $ 2,493 | $ 2,324 | $ 2,730 |
Other Assets | 0 | 0 | 0 |
Total Assets | 2,493 | 2,324 | 2,730 |
Total Liabilities | (655) | (371) | (197) |
Net Assets/ (Liabilities) | 1,838 | 1,953 | 2,533 |
Revenue. | 7,811 | 9,791 | 7,690 |
Operating profit (loss) | $ 5,661 | $ 7,066 | $ 5,378 |
Llanos 86 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 5,532 | $ 970 | $ 408 |
Other Assets | 227 | 0 | 0 |
Total Assets | 5,759 | 970 | 408 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 5,759 | 970 | 408 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (187) | $ (60) | $ (60) |
Llanos 87 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 16,621 | $ 15,038 | $ 1,220 |
Other Assets | 650 | 0 | 0 |
Total Assets | 17,271 | 15,038 | 1,220 |
Total Liabilities | (1,211) | (41) | |
Net Assets/ (Liabilities) | 16,060 | 14,997 | 1,220 |
Revenue. | 1,527 | 0 | 0 |
Operating profit (loss) | $ (17,722) | $ (390) | $ (60) |
Llanos 94 Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 576 | $ 1,489 |
Other Assets | 0 | 0 | 0 |
Total Assets | 576 | 1,489 | |
Total Liabilities | (336) | (233) | (270) |
Net Assets/ (Liabilities) | (336) | 343 | 1,219 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (1,044) | $ (5,632) | $ (171) |
Llanos 104 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 5,536 | $ 1,001 | $ 434 |
Other Assets | 320 | 0 | 0 |
Total Assets | 5,856 | 1,001 | 434 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 5,856 | 1,001 | 434 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (186) | $ (60) | $ (60) |
Llanos 123 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 16,292 | $ 1,172 | $ 907 |
Other Assets | 1,035 | 0 | 0 |
Total Assets | 17,327 | 1,172 | 907 |
Total Liabilities | (520) | 0 | |
Net Assets/ (Liabilities) | 16,807 | 1,172 | 907 |
Revenue. | 8,648 | 0 | 0 |
Operating profit (loss) | $ 4,006 | $ (60) | $ (60) |
Llanos 124 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 1,207 | $ 841 |
Other Assets | 170 | 0 | 0 |
Total Assets | 170 | 1,207 | 841 |
Total Liabilities | (166) | 0 | |
Net Assets/ (Liabilities) | 4 | 1,207 | 841 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (7,496) | $ (60) | $ (60) |
CPO-5 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 30% | 30% | 30% |
PP and E | $ 182,484 | $ 199,748 | $ 210,154 |
Other Assets | 0 | 0 | 0 |
Total Assets | 182,484 | 199,748 | 210,154 |
Total Liabilities | (1,540) | (344) | (929) |
Net Assets/ (Liabilities) | 180,944 | 199,404 | 209,225 |
Revenue. | 148,594 | 184,160 | 88,479 |
Operating profit (loss) | $ 50,032 | $ 69,422 | $ 55,131 |
CPO-4-1 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | |
PP and E | $ 102 | $ 102 | |
Other Assets | 7 | 0 | |
Total Assets | 109 | 102 | |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 109 | 102 | |
Revenue. | 0 | 0 | |
Operating profit (loss) | $ (96) | $ 0 | |
Mecaya Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 3,948 | $ 3,908 | $ 3,837 |
Other Assets | 51 | 0 | 0 |
Total Assets | 3,999 | 3,908 | 3,837 |
Total Liabilities | (40) | (17) | (84) |
Net Assets/ (Liabilities) | 3,959 | 3,891 | 3,753 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (66) | $ (62) | $ 0 |
PUT-8 Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 9,118 | $ 7,927 | $ 7,070 |
Other Assets | 306 | 0 | 0 |
Total Assets | 9,424 | 7,927 | 7,070 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 9,424 | 7,927 | 7,070 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (8) | $ (61) | $ 0 |
PUT-9 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 4,454 | $ 4,420 | $ 4,342 |
Other Assets | 68 | 0 | 0 |
Total Assets | 4,522 | 4,420 | 4,342 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 4,522 | 4,420 | 4,342 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (66) | $ (62) | $ 0 |
PUT-36 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 2,950 | $ 2,931 | $ 2,870 |
Other Assets | 50 | 0 | 0 |
Total Assets | 3,000 | 2,931 | 2,870 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 3,000 | 2,931 | 2,870 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (2) | $ (60) | $ 0 |
Tacacho Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 3,629 |
Other Assets | 103 | 0 | 0 |
Total Assets | 103 | 0 | 3,629 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 103 | 0 | 3,629 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (8) | $ (3,699) | $ 0 |
Terecay Block (Colombia) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 0 | $ 0 | $ 226 |
Other Assets | 36 | 0 | 0 |
Total Assets | 36 | 0 | 226 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 36 | 0 | 226 |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (8) | $ (300) | $ 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 | (1,336) | (1,314) | (2,082) |
Net Assets/ (Liabilities) | (1,336) | (1,314) | (2,082) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (178) | $ (261) | $ (137) |
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 | (5,438) | (422) | (551) |
Net Assets/ (Liabilities) | (5,438) | (422) | (551) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (5,113) | $ (115) | $ (106) |
