Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | GeoPark Ltd |
Entity Central Index Key | 0001464591 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 59,167,584 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | D0 |
Entity Interactive Data Current | Yes |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
REVENUE | $ 628,907,000 | $ 601,161,000 | $ 330,122,000 |
Commodity risk management contracts | (22,523,000) | 16,173,000 | (15,448,000) |
Production and operating costs | (168,964,000) | (174,260,000) | (98,987,000) |
Geological and geophysical expenses | (18,593,000) | (13,951,000) | (7,694,000) |
Administrative expenses | (60,818,000) | (52,074,000) | (42,054,000) |
Selling expenses | (14,113,000) | (4,023,000) | (1,136,000) |
Depreciation | (105,532,000) | (92,240,000) | (74,885,000) |
Write-off of unsuccessful exploration efforts | (18,290,000) | (26,389,000) | (5,834,000) |
Impairment loss (recognized) reversed for non-financial assets | (7,559,000) | 4,982,000 | 0 |
Other expenses | (1,840,000) | (2,887,000) | (5,088,000) |
OPERATING PROFIT | 210,675,000 | 256,492,000 | 78,996,000 |
Financial expenses | (41,070,000) | (39,321,000) | (53,511,000) |
Financial income | 2,360,000 | 3,059,000 | 2,016,000 |
Foreign exchange loss | (2,446,000) | (11,323,000) | (2,193,000) |
PROFIT BEFORE INCOME TAX | 169,519,000 | 208,907,000 | 25,308,000 |
Income tax expense | (111,762,000) | (106,240,000) | (43,145,000) |
PROFIT (LOSS) FOR THE YEAR | 57,757,000 | 102,667,000 | (17,837,000) |
Attributable to: | |||
Owners of the Company | $ 57,757,000 | 72,415,000 | (24,228,000) |
Non-controlling interest | $ 30,252,000 | $ 6,391,000 | |
Earnings (Losses) per share (in US$) for profit (loss) attributable to owners of the Company. Basic | $ 0.96 | $ 1.19 | $ (0.40) |
Earnings (Losses) per share (in US$) for profit (loss) attributable to owners of the Company. Diluted | $ 0.92 | $ 1.11 | $ (0.40) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | |||
Profit (Loss) for the year | $ 57,757 | $ 102,667 | $ (17,837) |
Items that may be subsequently reclassified to profit or loss | |||
Currency translation differences | (1,498) | (4,401) | (512) |
Gains on cash flow hedges | 6,770 | ||
Income tax relating to gains on cash flow hedges | (2,166) | ||
Other comprehensive profit (loss) for the year | 3,106 | (4,401) | (512) |
Total comprehensive profit (loss) for the year | 60,863 | 98,266 | (18,349) |
Attributable to: | |||
Owners of the Company | $ 60,863 | 68,014 | (24,740) |
Non-controlling interest | $ 30,252 | $ 6,391 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | $ 567,788 | $ 557,170 |
Right-of-use assets | 13,462 | 0 |
Prepayments and other receivables | 7,031 | 3,494 |
Other financial assets | 10,985 | 10,570 |
Deferred income tax asset | 26,934 | 31,793 |
TOTAL NON-CURRENT ASSETS | 626,200 | 603,027 |
CURRENT ASSETS | ||
Inventories | 11,447 | 9,309 |
Trade receivables | 44,178 | 16,215 |
Prepayments and other receivables | 51,016 | 54,659 |
Derivative financial instrument assets | 8,097 | 27,539 |
Other financial assets | 14 | 898 |
Cash and cash equivalents | 111,180 | 127,727 |
Assets held for sale | 0 | 23,286 |
TOTAL CURRENT ASSETS | 225,932 | 259,633 |
TOTAL ASSETS | 852,132 | 862,660 |
Equity attributable to owners of the Company | ||
Share capital | 59 | 60 |
Share premium | 173,716 | 237,840 |
Reserves | 112,471 | 111,809 |
Accumulated losses | (153,361) | (206,688) |
Attributable to owners of the Company | 132,885 | 143,021 |
TOTAL EQUITY | 132,885 | 143,021 |
NON-CURRENT LIABILITIES | ||
Borrowings | 420,138 | 429,027 |
Lease liabilities | 5,801 | 0 |
Provisions and other long-term liabilities | 62,062 | 42,577 |
Deferred income tax liability | 10,850 | 14,801 |
Deferred tax liability (asset) | 16,084 | 16,992 |
Trade and other payables | 5,475 | 14,789 |
TOTAL NON-CURRENT LIABILITIES | 504,326 | 501,194 |
CURRENT LIABILITIES | ||
Borrowings | 17,281 | 17,975 |
Lease liabilities | 7,442 | 0 |
Derivative financial instrument liabilities | 952 | 0 |
Current income tax liabilities | 57,901 | 58,776 |
Trade and other payables | 131,345 | 131,420 |
Liabilities associated with assets held for sale | 0 | 10,274 |
TOTAL CURRENT LIABILITIES | 214,921 | 218,445 |
TOTAL LIABILITIES | 719,247 | 719,639 |
TOTAL EQUITY AND LIABILITIES | $ 852,132 | $ 862,660 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) | Share Capital [Member]. | Share Premium [Member] | Other Reserve [Member] | Translation Reserve [member] | (Accumulated Losses) Retained Earnings [Member] | Non-controlling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 60,000 | $ 236,046,000 | $ 127,527,000 | $ 2,591,000 | $ (260,459,000) | $ 35,828,000 | $ 141,593,000 |
Comprehensive income: | |||||||
(Loss) Profit for the year | 0 | 0 | 0 | 0 | (24,228,000) | 6,391,000 | (17,837,000) |
Other comprehensive loss for the year | 0 | 0 | 0 | (512,000) | 0 | 0 | (512,000) |
Total Comprehensive (loss) profit | 0 | 0 | 0 | (512,000) | (24,228,000) | 6,391,000 | (18,349,000) |
Transactions with owners: | |||||||
Share-based payment (Note 31) | 1,000 | 3,145,000 | 0 | 0 | 754,000 | 175,000 | 4,075,000 |
Dividends distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (479,000) | (479,000) |
Total | 1,000 | 3,145,000 | 0 | 0 | 754,000 | (304,000) | 3,596,000 |
Ending Balance at Dec. 31, 2017 | 61,000 | 239,191,000 | 127,527,000 | 2,079,000 | (283,933,000) | 41,915,000 | 126,840,000 |
Comprehensive income: | |||||||
(Loss) Profit for the year | 0 | 0 | 0 | 0 | 72,415,000 | 30,252,000 | 102,667,000 |
Other comprehensive loss for the year | 0 | 0 | 0 | (4,401,000) | 0 | 0 | (4,401,000) |
Total Comprehensive (loss) profit | 0 | 0 | 0 | (4,401,000) | 72,415,000 | 30,252,000 | 98,266,000 |
Transactions with owners: | |||||||
Share-based payment (Note 31) | 0 | 449,000 | 0 | 0 | 4,830,000 | 167,000 | 5,446,000 |
Repurchase of shares (Note 26.1) | (1,000) | (1,800,000) | 0 | 0 | 0 | 0 | |
Dividends distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (8,089,000) | (8,089,000) |
Transactions with non-controlling interest (Note 36.1) | 0 | 0 | (13,396,000) | 0 | 0 | (64,245,000) | (77,641,000) |
Total | (1,000) | (1,351,000) | (13,396,000) | 0 | 4,830,000 | (72,167,000) | (82,085,000) |
Ending Balance at Dec. 31, 2018 | 60,000 | 237,840,000 | 114,131,000 | (2,322,000) | (206,688,000) | 0 | 143,021,000 |
Comprehensive income: | |||||||
(Loss) Profit for the year | 0 | 0 | 0 | 0 | 57,757,000 | 0 | 57,757,000 |
Other comprehensive loss for the year | 0 | 0 | 4,604,000 | (1,498,000) | 0 | 0 | 3,106,000 |
Total Comprehensive (loss) profit | 0 | 0 | 4,604,000 | (1,498,000) | 57,757,000 | 0 | 60,863,000 |
Transactions with owners: | |||||||
Share-based payment (Note 31) | 3,000 | 7,144,000 | 0 | 0 | (4,430,000) | 0 | 2,717,000 |
Repurchase of shares (Note 26.1) | (4,000) | (71,268,000) | 0 | 0 | 0 | 0 | (71,272,000) |
Dividends distribution to non-controlling interest | 0 | 0 | (2,444,000) | 0 | 0 | 0 | (2,444,000) |
Total | (1,000) | (64,124,000) | (2,444,000) | 0 | (4,430,000) | 0 | (70,999,000) |
Ending Balance at Dec. 31, 2019 | $ 59,000 | $ 173,716,000 | $ 116,291,000 | $ (3,820,000) | $ (153,361,000) | $ 0 | $ 132,885,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOW - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Profit (Loss) for the year | $ 57,757,000 | $ 102,667,000 | $ (17,837,000) |
Adjustments for: | |||
Income tax expense | 111,762,000 | 106,240,000 | 43,145,000 |
Depreciation | 105,532,000 | 92,240,000 | 74,885,000 |
Loss on disposal of property, plant and equipment | 143,000 | 272,000 | 190,000 |
Impairment loss reversed for non-financial assets | 7,559,000 | (4,982,000) | 0 |
Write-off of unsuccessful exploration efforts | 18,290,000 | 26,389,000 | 5,834,000 |
Accrual of borrowing's interests | 29,573,000 | 30,444,000 | 28,879,000 |
Borrowings cancellation costs | 0 | 0 | 17,575,000 |
Amortization of other long-term liabilities | (429,000) | (1,005,000) | (657,000) |
Unwinding of long-term liabilities | 4,560,000 | 3,505,000 | 2,779,000 |
Accrual of share-based payment | 2,717,000 | 5,446,000 | 4,075,000 |
Foreign exchange loss | 2,446,000 | 11,323,000 | 2,193,000 |
Unrealized loss (gain) on commodity risk management contracts | 26,411,000 | (42,271,000) | 13,300,000 |
Income tax paid | (88,638,000) | (67,704,000) | (6,925,000) |
Changes in working capital | (42,254,000) | (6,358,000) | (25,278,000) |
Cash flows from operating activities - net | 235,429,000 | 256,206,000 | 142,158,000 |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (126,316,000) | (124,744,000) | (105,604,000) |
Acquisition of business | 0 | (48,850,000) | 0 |
Proceeds from disposal of long-term assets | 7,066,000 | 9,000,000 | 0 |
Cash flows used in investing activities - net | (119,250,000) | (164,594,000) | (105,604,000) |
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | 36,017,000 | 425,000,000 |
Debt issuance costs paid | 0 | 0 | (6,683,000) |
Principal paid | (9,790,000) | (15,073,000) | (355,022,000) |
Interest paid | (29,099,000) | (27,695,000) | (27,688,000) |
Borrowings cancellation costs paid | 0 | 0 | (12,315,000) |
Lease payments | (4,855,000) | 0 | 0 |
Repurchase of shares | (71,272,000) | (1,801,000) | 0 |
Proceeds from cash calls from related parties | 0 | 0 | 1,155,000 |
Dividends distribution to non-controlling interest | 0 | (8,089,000) | (479,000) |
Cash distribution | (2,444,000) | 0 | 0 |
Payments for transactions with non-controlling interest | (15,000,000) | (81,000,000) | 0 |