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 | (1,018) | (160) | (138) |
Net Assets/ (Liabilities) | (1,018) | (160) | (138) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (1,000) | $ (131) | $ (122) |
Manati field [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 10% | 10% | 10% |
PP and E | $ 5,233 | $ 5,665 | $ 6,851 |
Other Assets | 17,546 | 18,537 | 18,269 |
Total Assets | 22,779 | 24,202 | 25,120 |
Total Liabilities | (12,788) | (12,602) | (13,657) |
Net Assets/ (Liabilities) | 9,991 | 11,600 | 11,463 |
Revenue. | 14,019 | 19,873 | 20,109 |
Operating profit (loss) | $ 4,955 | $ 11,240 | $ 9,899 |
POT T 785 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70% | 70% | 70% |
PP and E | $ 160 | $ 168 | $ 157 |
Other Assets | 0 | 0 | 0 |
Total Assets | 160 | 168 | 157 |
Total Liabilities | 0 | 0 | |
Net Assets/ (Liabilities) | 160 | 168 | 157 |
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% | |
PP and E | $ 0 | $ 0 | |
Other Assets | 0 | 149 | |
Total Assets | 0 | 149 | |
Total Liabilities | (14) | (528) | |
Net Assets/ (Liabilities) | (14) | (379) | |
Revenue. | 0 | 0 | |
Operating profit (loss) | $ (131) | $ (839) | |
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 | 0 | (93) | |
Net Assets/ (Liabilities) | (93) | ||
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (7,086) | $ (176) | $ (285) |
Puelen Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18% | 18% | 18% |
PP and E | $ 0 | $ 0 | $ 0 |
Other Assets | 2 | 10 | 12 |
Total Assets | 2 | 10 | 12 |
Total Liabilities | (60) | (105) | (18) |
Net Assets/ (Liabilities) | (58) | (95) | (6) |
Revenue. | 0 | 0 | 0 |
Operating profit (loss) | $ (51) | $ (69) | $ (55) |
Sierra del Nevado Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18% | 18% | |
PP and E | $ 0 | $ 0 | |
Other Assets | 1 | 1 | |
Total Assets | 1 | 1 | |
Total Liabilities | (4) | (5) | |
Net Assets/ (Liabilities) | (3) | (4) | |
Revenue. | 0 | 0 | |
Operating profit (loss) | $ (8) | $ (10) | |
Espejo [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 10,072 | $ 10,727 | $ 1,132 |
Other Assets | 213 | 593 | 78 |
Total Assets | 10,285 | 11,320 | 1,210 |
Total Liabilities | (467) | (5,406) | (610) |
Net Assets/ (Liabilities) | 9,818 | 5,914 | 600 |
Revenue. | 1,450 | 0 | 0 |
Operating profit (loss) | $ (1,897) | $ (5,151) | $ (589) |
Perico [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50% | 50% | 50% |
PP and E | $ 22,231 | $ 15,195 | $ 4,658 |
Other Assets | 0 | 8,506 | 1,449 |
Total Assets | 22,231 | 23,701 | 6,107 |
Total Liabilities | (889) | (5,315) | (4,535) |
Net Assets/ (Liabilities) | 21,342 | 18,386 | 1,572 |
Revenue. | 17,647 | 10,671 | 0 |
Operating profit (loss) | $ 258 | $ 4,533 | $ (669) |
Commitments (Schedule of Royalt
Commitments (Schedule of Royalty Commitments) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 USD ($) item bbl | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure Of Commitments [Line Items] | |||
Royalty maximum production benchmark | item | 15 | ||
Royalty benchmark percentage of total calculation | 75% | ||
Accumulated production of fields benchmark minimum | bbl | 5,000,000 | ||
Capital commitments | $ 5,869,000 | ||
Llanos 32, Llanos 34 and Llanos 123 Blocks | |||
Disclosure Of Commitments [Line Items] | |||
Additional Applicable Economical Right Production Royalty Rate | 1% | ||
Llanos 87 Block [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Additional Applicable Economical Right Production Royalty Rate | 3% | ||
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 | 151,000 | ||
REC-T-67 Block [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | 151,000 | ||
REC-T-77 Block [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | 151,000 | ||
POT-T-834 Block [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | $ 151,000 | ||
Espejo and Perico Blocks [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Working interest percentage | 50% | ||
Pott785Block [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | $ 72,000 | ||
Llanos 87 Block (Colombia) [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | 13,663,000 | ||
Llanos 94 Block (Colombia) [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | $ 3,467,000 | ||
Working interest percentage | 50% | ||
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 | 10,422,000 | ||
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 | 9,849,000 | ||
Llanos 104 Block (Colombia) [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | 8,752,000 | ||
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 | $ 11,742,000 | ||
Investment commitment term (in years) | 3 years | ||
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 | $ 27,453,000 | $ 34,032,000 | $ 22,562,000 |
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 | 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 | |||
Disclosure Of Commitments [Line Items] | |||
Capital commitments | $ 54,640,000 | ||
Maximum | 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, 2023 | Feb. 28, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 55,327,520 | 246,110 | 57,621,998 |
Percentage of voting equity interests acquired | 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 | 15.94% | ||
Compass Group LLC [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,312,589 | ||
Percentage of voting equity interests acquired | 5.99% | ||
Gerald O'Shaughnessy [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,673,392 | ||
Percentage of voting equity interests acquired | 6.64% | ||
Renaissance Technologies LLC | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,091,863 | ||
Percentage of voting equity interests acquired | 5.59% | ||
Socoservin Overseas SPF S..r.l. | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 2,889,315 | ||
Percentage of voting equity interests acquired | 5.22% | ||
Cobas Asset Management, SGIIC, SA | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 2,808,406 | ||
Percentage of voting equity interests acquired | 5.08% | ||
Other shareholders [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 30,734,704 | ||
Percentage of voting equity interests acquired | 55.54% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Related parties [Line Items] | |||
Amounts receivable, related party transactions | $ 8,630 | $ 8,750 | |
Geological and geophysical expenses. | 11,192 | 10,529 | $ 7,891 |
Administrative expenses. | 43,969 | 50,024 | 46,828 |
Entities with joint control or significant influence over entity [member] | |||
Disclosure Of Related parties [Line Items] | |||
Amounts receivable, related party transactions | 8,630 | 8,750 | 4,680 |
Amounts payable, related party transactions | $ (522) | $ (2,815) | $ (953) |
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 | |
Description of nature of related party relationship | Former Non-Executive Director (a) | Former Non-Executive Director (a) | |
Pedro Aylwin [Member] | |||
Disclosure Of Related parties [Line Items] | |||
Administrative expenses. | $ 492 | $ 656 | |
Description of nature of related party relationship | Former Executive Director (b) | Former Executive Director (b) |
Related parties (Narrative) (De
Related parties (Narrative) (Details) - shares | Feb. 14, 2024 | Feb. 02, 2024 |
James F. Park [Member] | ||
Disclosure of classes of share capital held by him personally [Line Items] | ||
Shares pledged under lending arrangements | 352,400 | |
Gerald O'Shaughnessy [Member] | ||
Disclosure of classes of share capital held by him personally [Line Items] | ||
Shares pledged under lending arrangements | 3,435,000 |
Auditors Fees (Details)
Auditors Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Auditors Fees | |||
Audit fees | $ 977 | $ 946 | $ 1,088 |
Audit related fees | 34 | 24 | |
Tax services fees | 3 | 27 | 47 |
Total Auditors Fees | $ 1,014 | $ 997 | $ 1,135 |
Business transactions (Narrativ
Business transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 18, 2024 USD ($) item | Dec. 20, 2023 USD ($) | Oct. 27, 2023 USD ($) | Apr. 30, 2022 USD ($) | Nov. 03, 2021 USD ($) | Aug. 31, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 01, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||||||
Capital commitments | $ 5,869,000 | |||||||||
Assets held for sale | 28,419,000 | $ 0 | ||||||||
Liabilities associated with assets held for sale | $ 26,948,000 | 0 | ||||||||
Percentage of voting equity interests acquired | 100% | |||||||||
Impairment loss | $ 13,332,000 | 0 | $ 4,334,000 | |||||||
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 | |||||||||
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | |||||||||
Reversal of impairment loss | $ 13,307,000 | |||||||||
Payment of adjustments for working capital | $ 370,000 | |||||||||
Percentage of working interest agreed to transfer | 100% | |||||||||
Result of the transaction recognized gain | $ 3,983,000 | |||||||||
Los Parlamentos Block (Argentina) | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of working interest agreed to transfer | 50% | |||||||||
Net loss of working interest | $ (2,939,000) | |||||||||
Working interest transfer | (7,023,000) | 7,023,000 | ||||||||
Foreign exchange (loss) gain | $ 4,084,000 | |||||||||
Chile S.p.A And It's Subsidiaries [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue derived | 95% | |||||||||
Deferred income tax assets | 2,533,000 | |||||||||
Advance payments received | $ 450,000 | |||||||||
Assets held for sale | 28,419,000 | |||||||||
Liabilities associated with assets held for sale | 26,948,000 | |||||||||
Total Consideration | 4,000,000 | |||||||||
Impairment loss | 13,332,000 | |||||||||
Restructuring and other costs | $ 3,873,000 | |||||||||
Campanario Blocks (Chile) | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Capital commitments | 5,002,000 | |||||||||
Isla Norte Blocks (Chile | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Capital commitments | $ 867,100 | |||||||||
Disposal of major subsidiary | Chile S.p.A And It's Subsidiaries [Member] | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 2,792,000 | |||||||||
Adjustment For Working Capital | 486,000 | |||||||||
Outstanding amount | $ 758,000 | |||||||||
Monthly equal installments | item | 23 |
Impairment test on Property, _3