Cash flows (used in) from financing activities - net | (132,460,000) | (97,641,000) | 23,968,000 |
Net (decrease) increase in cash and cash equivalents | (16,281,000) | (6,029,000) | 60,522,000 |
Cash and cash equivalents at January 1 | 127,727,000 | 134,755,000 | 73,563,000 |
Currency translation differences | (266,000) | (999,000) | 670,000 |
Cash and cash equivalents at the end of the year | 111,180,000 | 127,727,000 | 134,755,000 |
Ending Cash and cash equivalents are specified as follows: | |||
Cash in bank and bank deposits | 111,159,000 | 127,707,000 | 134,734,000 |
Cash in hand | 21,000 | 20,000 | 21,000 |
Cash and cash equivalents | $ 111,180,000 | $ 127,727,000 | $ 134,755,000 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of General Information [Abstract] | |
Disclosure Of General Information About Company And Subsidiaries [Text Block] | Note 1 General Information GeoPark Limited (the “Company”) is a company incorporated under the law of Bermuda. The Registered Office address is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The principal activities of the Company and its subsidiaries (the “Group” or “GeoPark”) are exploration, development and production for oil and gas reserves in Colombia, Chile, Brazil, Argentina, Peru and Ecuador. These Consolidated Financial Statements were authorized for issue by the Board of Directors on March 31, 2020. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary of significant accounting policies [Abstract] | |
Disclosure of significant accounting policies [text block] | Note 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to the years presented, unless otherwise stated. 2.1 Basis of preparation The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated. During the year ended December 31, 2019, the Group income tax expense included an out of period adjustment related to prior periods that increased the income tax expense for US$ 9,910,000. The adjustment is related to the increase in deferred tax liabilities as a result of computing as temporary differences originally considered permanent, generated between the tax and book basis of Property, plant and equipment. The Group concluded that this adjustment was not material to the current year or to any previously reported Consolidated Financial Statements. 2.1.1 Changes in accounting policy and disclosure New and amended standards adopted by the Group The following standards have been adopted by the Group for the first time for the financial year beginning on or after January 1, 2019: · IFRS 16 Leases · Prepayment Features with Negative Compensation – Amendments to IFRS 9 · Long-term Interests in Associates and Joint Ventures – Amendments to IAS 28 · Annual Improvements to IFRS Standards 2015 – 2017 Cycle · Plan Amendment, Curtailment or Settlement – Amendments to IAS 19 · Interpretation 23 Uncertainty over Income Tax Treatments. The Group also elected to adopt the following amendments early: · Definition of Material – Amendments to IAS 1 and IAS 8 IFRS 16 - Leases The Group has adopted IFRS 16 following the simplified approach, and has not restated comparative figures for previous reporting periods, as permitted under the specific transitional provisions in the standard. The impacts arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.4%. The table below summarizes the initial measurement of lease liabilities: Amounts in US$‘000 Total Operating lease commitments disclosed as at December 31, 2018 (Note 33.3) 69,938 (Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 (34,239) (Less) Short-term leases not recognized as a liability (17,537) (Less) Low-value leases not recognized as a liability (341) Lease liabilities recognized as at January 1, 2019 (at nominal value) 17,821 Lease liabilities recognized as at January 1, 2019 (at present value) 14,610 Classified as follows: Current 7,967 Non-current 6,643 The table below summarizes the recognition of assets related to the adoption of IFRS 16: Amounts in US$‘000 Total Right-of-use assets at January 1, 2019 14,610 Additions 2,496 Depreciation during the period (3,644) Right-of-use assets at December 31, 2019 13,462 Impact on segment information As a result of the change in the accounting policy, segment assets as of December 31, 2019 increased for the amount of the Right-of-use assets. Nevertheless, there is no impact on Adjusted EBITDA as a consequence of the adoption of this new standard, as specified in the indenture governing the Notes issued by the Company which considers IFRS in effect as of September 21, 2017. Practical expedients applied In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: · the use of a single discount rate to a portfolio of leases with reasonably similar characteristics, · reliance on previous assessments on whether leases are onerous, · the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases, · the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and · the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. Accounting for the Group’s leasing activities The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 7 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Until the 2018 financial year, leases of property, plant and equipment were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance expenses. The finance expense is charged to the Condensed Consolidated Statement of Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. 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. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’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. Right-of-use assets are measured at cost comprising 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. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Condensed Consolidated Statement of Income. Short-term leases are leases with a lease term of 12 months or less. Low-value asses comprise IT equipment and small items of office furniture. The adoption of the other amendments listed above did not have any impact on the amounts recognized in prior and current periods and are not expected to significantly affect future periods. New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2019 and not early adopted. Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2019 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. Considering macroeconomic environment conditions, the performance of the operations, the US$ 425,000,000 and US$ 350,000,000 debt fundraisings completed in September 2017 and January 2020, respectively (see Notes 27 and 38.2), the Group’s cash position, and the fact that over 96% of its total indebtedness as of December 31, 2019 matures in 2024, the Directors have formed a judgement, at the time of approving the 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. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred by the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. 2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Corporate Governance, Finance and People departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. 2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Chile, Argentina, Peru and Ecuador is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income. 2.6 Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its financial statements. 2.7 Revenue recognition Revenue from the sale of crude oil and gas is recognized in the Consolidated Statement of Income when control is transferred to the purchaser, and if the revenue can be measured reliably and is expected to be received. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1. 2.8 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties are also included within this account. 2.9 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Group’s general borrowings during the year, which was 6.90% at year-end 2019 (6.90% at year-end 2018 and 6.90% in 2017). Amounts capitalized during the year amounted to US$ 366,561 (US$ 257,507 in 2018 and US$ 610,841 in 2017). 2.10 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e.: seismic), direct labour costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$18,290,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 26,389,000 in 2018 and US$ 5,834,000 in 2017). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable reserves. The calculation of the “unit of production” depreciation takes into account 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 2.12). 2.11 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 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. 2.11.1 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 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. 2.11.2 Deferred Income Government grants relating to the purchase of property, plant and equipment and contributions received in cash from the Group’s clients to improve the project economics of gas wells 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. 2.12 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. During 2019, impairment loss was recognized for US$ 7,559,000 (impairment loss reversed for US$ 4,982,000 in 2018 and no impairment loss recognized or reversed in 2017). See Note 37. The write-offs are detailed in Note 20. 2.13 Lease contracts The Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change are described in Note 2.1.1. All current lease contracts are considered to be operating leases on the basis that the lessor retains substantially all the risks and rewards related to the ownership of the leased asset. Until December 31, 2018, payments related to operating leases and other rental agreements were recognized in the Consolidated Income Statement on a straight-line basis over the term of the contract. The Group's total commitment relating to operating leases and rental agreements is disclosed in Note 33.3. Leases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Finance leases has to be recognized, at the lease’s inception, at the fair value of the leased property or, if lower, the present value of the minimum lease payments. 2.14 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. 2.15 Current and deferred income tax The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 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 tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the statements of financial position, 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. In the event that these differences revert in total (e.g. dividends are declared and paid), the deferred tax liability which the Group would have to recognize amounts to approximately US$ 4,000,000. Deferred tax balances are provided in full, with no discounting. 2.16 Non-current assets or disposal groups held for sale Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or disposal group is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the Consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statement of Financial Position. 2.17 Financial assets Financial assets are divided into the following categories: amortized cost; financial assets at fair value through profit or loss and fair value through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. All financial assets not at fair value through profit or loss are initially recognized at fair value, plus transaction costs. Transaction costs of financial assets carried at fair value through profit or loss, if any, are expensed to profit or loss. Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at each balance sheet date. Interest and other cash flows resulting from holding financial assets are recognized in the Consolidated Statement of Income when receivable, regardless of how the related carrying amount of financial assets is measured. Amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets. These financial assets comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivables. These financial assets are subsequently measured at amortized cost using the effective interest method, less provision for impairment, if applicable. Any change in their value through impairment or reversal of impairment is recognized in the Consolidated Statement of Income. All of the Group’s financial assets are classified as amortized cost. 2.18 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. 2.19 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 tra |
Financial Instruments-risk mana
Financial Instruments-risk management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments risk Management [Abstract] | |
Disclosure of financial risk management [text block] | Note 3 Financial Instruments-risk management The Group is exposed through its operations to the following financial risks: · Currency risk · Price risk · Credit risk– concentration · Funding and liquidity risk · Interest rate risk · Capital risk management The policy for managing these risks is set by the Board of Directors. Certain risks are managed centrally, while others are managed locally following guidelines communicated from the corporate department. The policy for each of the above risks is described in more detail below. Currency risk In Colombia, Chile, Argentina, Peru and Ecuador the functional currency is the US Dollar. The fluctuation of the local currencies of these countries against the US Dollar, except for Ecuador where the local currency is the US Dollar, does not impact the loans, costs and revenue held in US Dollars; but it does impact the balances denominated in local currencies. Such is the case of the prepaid taxes. In Colombian, Chilean, Argentinean and Peruvian subsidiaries most of the balances are denominated in US Dollars, and since it is the functional currency of the subsidiaries, there is no exposure to currency fluctuation except from receivables or payables originated in local currency mainly corresponding to VAT and income tax. The Group minimises the local currency positions in Colombia, Chile, Argentina and Peru by seeking to balance local and foreign currency assets and liabilities. However, tax receivables (VAT) seldom match with local currency liabilities. Therefore, the Group maintains a net exposure to them, except for what it is described below. Since December 2018, GeoPark decided to manage its future exposure to local currency fluctuation with respect to income tax balances in Colombia. Consequently, the Group entered into derivative financial instruments with local banks in Colombia, for an amount equivalent to US$ 83,700,000 as of December 31, 2019 (US$ 92,050,000 as of December 31, 2018), in order to anticipate any currency fluctuation with respect to income taxes to be paid during the first half of the following year. The Group’s derivatives are accounted for as non-hedge derivatives as of December 31, 2019 and 2018 and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur. See the impact in the Consolidated Statement of Income in Note 15. Most of the Group's assets held in those countries are associated with oil and gas productive assets. Those assets, even in the local markets, are generally settled in US Dollar equivalents. During 2019, the Colombian Peso devalued by 1% (devalued by 9% in 2018 and revalued by 1% in 2017) against the US Dollar, the Chilean Peso devalued by 8% (devalued by 13% in 2018 and revalued by 8% in 2017), the Argentine Peso devalued by 59% (102% and 17% in 2018 and 2017) and the Peruvian Peso revalued by 2% (devalued by 4% in 2018 and revalued by 4% in 2017). If the Colombian Peso, the Chilean Peso, the Argentine Peso and the Peruvian Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 644,543 (post-tax profit lower by US$ 57,000 in 2018 and post-tax loss higher by US$ 1,538,000 in 2017). In Brazil, the functional currency is the local currency, which is the Brazilian Real. The fluctuation of the US Dollars against the Brazilian Real does not impact the loans, costs and revenues held in Brazilian Real; but it does impact the balances denominated in US Dollars. Such is the case of the provision for asset retirement obligation and the lease liabilities. The intercompany loan that also used to be denominated in US Dollars was fully cancelled in October 2018, reducing significantly the exposure to foreign currency fluctuation. The exchange loss generated by the Brazilian subsidiary during 2019 amounted to US$ 664,000 (loss of US$ 5,862,000 in 2018 and loss of US$ 1,274,000 in 2017). During 2019, the Brazilian Real devalued by 4% against the US Dollar (devalued by 17% in 2018 and devalued by 2% in 2017, respectively). If the Brazilian Real had devalued 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 927,000 (post-tax profit lower by US$ 515,000 in 2018 and post-tax loss higher by US$ 3,100,000 in 2017). As currency rate changes between the US Dollar and the local currencies, the Group recognizes gains and losses in the Consolidated Statement of Income. In relation to the cash consideration payable for the acquisition of Amerisur Resources Plc, GeoPark was exposed to fluctuations of the British Pound Sterling (“GBP”) at year end. Consequently, the Group decided to manage this exposure by entering into a “Deal Contingent Forward” (DCF) with a UK Bank, in order to anticipate any currency fluctuation. This forward contract was accounted for as a cash flow hedge as of December 31, 2019 and therefore the effective portion of the changes in its fair value was recognized in Other Reserve within Equity. See Note 38.1. Price risk The realized oil price for the Group is linked to US dollar denominated crude oil international benchmarks. The market price of this commodity is subject to significant volatility and has historically fluctuated widely in response to relatively minor changes in the global supply and demand for oil, the geopolitical landscape, the economic conditions and a variety of additional factors. The main factors affecting realized prices for gas sales vary across countries with some closely linked to international references while others are more domestically driven. In Colombia, the realized oil price is linked to the Vasconia crude reference price, a marker broadly used in the Llanos Basin, adjusted for certain marketing and quality discounts based on, among other things, API, viscosity, sulphur content, water content, delivery point and transport costs. In Chile, the oil price is based on Dated Brent minus certain marketing and quality discounts such as, API, sulphur content and others. GeoPark has signed a long-term Gas Supply Contract with Methanex in Chile. The price of the gas sold under this contract is determined by a formula that considers a basket of international methanol prices, including US Gulf methanol spot barge prices, methanol spot Rotterdam prices and spot prices in Asia. In Brazil, prices for gas produced in the Manati Field are based on a long-term off-take contract with Petrobras. The price of gas sold under this contract is denominated in Brazilian Real and is adjusted annually for inflation pursuant to the Brazilian General Market