Impairment test on Property, plant and equipment (Schedule of Amounts of Impairment Loss (Recognized) Reversed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | $ (13,332) | $ 0 | $ (4,334) |
Chile [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | (13,332) | 0 | (17,641) |
Brazil [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | 0 | 0 | |
Argentina [Member] | |||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||
Impairment loss reversed (recognized) | $ 0 | $ 0 | $ 13,307 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | $ 0 | $ 0 | |
Acquisition of properties, Unproved | 0 | 0 | |
Total property acquisition | 0 | 0 | |
Exploration | 81,928 | 76,187 | $ 45,769 |
Development | 126,060 | 99,619 | 81,000 |
Total costs incurred | 207,988 | 175,806 | 126,769 |
Colombia | |||
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 | 66,953 | 48,771 | 40,828 |
Development | 125,997 | 89,231 | 81,310 |
Total costs incurred | 192,950 | 138,002 | 122,138 |
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 | 56 | 116 | 3,940 |
Development | (564) | 9,952 | 1,900 |
Total costs incurred | (508) | 10,068 | 5,840 |
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 | 107 | 0 | 3 |
Development | 255 | (212) | (2,212) |
Total costs incurred | 362 | (212) | (2,209) |
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 | 1,481 | 779 | 998 |
Development | 0 | 0 | 2 |
Total costs incurred | 1,481 | 779 | $ 1,000 |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | |
Acquisition of properties, Unproved | 0 | 0 | |
Total property acquisition | 0 | 0 | |
Exploration | 13,331 | 26,521 | |
Development | 372 | 648 | |
Total costs incurred | $ 13,703 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | $ 244,278 | $ 222,727 | $ 201,177 |
Proved properties, Mineral interest and wells | 1,250,684 | 1,079,257 | 957,932 |
Proved properties, Other uncompleted projects | 15,781 | 16,480 | 27,204 |
Unproved properties | 80,579 | 113,041 | 94,690 |
Gross capitalised costs | 1,591,322 | 1,431,505 | 1,281,003 |
Accumulated depreciation | (883,074) | (771,353) | (679,774) |
Total net capitalised costs | 708,248 | 660,152 | 601,229 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 165,666 | 144,672 | 125,078 |
Proved properties, Mineral interest and wells | 841,063 | 672,424 | 580,931 |
Proved properties, Other uncompleted projects | 15,770 | 16,099 | 26,136 |
Unproved properties | 69,823 | 102,760 | 94,419 |
Gross capitalised costs | 1,092,322 | 935,955 | 826,564 |
Accumulated depreciation | (447,716) | (354,981) | (282,616) |
Total net capitalised costs | 644,606 | 580,974 | 543,948 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 74,491 | 74,490 | 72,766 |
Proved properties, Mineral interest and wells | 330,024 | 343,926 | 334,993 |
Proved properties, Other uncompleted projects | 113 | 818 | |
Unproved properties | 0 | ||
Gross capitalised costs | 404,515 | 418,529 | 408,577 |
Accumulated depreciation | (379,448) | (371,171) | (358,417) |
Total net capitalised costs | 25,067 | 47,358 | 50,160 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 4,121 | 3,565 | 3,333 |
Proved properties, Mineral interest and wells | 48,448 | 44,716 | 42,008 |
Proved properties, Other uncompleted projects | 11 | 268 | 250 |
Unproved properties | 330 | 290 | 271 |
Gross capitalised costs | 52,910 | 48,839 | 45,862 |
Accumulated depreciation | (47,388) | (42,885) | (38,741) |
Total net capitalised costs | 5,522 | 5,954 | $ 7,121 |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 0 | ||
Proved properties, Mineral interest and wells | 31,149 | 18,191 | |
Proved properties, Other uncompleted projects | 0 | ||
Unproved properties | 10,426 | 9,991 | |
Gross capitalised costs | 41,575 | 28,182 | |
Accumulated depreciation | (8,522) | (2,316) | |
Total net capitalised costs | $ 33,053 | $ 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | $ 751,161 | $ 1,040,125 | $ 688,543 |
Production costs, excluding depreciation | |||
Operating costs | (142,782) | (99,563) | (99,767) |
Royalties and economic rights in cash | (84,877) | (252,287) | (113,023) |
Total production costs | (227,659) | (351,850) | (212,790) |
Exploration expenses | (38,331) | (34,087) | (16,783) |
Accretion expense | (2,794) | (2,641) | (3,140) |
Impairment loss for non-financial assets | (13,332) | (4,334) | |
Depreciation, depletion and amortization | (108,265) | (88,964) | (78,479) |
Results of operations before income tax | 360,780 | 562,583 | 373,017 |
Income tax expense | (168,833) | (196,744) | (120,669) |
Results of oil and gas operations | 191,947 | 365,839 | 252,348 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 702,401 | 978,423 | 618,268 |
Production costs, excluding depreciation | |||
Operating costs | (121,012) | (78,323) | (72,043) |
Royalties and economic rights in cash | (83,233) | (249,303) | (106,341) |
Total production costs | (204,245) | (327,626) | (178,384) |
Exploration expenses | (36,395) | (28,424) | (11,276) |
Accretion expense | (669) | (621) | (576) |
Depreciation, depletion and amortization | (92,735) | (72,386) | (54,588) |
Results of operations before income tax | 368,357 | 549,366 | 373,444 |
Income tax expense | (165,761) | (192,278) | (115,768) |
Results of oil and gas operations | 202,596 | 357,088 | 257,676 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 15,644 | 29,196 | 21,471 |
Production costs, excluding depreciation | |||
Operating costs | (7,678) | (12,961) | (10,280) |
Royalties and economic rights in cash | (548) | (1,165) | (770) |
Total production costs | (8,226) | (14,126) | (11,050) |
Exploration expenses | (56) | (116) | (4,509) |
Accretion expense | (1,478) | (1,516) | (1,319) |
Impairment loss for non-financial assets | (13,332) | (17,641) | |
Depreciation, depletion and amortization | (8,278) | (12,754) | (12,806) |
Results of operations before income tax | (15,726) | 684 | (25,854) |
Income tax expense | 0 | (103) | 3,878 |
Results of oil and gas operations | (15,726) | 581 | (21,976) |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 14,019 | 19,873 | 20,109 |
Production costs, excluding depreciation | |||
Operating costs | (3,850) | (3,753) | (2,954) |
Royalties and economic rights in cash | (1,096) | (1,546) | (1,642) |
Total production costs | (4,946) | (5,299) | (4,596) |
Exploration expenses | (90) | ||
Accretion expense | (560) | (504) | (535) |
Depreciation, depletion and amortization | (1,047) | (1,509) | (2,933) |
Results of operations before income tax | 7,376 | 12,561 | 12,045 |
Income tax expense | (2,508) | (4,271) | (4,095) |
Results of oil and gas operations | 4,868 | 8,290 | 7,950 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 1,962 | 28,695 | |
Production costs, excluding depreciation | |||
Operating costs | (1,306) | (14,490) | |
Royalties and economic rights in cash | (273) | (4,270) | |
Total production costs | 0 | (1,579) | (18,760) |
Exploration expenses | (1,481) | (779) | (998) |
Accretion expense | 0 | (710) | |
Impairment loss for non-financial assets | 13,307 | ||
Depreciation, depletion and amortization | 0 | 0 | (8,152) |
Results of operations before income tax | (1,481) | (396) | 13,382 |
Income tax expense | 0 | 0 | (4,684) |
Results of oil and gas operations | (1,481) | (396) | $ 8,698 |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 19,097 | 10,671 | |
Production costs, excluding depreciation | |||
Operating costs | (10,242) | (3,220) | |
Royalties and economic rights in cash | 0 | ||
Total production costs | (10,242) | (3,220) | |
Exploration expenses | (309) | (4,768) | |
Accretion expense | (87) | ||
Impairment loss for non-financial assets | 0 | ||
Depreciation, depletion and amortization | (6,205) | (2,315) | |
Results of operations before income tax | 2,254 | 368 | |
Income tax expense | (564) | (92) | |
Results of oil and gas operations | $ 1,690 | $ 276 |
Supplemental information on o_6
Supplemental information on oil and gas activities (Schedule of Reserve Quantity Information) (Details) | Dec. 31, 2023 MBbls MMcf | 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] | ||||
Proved Reserves For Properties Net | 44,784 | 48,068 | 49,750 | 46,334 |
Undeveloped reserves for properties, net | 17,982 | 18,241 | 32,197 | 46,573 |
Proved developed and undeveloped reserves for properties, net | 62,766 | 66,309 | 81,947 | 92,907 |
Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 19,919 | 24,611 | 33,383 | 40,275 |
Undeveloped reserves for properties, net | MMcf | 855 | 0 | 1,563 | 5,661 |
Proved developed and undeveloped reserves for properties, net | MMcf | 20,774 | 24,611 | 34,946 | 45,936 |
Colombia [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 43,120 | 46,623 | 47,766 | 43,817 |
Undeveloped reserves for properties, net | 16,225 | 17,765 | 31,019 | 45,240 |
Proved developed and undeveloped reserves for properties, net | 59,345 | 64,388 | 78,785 | 89,057 |
Colombia [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 1,075 | 1,065 | 1,207 | 1,695 |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 | 0 |
Proved developed and undeveloped reserves for properties, net | MMcf | 1,075 | 1,065 | 1,207 | 1,695 |
Chile [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 619 | 1,115 | 755 | 798 |
Undeveloped reserves for properties, net | 479 | 476 | 575 | 1,229 |
Proved developed and undeveloped reserves for properties, net | 1,098 | 1,591 | 1,330 | 2,027 |
Chile [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 9,956 | 14,103 | 15,196 | 19,054 |
Undeveloped reserves for properties, net | MMcf | 855 | 0 | 1,563 | 5,661 |
Proved developed and undeveloped reserves for properties, net | MMcf | 10,811 | 14,103 | 16,759 | 24,715 |
Brazil [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 28 | 8 | 43 | 34 |
Proved developed and undeveloped reserves for properties, net | 28 | 8 | 43 | 34 |
Brazil [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 8,888 | 9,443 | 13,601 | 13,927 |
Proved developed and undeveloped reserves for properties, net | MMcf | 8,888 | 9,443 | 13,601 | 13,927 |
Argentina [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 0 | 0 | 1,186 | 1,685 |
Undeveloped reserves for properties, net | 0 | 0 | 603 | 104 |
Proved developed and undeveloped reserves for properties, net | 1,789 | 1,789 | ||