Price Index (Indice Geral de Preços do Mercado), or IGPM. In Argentina, the realized oil prices for the production in the Neuquen Basin follows the “Medanito” blend oil price reference, which has traditionally been linked to ICE Brent adjusted by certain marketing and quality discounts based on API, delivery point and transport costs. Between August 16, 2019 and November 13, 2019, domestic crude oil prices were regulated industry-wide at a lower price than the international markets. After that, domestic prices have been deregulated and are agreed between sellers and buyers. Gas sales in Argentina are carried out through annual contracts that go from May to April. The price of the gas sold under these contracts depends mainly on domestic supply and demand and regulation affecting the sector. If oil and methanol prices had fallen by 10% compared to actual prices during the year, with all other variables held constant, considering the impact of the derivative contracts in place, post-tax profit for the year would have been lower by US$ 38,339,661 (post-tax profit lower by US$ 13,709,000 in 2018 and post-tax loss higher by US$ 10,423,000 in 2017). GeoPark manages part of the exposure to crude oil price volatility using derivatives. The Group considers these derivative contracts to be an effective manner of properly managing commodity price risk. The price risk management activities mainly employ combinations of options and key parameters are based on forecasted production and budget price levels. GeoPark has also obtained credit lines from industry leading counterparties to minimize the potential cash exposure of the derivative contracts (see Note 8). Credit risk– concentration The Group’s credit risk relates mainly to accounts receivable where the credit risks correspond to the recognized values of commodities sold. GeoPark considers that there is no significant risk associated to the Group’s major customers and hedging counterparties. In Colombia, during 2019, the Colombian subsidiaries made 52% of the oil sales to Trafigura (one of the world’s leading independent commodity trading and logistics houses) and 38% to Ecopetrol (the State-owned oil and gas company), with these two clients accounting for 78% of the consolidated revenue for the same period. With the expiration of the long-term contract with Trafigura in December 2018, GeoPark begun diversifying its client base in Colombia, allocating sales on a competitive basis to industry leading participants including traders and other producers. The contracts extend through 2019 with no longer term delivery commitments in place. Delivery points include wellhead and other locations on the Colombian pipeline system. GeoPark manages its counterparty credit risk associated to sales contracts by including, in certain contracts, early payment conditions to minimize the exposure. All the oil produced in Chile as well as the gas produced by TdF blocks until 2018 (5% of the consolidated revenue, 3% in 2018 and 5% in 2017) is sold to ENAP, the State-owned oil and gas company. In Chile, most of gas production is sold to the local subsidiary of Methanex, a Canadian public company (3% of the consolidated revenue, 3% in 2018 and 5% in 2017). In Brazil, all the hydrocarbons from Manati Field are sold to Petrobras, the State-owned company, which is the operator of the Manati Field (4% of the consolidated revenue, 5% in 2018 and 10% in 2017). The crude oil production from the Rec ô ncavo Basin since 2019 (representing less than a 1% of the consolidated revenue) is sold to local customers in the states of Bahia and Espirito Santo or also to Petrobras. In Argentina, most of the gas produced is sold to Grupo Albanesi, a leading Argentine privately-held conglomerate focused on the energy market that offers natural gas, power supply and transport services to its customers. GeoPark has an annual agreement with this client in effect from May 2019 through April 2020. Gas sales in Argentina account for 1% of the consolidated revenues. The oil sales in Argentina are diversified across clients and delivery points: i) 42% of the oil produced in Argentina ( 2% of the consolidated revenue) is sold locally in Neuquen, delivered at well-head; and ii) 58% of the oil produced in Argentina (3% of the consolidated revenue) is sold to major Argentinean refineries, delivered via pipeline. GeoPark manages the counterparty credit risk associated to sales contracts by limiting payment terms offered to minimize the exposure. The 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 2019 with a cash balance of US$ 111,180,000 and over 96% of its total indebtedness matures in 2024. In addition, the Group has a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with over 42,000 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 Indenture governing the Company Notes 2024 includes 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 indenture governing the Notes. As of the date of these Consolidated Financial Statements, the Group is in compliance with all the indenture’s provisions and covenants. The most significant funding transactions executed during the last three years include: In October 2018, the Brazilian subsidiary executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited - Agencia en Chile. In April 2018, the Colombian subsidiary executed an offtake and prepayment agreement with Trafigura, one of its customers. The prepayment agreement provided GeoPark with access to up to US$ 25,000,000 in the form of prepaid future oil sales. The availability period for the prepayment agreement expired on March 31, 2019. GeoPark did not withdrawn any amount from this prepayment agreement. In September 2017, the Company successfully placed US$ 425,000,000 Notes. These Notes carry a coupon of 6.50% per annum and their final maturity will be September 21, 2024. The net proceeds from the Notes were used by the Group to fully repay the 7.50% senior secured Notes due 2020 and for general corporate purposes, including capital expenditures and to repay other existing indebtedness. In addition to that, after the balance sheet date, the Company successfully placed US$ 350,000,000 Notes. These Notes were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity of the Notes will be January 17, 2027. See more information in Note 38.2. Interest rate risk The Group’s interest rate risk arises from long-term borrowings issued at variable rates, which expose the Group to interest rate risk. The Group does not face interest rate risk on its US$ 425,000,000 Notes which carry a fixed rate coupon of 6.50% per annum. Consequently, the accruals and interest payment are not substantially affected by the market interest rate changes. At December 31, 2019, the outstanding borrowing affected by a variable rate amounted to US$ 9,607,000, representing 2% of total borrowings. It corresponds to a loan from Santander Bank taken by the Brazilian subsidiary that has a floating interest rate based on CDI (Interbank certificate of deposit), which represents the average rate of all inter-bank overnight transactions in Brazil. The Group analyses its interest rate exposure on a dynamic basis. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate. For each simulation, the same interest rate is used for all currencies. The scenarios are run only for liabilities that represent the major interest-bearing positions. At December 31, 2019, if 1% is added to interest rates on currency-denominated borrowings with all other variables held constant, post-tax profit for the year would have been lower by US$ 93,000 (post-tax profit lower by US$ 21,000 in 2018 and no exposure to fluctuations in the interest rate in 2017). Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the consolidated balance sheet plus net debt. The Group’s strategy, due to the market conditions prevailing during the last years and the growth strategy of the Group, is to keep the gearing ratio within a 60% to 80% range. The gearing ratios at December 31, 2019 and 2018 were as follows: Amounts in US$‘000 2019 2018 Net Debt 326,239 319,275 Total Equity 132,885 143,021 Total Capital 459,124 462,296 Gearing Ratio 71 % 69 % |
Accounting estimates and assump
Accounting estimates and assumptions | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accounting estimates and assumptions [Abstract] | |