Argentina [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 0 | 0 | 3,379 | 5,599 |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 | 0 |
Proved developed and undeveloped reserves for properties, net | MMcf | 3,379 | 5,599 | ||
Ecuador [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 1,017 | 322 | 0 | |
Undeveloped reserves for properties, net | 1,278 | 0 | 0 | |
Proved developed and undeveloped reserves for properties, net | 2,295 | 322 | ||
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 | |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 |
Supplemental information on o_7
Supplemental information on oil and gas activities (Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas) (Details) | 12 Months Ended | ||
Dec. 31, 2023 MMcf MBbls | Dec. 31, 2022 MMcf MBbls | Dec. 31, 2021 MMcf MBbls | |
Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 66,309 | 81,947 | 92,907 |
Increase (decrease) attributable to: | |||
Revisions | 3,555 | (2,282) | (3,955) |
Extensions and discoveries | 4,486 | 836 | 3,978 |
Purchase or (Disposal) of Minerals in place | (1,760) | ||
Production | (11,584) | (12,432) | (10,983) |
Reserves | 62,766 | 66,309 | 81,947 |
Oil And Condensates [Member] | Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 64,388 | 78,785 | 89,057 |
Increase (decrease) attributable to: | |||
Revisions | 3,617 | (2,677) | (3,207) |
Extensions and discoveries | 2,549 | 204 | 3,375 |
Production | (11,209) | (11,924) | (10,440) |
Reserves | 59,345 | 64,388 | 78,785 |
Oil And Condensates [Member] | Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 1,591 | 1,330 | 2,027 |
Increase (decrease) attributable to: | |||
Revisions | (412) | 422 | (597) |
Production | (81) | (161) | (100) |
Reserves | 1,098 | 1,591 | 1,330 |
Oil And Condensates [Member] | Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 8 | 43 | 34 |
Increase (decrease) attributable to: | |||
Revisions | 26 | (27) | 18 |
Production | (6) | (8) | (9) |
Reserves | 28 | 8 | 43 |
Oil And Condensates [Member] | Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 1,789 | 1,789 | |
Increase (decrease) attributable to: | |||
Revisions | (169) | ||
Extensions and discoveries | 603 | ||
Purchase or (Disposal) of Minerals in place | (1,760) | ||
Production | (29) | (434) | |
Reserves | 1,789 | ||
Oil And Condensates [Member] | Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | 322 | ||
Increase (decrease) attributable to: | |||
Revisions | 324 | ||
Extensions and discoveries | 1,937 | 632 | |
Production | (288) | (310) | |
Reserves | 2,295 | 322 | |
Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 24,611 | 34,946 | 45,936 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 1,869 | 756 | (705) |
Purchase or (Disposal) of Minerals in place | MMcf | (3,227) | ||
Production | MMcf | (5,706) | (7,864) | (10,285) |
Reserves | MMcf | 20,774 | 24,611 | 34,946 |
Naturals gas [Member] | Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 1,065 | 1,207 | 1,695 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 219 | 141 | 14 |
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Production | MMcf | (209) | (283) | (502) |
Reserves | MMcf | 1,075 | 1,065 | 1,207 |
Naturals gas [Member] | Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 14,103 | 16,759 | 24,715 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | (9) | 1,501 | (3,553) |
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Production | MMcf | (3,283) | (4,157) | (4,403) |
Reserves | MMcf | 10,811 | 14,103 | 16,759 |
Naturals gas [Member] | Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 9,443 | 13,601 | 13,927 |
Increase (decrease) attributable to: | |||
Revisions | MMcf | 1,659 | (886) | 3,470 |
Purchase or (Disposal) of Minerals in place | MMcf | 0 | ||
Production | MMcf | (2,214) | (3,272) | (3,796) |
Reserves | MMcf | 8,888 | 9,443 | 13,601 |
Naturals gas [Member] | Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves | MMcf | 3,379 | 5,599 | |
Increase (decrease) attributable to: | |||
Revisions | MMcf | (636) | ||
Purchase or (Disposal) of Minerals in place | MMcf | (3,227) | ||
Production | MMcf | (152) | (1,584) | |
Reserves | MMcf | 3,379 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | $ 4,355,434 | $ 5,511,603 | $ 4,716,229 | |
Future production costs | (1,752,099) | (1,743,842) | (1,881,211) | |
Future development costs | (203,376) | (225,612) | (288,955) | |
Future income taxes | (795,993) | (1,193,419) | (760,601) | |
Undiscounted future net cash flows | 1,603,966 | 2,348,730 | 1,785,462 | |
10% annual discount | (442,957) | (864,075) | (492,729) | |
Standardized measure of discounted future net cash flows | 1,161,009 | 1,484,655 | 1,292,733 | $ 801,624 |
Colombia [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 4,027,686 | 5,229,599 | 4,381,191 | |
Future production costs | (1,633,889) | (1,633,818) | (1,715,554) | |
Future development costs | (147,045) | (182,701) | (197,461) | |
Future income taxes | (764,309) | (1,191,658) | (754,205) | |
Undiscounted future net cash flows | 1,482,443 | 2,221,422 | 1,713,971 | |
10% annual discount | (430,250) | (839,621) | (496,150) | |