Disclosure of accounting judgements and estimates [text block] | Note 4 Accounting estimates and assumptions Estimates and assumptions are used in preparing the financial statements. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions used in these Consolidated Financial Statements are noted below: · Cash flow estimates for impairment assessments of non-financial assets require assumptions about two primary elements: future prices and reserves. Estimates of future prices require significant judgments about highly uncertain future events. Historically, oil and gas prices have exhibited significant volatility. The Group’s forecasts for oil and gas revenues are based on prices derived from future price forecasts amongst industry analysts and internal assessments. Estimates of future cash flows are generally based on assumptions of long-term prices and operating and development costs. Given the significant assumptions required and the possibility that actual conditions may differ, management considers the assessment of impairment to be a critical accounting estimate (see Note 37). The process of estimating reserves is complex. It requires significant judgements and decisions based on available geological, geophysical, engineering and economic data. The estimation of economically recoverable oil and natural gas reserves and related future net cash flows was performed based on the Reserve Report as of December 31, 2019 prepared by DeGolyer and MacNaughton, an independent international consultancy to the oil and gas industry based in Dallas, Texas. It incorporates many factors and assumptions including: o expected reservoir characteristics based on geological, geophysical and engineering assessments; o future production rates based on historical performance and expected future operating and investment activities; o future oil and gas prices and quality differentials; o assumed effects of regulation by governmental agencies; and o future development and operating costs. Management believes these factors and assumptions are reasonable based on the information available to them at the time of preparing the estimates. However, these estimates may change substantially as additional data from ongoing development activities and production performance becomes available and as economic conditions impacting oil and gas prices and costs change. · The Group adopts the successful efforts method of accounting. The Management of the Group makes assessments and estimates regarding whether an exploration and evaluation asset should continue to be carried forward as such when insufficient information exists. This assessment is made on a quarterly basis considering the advice from qualified experts. · Oil and gas assets held in property plant and equipment are mainly depreciated on a unit of production 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. · 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. · From time to time, the Group may be subject to various lawsuits, claims and proceedings that arise in the normal course of business, including employment, commercial, tax, environmental, safety and health matters. For example, from time to time, the Group receives notice of environmental, health and safety violations. Based on what the Management of the Group currently knows, it is not expected any material impact on the financial statements. |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flow | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Consolidated Statement Of Cash Flow [Abstract] | |
Disclosure of cash flow statement [text block] | Note 5 Consolidated Statement of Cash Flow The Consolidated Statement of Cash Flow shows the Group’s cash flows for the year for operating, investing and financing activities and the change in cash and cash equivalents during the year. Cash flows from operating activities are computed from the results for the year adjusted for non-cash operating items, changes in net working capital, and corporate tax. Income tax paid is presented as a separate item under operating activities. Cash flows from investing activities include payments in connection with the purchase and sale of property, plant and equipment and cash flows relating to the purchase and sale of enterprises to third parties, if any. Cash flows from financing activities include changes in equity, and proceeds from borrowings and repayment of loans. Cash and cash equivalents include bank overdraft and liquid funds with a term of less than three months. The following chart describes non-cash transactions related to the Consolidated Statement of Cash Flow: Amounts in US$‘000 2019 2018 2017 Increase (Decrease) in asset retirement obligation 13,299 (4,355) 5,943 Increase (Decrease) in provisions for other long-term liabilities 1,867 (60) 2,053 Purchase of property, plant and equipment (733) 1,100 11,759 Changes in working capital shown in the Consolidated Statement of Cash Flow are disclosed as follows: Amounts in US$‘000 2019 2018 2017 (Increase) Decrease in Inventories (1,675) 511 (2,031) (Increase) Decrease in Trade receivables (27,839) 3,423 (1,344) Increase in Prepayments and other receivables and Other assets (27,547) (36,061) (23,425) Customer advance repayments (a) - (10,000) (10,000) Security deposit utilised (granted) (Note 36.4) - 15,600 (15,600) Increase in Trade and other payables 14,807 20,169 27,122 (42,254) (6,358) (25,278) (a) In December 2015, the Colombian subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018. The following chart shows the movements in the borrowings, lease liabilities and payables to related parties for each of the periods presented: Lease Payables to Amounts in US$‘000 Borrowings Liabilities related parties Total At January 1, 2017 358,672 — 27,801 386,473 Proceeds from borrowings 425,000 — — 425,000 Debt issuance costs paid (6,683) — — (6,683) Proceeds from cash calls from related parties — — 1,155 1,155 Accrual of borrowing's interests 26,651 — 2,228 28,879 Borrowing cancellation costs 17,575 — — 17,575 Exchange difference (1,320) — 1,742 422 Foreign currency translation 1,334 — (1,742) (408) Principal paid (355,022) — — (355,022) Interest paid (27,688) — — (27,688) Borrowing cancellation costs paid (12,315) — — (12,315) At December 31, 2017 426,204 — 31,184 457,388 Proceeds from borrowings 36,017 — — 36,017 Accrual of borrowing's interests 28,842 — 1,602 30,444 Exchange difference (2) — 4,333 4,331 Foreign currency translation (1,291) — (4,333) (5,624) Principal paid (15,073) — — (15,073) Interest paid (27,695) — — (27,695) Payments to related parties — — (32,786) (32,786) At December 31, 2018 447,002 — — 447,002 Initial recognition of lease liabilities — 14,610 — 14,610 Addition to lease liabilities — 2,496 — 2,496 Accrual of borrowing's interests 29,940 — — 29,940 Exchange difference 5 566 — 571 Foreign currency translation (639) 7 — (632) Unwinding of discount — 419 — 419 Principal paid (9,790) — — (9,790) Interest paid (29,099) — — (29,099) Lease payments — (4,855) — (4,855) At December 31, 2019 437,419 13,243 — 450,662 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Segment information [Abstract] | |
Disclosure of entity's operating segments [text block] | Note 6 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Corporate Governance, Finance and People departments. This committee reviews the Group’s internal reporting in order to assess performance and to 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 for the period (determined as if IFRS 16 Leases has not been adopted, as specified in the indenture governing the 2024 Notes), 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 and other non recurring events. Operating Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical and Other operating expenses. Other information provided to the Executive Committee is measured in a manner consistent with that in the financial statements. Segment areas (geographical segments): Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2019 Revenue 538,917 32,336 23,049 34,605 — — — 628,907 Sale of crude oil 536,986 10,551 1,469 30,024 — — — 579,030 Sale of gas 1,931 21,785 21,580 4,581 — — — 49,877 Realized loss on commodity risk management contracts 3,888 — — — — — — 3,888 Production and operating costs (116,944) (19,789) (5,953) (26,278) — — — (168,964) Royalties (56,399) (1,181) (1,855) (5,141) — — — (64,576) Share-based payment (231) (31) (29) (38) — — — (329) Other operating costs (60,314) (18,577) (4,069) (21,099) — — — (104,059) Operating profit (loss) 297,783 (26,869) 1,750 (34,124) (7,468) (536) (19,861) 210,675 Operating netback 413,120 12,218 15,055 6,691 — — — 447,084 Adjusted EBITDA 367,058 8,310 11,750 868 (6,540) (535) (17,576) 363,335 Depreciation (46,917) (34,826) (7,445) (15,618) (576) (1) (105,532) Reversal of impairment losses — — — (7,559) — — — (7,559) Write-off — — (5,120) (13,170) — — — (18,290) Total assets 357,125 249,207 68,480 79,062 53,993 1,119 852,132 — Employees (average) (a) 195 89 13 133 26 2 461 Employees at year end (a) 202 77 13 128 14 2 439 (a) Unaudited Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2018 Revenue 497,870 37,359 30,053 35,879 — — 601,161 Sale of crude oil 496,341 17,402 1,198 30,549 — — 545,490 Sale of gas 1,529 19,957 28,855 5,330 — — 55,671 Realized loss on commodity risk management contracts (26,098) — — — — — (26,098) Production and operating costs (118,533) (21,899) (8,785) (25,043) — — (174,260) Royalties (62,710) (1,473) (2,820) (4,833) — — (71,836) Share-based payment (461) (226) (37) (154) — — (878) Operating costs (55,362) (20,200) (5,928) (20,056) — — (101,546) Operating profit (loss) 309,357 (29,139) 4,370 (6,739) (4,529) (16,828) 256,492 Operating netback 352,672 15,153 21,306 8,527 — — 397,658 Adjusted EBITDA 319,447 8,784 17,908 4,576 (7,077) (13,082) 330,556 Depreciation (42,721) (28,203) (10,395) (10,640) (245) (36) (92,240) Reversal (recognition) of impairment losses 11,531 (6,549) — — — — 4,982 Write-off (17,665) (6,121) (2,020) (583) — — (26,389) Total assets 383,450 276,449 70,424 87,259 35,817 9,261 862,660 Employees (average) (a) 182 101 12 121 27 2 445 Employees at year end (a) 178 100 12 137 28 2 457 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2017 Revenue 263,076 32,738 34,238 70 — — 330,122 Sale of crude oil 262,309 15,873 910 70 — — 279,162 Sale of gas 767 16,865 33,328 — — — 50,960 Realized gain on commodity risk management contracts (2,148) — — — — — (2,148) Production and operating costs (66,913) (20,999) (10,737) (338) — — (98,987) Royalties (24,236) (1,314) (3,134) (13) — — (28,697) Share-based payment (248) (170) (39) — — — (457) Operating costs (42,429) (19,515) (7,564) (325) — — (69,833) Operating profit (loss) 116,290 (19,675) 4,434 (3,430) (3,850) (14,773) 78,996 Operating netback 194,013 11,222 23,540 (467) — — 228,308 Adjusted EBITDA 168,303 4,070 20,166 (2,183) (3,505) (11,075) 175,776 Depreciation (40,010) (23,730) (10,809) (159) (139) (38) (74,885) Write-off (1,625) (546) (2,978) (685) — — (5,834) Total assets 288,429 301,931 91,604 30,924 22,099 51,176 786,163 Employees (average) (a) 164 102 12 88 13 — 379 Employees at year end (a) 180 102 12 92 19 — 405 (a) Unaudited Approximately 61% of capital expenditure was incurred by Colombia (78% in 2018 and 76% in 2017), 8% was incurred by Chile (6% in 2018 and 10% in 2017), 4% was incurred by Brazil (2% in 2018 and 3% in 2017), 15% was incurred by Argentina (7% in 2018 and 8% in 2017) and 12% was incurred by Peru (7% in 2018 and 3% in 2017). A reconciliation of total Operating netback to total profit before income tax is provided as follows: Amounts in US$ ‘000 2019 2018 2017 Operating netback 447,084 397,658 228,308 Administrative expenses (60,130) (48,028) (38,937) Geological and geophysical expenses (23,619) (19,074) (13,595) Adjusted EBITDA for reportable segments 363,335 330,556 175,776 Unrealized (loss) gain on commodity risk management contracts (26,411) 42,271 (13,300) Depreciation (a) (105,532) (92,240) (74,885) Share-based payment (2,717) (5,446) (4,075) Impairment and write-off of unsuccessful exploration efforts (25,849) (21,407) (5,834) Lease accounting - IFRS 16 4,855 — — Others (b) 2,994 2,758 1,314 Operating profit 210,675 256,492 78,996 Financial expenses (41,070) (39,321) (53,511) Financial income 2,360 3,059 2,016 Foreign exchange loss (2,446) (11,323) (2,193) Profit before tax 169,519 208,907 25,308 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of revenue [text block] | Note 7 Revenue Amounts in US$ ‘000 2019 2018 2017 Sale of crude oil 579,030 545,490 279,162 Sale of gas 49,877 55,671 50,960 628,907 601,161 330,122 |
Commodity risk management contr
Commodity risk management contracts | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commodity risk management contracts [Abstract] | |
Disclosure Of Commodity Risk Management Contracts Explanatory [Text Block] | Note 8 Commodity risk management contracts The Group has entered into derivative financial instruments to manage its exposure to oil price risk. These derivatives are zero-premium collars or zero-premium 3‑ways (put spread plus call), and were placed with major financial institutions and commodity traders. The Group entered into the derivatives under ISDA Master Agreements and Credit Support Annexes, which provide credit lines for collateral posting thus alleviating possible liquidity needs under the instruments and protect the Group from potential non-performance risk by its counterparties. The Group’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur. The following table presents the Group’s derivative contracts in force as of December 31, 2019: Period Reference Type Volume bbl/d Price US$/bbl April 1, 2019 - March 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 79.02 Call April 1, 2019 - March 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 79.00 Call July 1 , 2019 - March 31,2020 ICE BRENT Zero Premium 3 Way 4,000 45.00‑55.00 Put 81.50 Call October 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 71.00 Call October 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 73.80 Call November 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 65.20 Call January 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 69.00 Call January 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 70.00 Call The table below summarizes the gain (loss) on the commodity risk management contracts: 2019 2018 2017 Realized gain (loss) on commodity risk management contracts 3,888 (26,098) (2,148) Unrealized (loss) gain on commodity risk management contracts (26,411) 42,271 (13,300) Total (22,523) 16,173 (15,448) During the year ending December 31, 2019, the Group hedged between 13,000 and 15,000 bbl/d via zero premium collars and three-way hedges (US$10/bbl wide put spread and call), with a minimum average Brent price of US$55/bbl and a maximum average price of US$85/bbl. The following table presents the Group’s derivative contracts agreed after the balance sheet date: Period Reference Type Volume bbl/d Price US$/bbl April 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 1,000 45.00‑55.00 Put 71.95 Call |
Production and operating costs
Production and operating costs | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Production And Operating Costs [Abstract] | |
Disclosure Of Production And Operating Costs Explanatory [Text Block] | Note 9 Production and operating costs Amounts in US$ '000 2019 2018 2017 Staff costs (Note 11) 14,213 17,725 11,901 Share-based payment (Note 11) 329 878 457 Royalties 64,576 71,836 28,697 Well and facilities maintenance 27,660 20,262 14,722 Operation and maintenance 7,743 7,756 3,116 Consumables 17,625 17,444 11,902 Equipment rental 10,476 9,317 5,818 Safety and Insurance costs 4,107 3,878 2,591 Gas plant costs 3,414 5,967 6,069 Transportation costs 2,941 2,628 2,969 Field camp 2,583 2,959 2,377 Non-operated blocks costs 1,353 1,327 1,213 Other costs 11,944 12,283 7,155 168,964 174,260 98,987 |
Depreciation
Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Depreciation [Abstract] | |
Disclosure of depreciation and amortisation expense [text block] | Note 10 Depreciation Amounts in US$ ‘000 2019 2018 2017 Oil and gas properties 83,276 72,130 57,725 Production facilities and machinery 16,708 17,958 14,558 Furniture, equipment and vehicles 2,096 1,579 1,948 Buildings and improvements 804 996 844 Depreciation of property, plant and equipment (a) 102,884 92,663 75,075 Related to: Productive assets 99,984 90,088 72,283 Administrative assets 2,900 2,575 2,792 Depreciation total (a) 102,884 92,663 75,075 (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, 2019 | |
Disclosure of Staff costs and Directors Remuneration [Abstract] | |
Disclosure Of Staff Costs And Directors Remuneration Explanatory [Text Block] | Note 11 Staff costs and Directors Remuneration 2019 2018 2017 Number of employees at year end 439 457 405 Amounts in US$ ‘000 Wages and salaries 55,325 52,644 41,775 Share-based payments (Note 31) 2,717 5,446 4,075 Social security charges 6,888 7,464 5,364 Director’s fees and allowance 3,266 2,876 3,458 68,196 68,430 54,672 Recognized as follows: Production and operating costs 14,542 18,603 12,358 Geological and geophysical expenses 18,448 15,527 11,026 Administrative expenses 35,206 34,300 31,288 68,196 68,430 54,672 Board of Directors’ and key managers’ remuneration Salaries and fees 13,483 12,452 9,674 Share-based payments 2,251 2,918 2,322 Other benefits in kind 262 272 287 15,996 15,642 12,283 Directors’ Remuneration Executive Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Bonus Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (in US$) (No. of Shares) (in US$) Gerald O’Shaughnessy 400,000 — — — 400,000 James F. Park 800,000 909,352 — — 1,709,352 Pedro E. Aylwin (a) 14,625 — — — 14,625 Juan Cristóbal Pavez (b) — — 110,000 5,844 210,000 Carlos Gulisano (c) — — 108,750 5,844 208,750 Robert Bedingfield (d) — — 110,000 5,844 210,000 Jamie Coulter — — 90,000 5,844 190,000 Constantin Papadimitriou — — 88,750 5,844 188,750 (a) Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance. (b) Compensation Committee Chairman. (c) Technical Committee Chairman. (d) Audit Committee Chairman. In January 2020, 439,075 shares were issued to Directors as a consequence of the vesting of the 2016 Value Creation Plan (”VCP”). See Note 31. |
Geological and geophysical expe
Geological and geophysical expenses | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Geological and geophysical expenses [Abstract] | |
Disclosure of geological and geophysical expenses [Text Block] | Note 12 Geological and geophysical expenses Amounts in US$ ‘000 2019 2018 2017 Staff costs (Note 11) 18,312 15,005 10,525 Share-based payment (Note 11) 136 522 501 Allocation to capitalized project (4,834) (5,645) (6,402) Other services 4,979 4,069 3,070 18,593 13,951 7,694 |
Administrative expenses
Administrative expenses | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Administrative expenses [Abstract] | |
Disclosure of general and administrative expense [text block] | Note 13 Administrative expenses Amounts in US$ ‘000 2019 2018 2017 Staff costs (Note 11) 29,688 27,378 24,713 Share-based payment (Note 11) 2,252 4,046 3,117 Consultant fees (a) 18,685 7,427 5,120 Office expenses 1,386 3,021 2,506 Travel expenses 4,867 4,519 2,772 Director’s fees and allowance (Note 11) 3,266 2,876 3,458 Communication and IT costs 2,928 2,395 2,109 Allocation to joint operations (8,008) (7,774) (7,646) Other administrative expenses 5,754 8,186 5,905 60,818 52,074 42,054 (a) The increase in consultant fees in 2019 is explained mainly by legal and other advisory services related to new business efforts |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Selling expenses [Abstract] | |
Disclosure of selling expenses [text block] | Note 14 Selling expenses Amounts in US$ ‘000 2019 2018 2017 Transportation (a) 12,985 2,638 864 Selling taxes and other 1,128 1,385 272 14,113 4,023 1,136 (a) The increase in transportation costs in 2019 is explained primarily due to the difference in accounting for different points of sale in Colombia and costs associated with the operation of the flowline connecting Llanos 34 block to the ODL regional pipeline. Sales at the wellhead have no selling costs associated but generate lower revenue whereas transportation costs for sales to other delivery points are accounted for as selling expenses. |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial costs [Abstract] | |
Disclosure of finance income (cost) [text block] | Note 15 Financial results Amounts in US$ '000 2019 2018 2017 Financial expenses Interest and amortization of debt issue costs (29,977) (28,955) (27,823) Interest with related parties — (1,606) (2,224) Less: amounts capitalized on qualifying assets 367 258 611 Borrowings cancellation costs — — (17,575) Bank charges and other financial results (6,900) (5,513) (3,721) Unwinding of long-term liabilities (4,560) (3,505) (2,779) (41,070) (39,321) (53,511) Financial income Interest received 2,360 3,059 2,016 2,360 3,059 2,016 Foreign exchange gains and losses Foreign exchange loss (6,163) (11,323) (2,193) Realized gain on currency risk management contracts 2,843 — — Unrealized gain on currency risk management contracts 874 — — (2,446) (11,323) (2,193) Total Financial results (41,156) (47,585) (53,688) |
Tax reforms
Tax reforms | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Tax reforms [Abstract] | |
Disclosure Of New Tax Reforms Explanatory [Text Block] | Note 16 Tax reforms Colombia In December 2019, a tax reform was enacted in Colombia. The approved legislation included significant changes in the corporate income tax but also in other taxes and in tax related matters (as procedural rules and special regimes). This tax reform is effective 1 January 2020. The new legislation includes a progressive reduction of the general corporate income tax rate, previously established at 40% for 2017, 37% for 2018 and 33% for 2019, as follows: · 32% in 2020 · 31% in 2021 · 30% in 2022 and onwards. Other changes that could affect the Group are the following: · The withholding tax rate on dividends for non-resident shareholders was increased from 7.5% to 10%. · The presumptive taxable income tax rate was reduced from 1.5% to 0.5% in 2020 and 0% in 2021. · Regarding thin capitalization for income tax purposes, the maximum amount of intragroup debt which interest can be deducted was reduced from 3 to 2 times the net equity of the taxpayer as of 31 December of the previous year. · Transfers of participations in foreign entities that represent indirect disposals of assets in Colombia remain subject to income tax or to the capital gains tax, depending on certain circumstances. New law allows a step up in basis for an indirect purchaser. · Former restriction on the discount of VAT paid against corporate income tax for acquisition of productive fixed assets was ratified. · An audit benefit was granted by the reform, establishing that tax returns of FY 2020 and 2021 showing a net income tax 30% or 20% higher, respectively, than the one declared in the previous year would be considered definitive 6 months or 12 months after became due, also respectively, if there were no objections or requests from the tax authority. Argentina In December 2019, driven by a change of government, a tax reform was enacted in Argentina. The most relevant tax changes are the following: · Corporate income tax rate of 30% in 2020, as stated for 2018 and 2019. The preceding law established a rate reduction to 25% from 2020, but it was now postponed for 2021. · Dividend withholding tax rate of 7% in 2020, as stated for 2018 and 2019. The preceding law established a rate increase to 13%, but it was now postponed for 2021. · The amount determined as tax inflation adjustment for 2019 and 2020 is allocated equally over six years. For tax years beginning on or after 1 January 2021, · Indirect transfer of assets or shares located in Argentina between related parties is not treated as a taxable event. · The deductibility of foreign exchange differences is restricted up to 30% of taxable profit before interests and depreciation. · The tax rate on cash withdrawals from local bank accounts was increased from 0.6% to 1.2% for Argentine entities not considered as micro and small enterprises. · A new tax named “Tax for an inclusive and supportive Argentina” was created. This tax levies, for a five-years period, the following transactions: o Purchases of foreign currency (i.e., “constitution of foreign assets”) without a specific purpose by Argentine residents. o Purchases of goods or services from abroad or purchases by Argentine residents abroad through credit, debit or purchase cards, including cash withdrawals made outside Argentina. o Purchases made online through portals or virtual websites in foreign currency. o Purchases of services rendered abroad through Argentine travel agencies. o Purchases of ground, air and water passenger services with destinations outside Argentina. The tax rate is 30% and applies to the amount of the taxable purchases. Argentine financial institutions, credit card issuers, travel agencies and transport companies act as collection agents of the tax. Ecuador In December 2019, a tax reform was enacted in Ecuador. The main aspects are the following: · Dividends are taxed at a 25% tax rate. Dividend tax basis is 40% of the amount distributed. Benefits and reduction of tax rates provided in Tax Treaties signed by Ecuador are applicable. · Interest deductibility is limited up to 20% of the · Advanced payment of income tax is eliminated. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Income tax [Abstract] | |
Disclosure of income tax [text block] | Note 17 Income tax Amounts in US$ ‘000 2019 2018 2017 Current tax (111,371) (101,456) (48,449) Deferred income tax (Note 18) (391) (4,784) 5,304 (111,762) (106,240) (43,145) 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 2019 2018 2017 Profit before tax 169,519 208,907 25,308 Tax losses from non-taxable jurisdictions 49,360 42,808 22,708 Taxable profit 218,879 251,715 48,016 Income tax calculated at domestic tax rates applicable to Profit in the respective countries (79,395) (102,211) (31,107) Tax losses where no deferred tax benefit is recognized (2,563) (7,344) (8,111) Effect of currency translation on tax base (16,795) 3,336 (2,330) Effect of inflation adjustment for tax purposes 541 — — Changes in the income tax rate (Note 16) 1,279 (1,874) 542 Previously unrecognized tax losses 1,820 4,882 — Out of period adjustment (a) (9,910) — — Non-taxable results (b) (6,739) (3,029) (2,139) Income tax (111,762) (106,240) (43,145) (a) See Note 2.1. (b) Includes non-deductible expenses in each jurisdiction. Under current Bermuda law, the Company is not required to pay any taxes in Bermuda on income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, they will be exempt from taxation in Bermuda until March 2035. Income tax rates in those countries where the Group operates (Colombia, Chile, Brazil, Argentina, Peru and Ecuador) ranges from 15% to 33%. The Group has tax losses available which can be utilised against future taxable profit in the following countries: Amounts in US$ ‘000 2019 2018 2017 Chile (a) 317,644 315,733 345,104 Brazil (a) 37,848 38,011 33,721 Argentina (b) 22,930 5,490 4,849 Total tax losses at December 31 378,422 359,234 383,674 (a) Taxable losses have no expiration date. (b) Expiring dates for tax losses accumulated at December 31, 2019 are: Expiring date Amounts in US$ ‘000 2021 447 2022 1,109 2023 2,946 2024 18,428 At the balance sheet date deferred tax assets in respect of tax losses in certain companies in Chile 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, 2019 | |
Disclosure of deferred income tax [Abstract] | |
Disclosure of deferred taxes [text block] | Note 18 Deferred income tax The gross movement on the deferred income tax account is as follows: Amounts in US$ ‘000 2019 2018 Deferred tax at January 1 16,992 25,350 Currency translation differences (517) (3,574) Income statement credit (charge) (391) (4,784) Deferred tax at December 31 16,084 16,992 The breakdown and movement of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: At the (Charged) Currency beginning Credited to translation At the end Amounts in US$ ‘000 of year net profit differences Reclassification of year Deferred tax assets Difference in depreciation rates and other (3,077) (10,947) (14) 21,918 7,880 Taxable losses 34,870 3,462 (503) (18,775) 19,054 Total 2019 31,793 (7,485) (517) 3,143 26,934 Total 2018 27,636 (11,514) (3,574) 19,245 31,793 At the beginning Credited (Charged) At the end Amounts in US$ ‘000 of year to net profit Reclassification of year Deferred tax liabilities Difference in depreciation rates and other (14,801) 7,094 (21,918) (29,625) Taxable losses — — 18,775 18,775 Total 2019 (14,801) 7,094 (3,143) (10,850) Total 2018 (2,286) 6,730 (19,245) (14,801) |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of earning per share [Abstract] | |
Disclosure of earnings per share [text block] | Note 19 Earnings per share Amounts in US$ ‘000 except for shares 2019 2018 2017 Numerator: Profit (Loss) for the year attributable to owners 57,757 72,415 (24,228) Denominator: Weighted average number of shares used in basic EPS 60,217,523 60,612,230 60,093,191 Earnings (Losses) after tax per share (US$) – basic 0.96 1.19 (0.40) Amounts in US$ ‘000 except for shares 2019 2018 2017 (a) Weighted average number of shares used in basic EPS 60,217,523 60,612,230 60,093,191 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 2,433,126 4,758,552 — Weighted average number of common shares for the purposes of diluted earnings per shares 62,650,649 65,370,782 60,093,191 Earnings (Losses) after tax per share (US$) – diluted 0.92 1.11 (0.40) (a) For the year ended December 31, 2017, there were 4,564,777 of potential shares that could have a dilutive impact. They were considered antidilutive due to negative earnings. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property plant and equipments [Abstract] | |