Standardized measure of discounted future net cash flows | 1,052,193 | 1,381,801 | 1,217,821 | 759,233 |
Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 111,384 | 190,449 | 136,152 | |
Future production costs | (50,343) | (72,411) | (69,067) | |
Future development costs | (41,359) | (40,659) | (40,339) | |
Future income taxes | 0 | 0 | ||
Undiscounted future net cash flows | 19,682 | 77,379 | 26,746 | |
10% annual discount | 5,205 | (13,094) | 6,121 | |
Standardized measure of discounted future net cash flows | 24,887 | 64,285 | 32,867 | 17,032 |
Brazil [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 75,757 | 65,002 | 89,208 | |
Future production costs | (22,815) | (29,519) | (34,930) | |
Future development costs | (1,204) | (1,955) | (1,955) | |
Future income taxes | (4,036) | (1,761) | (3,449) | |
Undiscounted future net cash flows | 47,702 | 31,767 | 48,874 | |
10% annual discount | (6,476) | (8,856) | (7,171) | |
Standardized measure of discounted future net cash flows | 41,226 | 22,911 | 41,703 | 25,378 |
Argentina [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 109,678 | |||
Future production costs | (61,660) | |||
Future development costs | (49,200) | |||
Future income taxes | 0 | 0 | (2,947) | |
Undiscounted future net cash flows | (4,129) | |||
10% annual discount | 4,471 | |||
Standardized measure of discounted future net cash flows | 0 | 0 | 342 | $ (19) |
Ecuador [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 140,607 | 26,553 | 0 | |
Future production costs | (45,052) | (8,094) | 0 | |
Future development costs | (13,768) | (297) | 0 | |
Future income taxes | (27,648) | 0 | 0 | |
Undiscounted future net cash flows | 54,139 | 18,162 | 0 | |
10% annual discount | (11,436) | (2,504) | 0 | |
Standardized measure of discounted future net cash flows | $ 42,703 | $ 15,658 | $ 0 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | $ 1,484,655 | $ 1,292,733 | $ 801,624 |
Sales of hydrocarbon, net of production costs | (512,703) | (924,280) | (560,896) |
Net changes in sales price and production costs | (611,666) | 989,474 | 1,005,171 |
Changes in estimated future development costs | (7,745) | 59,566 | 99,168 |
Extensions and discoveries less related costs | 136,376 | 35,627 | 79,913 |
Development costs incurred | 116,503 | 105,348 | 91,988 |
Revisions of previous quantity estimates | 113,038 | (74,779) | (88,204) |
Purchase or (Disposal) of Minerals in place | (342) | ||
Net changes in income taxes | 174,743 | (203,697) | (257,154) |
Accretion of discount | 267,808 | 205,005 | 121,123 |
Balance Ending | 1,161,009 | 1,484,655 | 1,292,733 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 1,381,801 | 1,217,821 | 759,233 |
Sales of hydrocarbon, net of production costs | (491,525) | (891,534) | (516,844) |
Net changes in sales price and production costs | (596,668) | 956,926 | 924,875 |
Changes in estimated future development costs | 9,461 | 93,657 | 96,364 |
Extensions and discoveries less related costs | 72,757 | 6,754 | 80,933 |
Development costs incurred | 115,996 | 94,195 | 87,877 |
Revisions of previous quantity estimates | 104,256 | (87,851) | (76,850) |
Purchase or (Disposal) of Minerals in place | 0 | ||
Net changes in income taxes | 198,769 | (205,370) | (254,618) |
Accretion of discount | 257,346 | 197,203 | 116,851 |
Balance Ending | 1,052,193 | 1,381,801 | 1,217,821 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 64,285 | 32,867 | 17,032 |
Sales of hydrocarbon, net of production costs | (6,362) | (15,317) | (11,520) |
Net changes in sales price and production costs | (33,595) | 39,457 | 64,048 |
Changes in estimated future development costs | 5,142 | (22,675) | (18,731) |
Extensions and discoveries less related costs | 0 | 0 | 0 |
Development costs incurred | 7 | 11,153 | 4,111 |
Revisions of previous quantity estimates | (11,019) | 15,513 | (23,776) |
Purchase or (Disposal) of Minerals in place | 0 | ||
Net changes in income taxes | 0 | 0 | 0 |
Accretion of discount | 6,429 | 3,287 | 1,703 |
Balance Ending | 24,887 | 64,285 | 32,867 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 22,911 | 41,703 | 25,378 |
Sales of hydrocarbon, net of production costs | (8,143) | (14,697) | (15,677) |
Net changes in sales price and production costs | 21,490 | (6,909) | 19,393 |
Changes in estimated future development costs | (4,440) | (933) | 861 |
Extensions and discoveries less related costs | 0 | 0 | 0 |
Development costs incurred | 0 | 0 | 0 |
Revisions of previous quantity estimates | 9,159 | (2,441) | 11,957 |
Purchase or (Disposal) of Minerals in place | 0 | ||
Net changes in income taxes | (2,218) | 1,673 | (2,780) |
Accretion of discount | 2,467 | 4,515 | 2,571 |
Balance Ending | 41,226 | 22,911 | 41,703 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 0 | 342 | (19) |
Sales of hydrocarbon, net of production costs | 0 | 0 | (16,855) |
Net changes in sales price and production costs | 0 | 0 | (3,145) |
Changes in estimated future development costs | 0 | 0 | 20,674 |
Extensions and discoveries less related costs | 0 | 0 | (1,020) |
Development costs incurred | 0 | 0 | 0 |
Revisions of previous quantity estimates | 0 | 0 | 465 |
Purchase or (Disposal) of Minerals in place | (342) | ||
Net changes in income taxes | 0 | 0 | 244 |
Accretion of discount | 0 | 0 | (2) |
Balance Ending | 0 | 0 | 342 |
Ecuador [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 15,658 | 0 | |
Sales of hydrocarbon, net of production costs | (6,673) | (2,732) | |
Net changes in sales price and production costs | (2,893) | ||
Changes in estimated future development costs | (17,908) | (10,483) | |
Extensions and discoveries less related costs | 63,619 | 28,873 | |
Development costs incurred | 500 | ||
Revisions of previous quantity estimates | 10,642 | ||
Net changes in income taxes | (21,808) | ||
Accretion of discount | 1,566 | ||
Balance Ending | $ 42,703 | $ 15,658 | $ 0 |
Supplemental information on _10
Supplemental information on oil and gas activities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) MMBbls MMcf | Dec. 31, 2022 USD ($) MMBbls Bcf | Dec. 31, 2021 USD ($) MMBbls Bcf | Dec. 31, 2020 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Impairment loss | $ | $ 13,332,000 | $ 0 | $ 4,334,000 | |
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 | 3.5 | 2.3 | 4 | |
Naturals gas [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | Bcf | 0.8 | 0.7 | ||
Proved developed and undeveloped reserves due to better performance than expected increase | MMcf | 1.9 | |||
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf | 4 | |||
Proved developed and undeveloped reserves due to better performance revisions | Bcf | 0.8 | |||
Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Asset retirement obligations and impairment loss | $ | $ 13,332,000 | $ 17,641,000 | ||
Chile [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | 0.1 | 0.3 | ||
Proved developed and undeveloped reserves from change in development plan revisions | 0.6 | |||
Proved developed and undeveloped reserves from impact of higher average prices revisions | 0.3 | |||
Proved developed and undeveloped reserves due to lower performance than expected decrease | 0.4 | |||
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 | Bcf | 2.7 | |||
Proved developed and undeveloped reserves due to revisions associated with incremental activity | Bcf | 3.4 | |||
Proved developed and undeveloped reserves from change in development plan revisions | Bcf | 1.5 | |||
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf | 0.7 | |||
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 | Bcf | 2.5 | |||
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf | 0.8 | 1 | ||
Proved developed and undeveloped reserves due to lower performance than expected decrease | Bcf | 1.6 | |||
Colombia [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | 0.6 | 5.7 | ||
Proved developed and undeveloped reserves from change in development plan revisions | 1.7 | 3.6 | ||
Proved developed and undeveloped reserves from impact of higher average prices revisions | 1.5 | 0.3 | ||
Proved developed and undeveloped reserves from change in royalty payment from kind to cash | 0.4 | |||
Argentina [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Impairment loss | $ | $ 13,307,000 | |||
Argentina [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves, revisions | 0.1 | |||
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 | Bcf | 1.6 | |||
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf | 1 | |||
Ecuador [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves from impact of higher average prices revisions | 0.3 | |||
Oil and gas properties [Member] | Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Proved developed and undeveloped reserves from existing wells revisions | 0.3 | |||
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 | 8.9 | |||
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 | 0.3 | |||
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 than expected increase | MMcf | 0.2 | |||
Proved developed and undeveloped reserves due to better performance revisions | Bcf | 0.1 | |||
Llanos Basin [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 94% | 96% | 98% | 97% |
Reserves proportion of Net proved undeveloped reserve | 97% | 95% | 97% | 96% |
Manati Block | 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 | MMcf | 1.7 | |||
Platanillo Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 6% | 4% | 2% | 3% |
Reserves proportion of Net proved undeveloped reserve | 3% | 5% | 3% | 4% |
BCAM-40 Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 100% | |||
Aguada Baguales Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 45% | 50% | ||
Reserves proportion of Net proved undeveloped reserve | 100% | |||
Puesto Touquet Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 21% | 26% | ||
El Porvenir Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 33% | 24% | ||
Fell Block in Chile [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 100% | |||
Perico Block [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 100% | 85% | ||
Espejo Block Account [Member] | ||||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | ||||
Reserves, proportion of net proved developed reserve | 15% |