Disclosure of property, plant and equipment [text block] | Note 20 Property, plant and equipment Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress (a) assets (b) Total Cost at January 1, 2017 692,241 14,357 132,413 10,553 32,926 61,773 944,263 Additions 7,997 (c) 954 — — 66,953 49,455 125,359 Currency translation differences (1,142) (12) (147) (3) (62) (104) (1,470) Disposals — (112) — (189) — — (301) Write-off — — — — — (5,834) (d) (5,834) Transfers 77,408 211 25,130 — (61,827) (40,922) — Cost at December 31, 2017 776,504 15,398 157,396 10,361 37,990 64,368 1,062,017 Additions (5,753) (c) 1,706 — — 81,961 43,515 121,429 Acquisitions (Note 36.4) 52,925 254 1,616 134 — — 54,929 Currency translation differences (11,525) (130) (884) (30) (15) (882) (13,466) Disposals — (46) (417) — — — (463) Write-off / Impairment reversal 5,109 (g) — (120) (g) — (7) (g) (26,389) (e) (21,407) Transfers 63,794 566 14,503 1,089 (59,332) (20,620) — Assets held for sale (Note 36.2) (163,544) — — — — — (163,544) Cost at December 31, 2018 717,510 17,748 172,094 11,554 60,597 59,992 1,039,495 Additions 14,696 (c) 2,052 381 159 96,012 27,449 140,749 Currency translation differences (3,022) (414) (561) (8) (106) (449) (4,560) Disposals — (102) (101) — — (59) (262) Write-off / Impairment (7,559) (g) — — — — (18,290) (f) (25,849) Transfers 83,010 265 24,183 65 (86,916) (20,607) — Reclassification (h) 26,302 — (23,489) — — — 2,813 Cost at December 31, 2019 830,937 19,549 172,507 11,770 69,587 48,036 1,152,386 Depreciation and write-down at January 1, 2017 (384,739) (10,049) (71,698) (4,131) — — (470,617) Depreciation (57,725) (1,948) (14,558) (844) — — (75,075) Disposals — 73 — 38 — — 111 Currency translation differences 930 8 24 5 — — 967 Depreciation and write-down at December 31, 2017 (441,534) (11,916) (86,232) (4,932) — — (544,614) Depreciation (72,130) (1,579) (17,958) (996) — — (92,663) Disposals — 42 149 — — — 191 Currency translation differences 6,292 92 337 26 — — 6,747 Assets held for sale (Note 36.2) 148,014 — — — — — 148,014 Depreciation and write-down at December 31, 2018 (359,358) (13,361) (103,704) (5,902) — — (482,325) Depreciation (83,276) (2,096) (16,708) (804) — — (102,884) Disposals — 85 34 — — — 119 Currency translation differences 2,492 223 480 110 — — 3,305 Reclassification (h) (27,664) — 24,851 — — — (2,813) Depreciation and write-down at December 31, 2019 (467,806) (15,149) (95,047) (6,596) — — (584,598) Carrying amount at December 31, 2017 334,970 3,482 71,164 5,429 37,990 64,368 517,403 Carrying amount at December 31, 2018 358,152 4,387 68,390 5,652 60,597 59,992 557,170 Carrying amount at December 31, 2019 363,131 4,400 77,460 5,174 69,587 48,036 567,788 (a) Construction in progress includes US$ 36,874,000 as of December 31, 2019 (US$ 22,467,000 and US$ 14,073,000 as of December 31, 2018 and 2017, respectively) of costs incurred in the Morona Block in Peru. In June 2019, GeoPark withdrew the Environmental Impact Assessment (EIA), due to a lack of definition from the Peruvian Government about whether a prior consultation process was needed for the deforestation. This decision has caused a delay in the original development progress of this project. On January 10, 2020, given such lack of definition, Perupetro granted GeoPark a new Force Majeure since June 15, 2019, until the Government pronounces a definite statement regarding the need (or not) of performing prior consultation for the reforestation works included in the corresponding environmental instrument. (b) Exploration wells movement and balances are shown in the table below; seismic and other exploratory assets amount to US$ 44,047,000 (US$ 48,779,000 in 2018 and US$ 53,764,000 in 2017). Amounts in US$ ‘000 Total Exploration wells at December 31, 2017 10,604 Additions 43,103 Write-offs (23,733) Transfers (18,761) Exploration wells at December 31, 2018 11,213 Additions 23,082 Write-offs (12,941) Transfers (17,365) Exploration wells at December 31, 2019 3,989 As of December 31, 2019, there was an exploratory well that has been capitalized for a period less than a year amounting to US$ 3,989,000. (c) Corresponds to the effect of change in estimate of assets retirement obligations. (d) Corresponds to five unsuccessful exploratory wells, one well drilled in Colombia (Llanos 34 Block), one well drilled in Brazil (REC-T‑94 Block) and three non-operated wells drilled in Argentina (Puelen and Sierra del Nevado Blocks) in 2017. The charge also includes the loss generated by the write-off of the seismic cost for Campanario and Isla Norte Blocks in Chile generated by the relinquishment of 327 sq. km in 2017. (e) Corresponds to nine unsuccessful exploratory wells, four wells drilled in Colombia (Tiple, Llanos 34 and Llanos 32 Blocks), two wells drilled in Brazil (POT-T‑747 and POT-T‑619 Blocks) and three wells drilled in Argentina (Puelen Block). The charge also includes the write-off of a well and other exploration costs incurred in the Fell Block (Chile) in previous years and other exploration costs incurred in the VIM‑3 Block (Colombia), and POT-T‑882 and REC-T‑93 Blocks (Brazil), for which no additional work would be performed. (f) Corresponds to five unsuccessful exploratory wells, four wells drilled in Argentina (Sierra del Nevado, Puelen and Aguada Baguales Blocks) and a well drilled in Brazil (POT-T-747 Block). The charge also includes the write-off of wells and other exploration costs incurred in previous years in the Argentinean Blocks for which no additional work would be performed. In addition due to the results from REC-T-94, SEAL-T-268 and POT-T-747 Blocks (Brazil), during December 2019 the Group decided to relinquish these blocks so the associated investment was written off. (g) See Note 37. (h) Corresponds to the final closing of the sale of the La Cuerva and Yamu Blocks described in Note 36.2. |
Subsidiary undertakings
Subsidiary undertakings | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiary undertakings [Abstract] | |
Disclosure of interests in subsidiaries [text block] | Note 21 Subsidiary undertakings The following chart illustrates main companies of the Group structure as of December 31, 2019: Non-controlling interest that used to be held by LG International until November 28, 2018: · Consolidated Statement of Comprehensive Income: Total comprehensive income for the years 2018 and 2017 included a profit of US$ 35,284,000 and US$ 13,536,000, a loss of US$ 4,273,000 and US$ 6,200,000 and a loss of US$ 758,000 and US$ 945,000 corresponding to non-controlling interest that used to be held by LGI in GeoPark Colombia S.L.U., GeoPark Chile S.p.A. and GeoPark TdF S.p.A., respectively. · Consolidated Statement of Changes in Equity: Dividends distributed to non-controlling interest of US$ 8,089,000 in 2018 and US$ 479,000 in 2017 correspond to non-controlling interest that used to be held by LGI in GeoPark Colombia S.L.U. Corporate structure reorganization During 2019, the following changes to the Group structure have taken place as part of the corporate structure reorganization started in 2017: · GeoPark Perú S.A.C. incorporated a branch in Ecuador to attend the activity in that country. · The subsidiary that used to be named GeoPark Argentina Limited was redomiciled from Bermuda to Argentina. · The subsidiary GeoPark Colombia Coop U.A. was redomiciled from the Netherlands to Spain. · The Group finalized a merger process by which GeoPark Latin America S.L.U. continued the operations related to GeoPark Brasil S.L.U. and GeoPark Peru S.L.U. · The subsidiaries GeoPark S.A and GeoPark Colombia S.A were dissolved. Details of the subsidiaries and joint operations of the Group are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A.U (Argentina) 100% GeoPark Latin America Limited (Bermuda) 100% GeoPark Latin America Limited – Agencia en Chile (Chile) 100% (a) GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) 100% (a) GeoPark Chile S.p.A. (Chile) 100% (a) GeoPark Fell S.p.A. (Chile) 100% (a) GeoPark Magallanes Limitada (Chile) 100% (a) GeoPark TdF S.p.A. (Chile) 100% (a) GeoPark Colombia S.A.S. (Colombia) 100% (a) GeoPark Latin America S.L.U. (Spain) 100% (a) GeoPark Colombia S.L.U. (Spain) 100% (a) GeoPark S.A.C. (Peru) 100% (a) GeoPark Perú S.A.C. (Peru) 100% (a) GeoPark Operadora del Perú S.A.C. (Peru) 100% (a) GeoPark Colombia E&P S.A. (Panama) 100% (a) GeoPark Colombia E&P Sucursal Colombia (Colombia) 100% (a) GeoPark Mexico S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark E&P S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) 100% (a) GeoPark (UK) Limited (United Kingdom) 100% Joint operations Flamenco Block (Chile) 50% (c) Campanario Block (Chile) 50% (c) Isla Norte Block (Chile) 60% (c) Llanos 34 Block (Colombia) 45% (c) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (d) Sierra del Nevado Block (Argentina) 18% (d) CN-V Block (Argentina) 50% Los Parlamentos Block (Argentina) 50% Manati Field (Brazil) 10% POT-T-747 Block (Brazil) 70% (c) (d) REC-T-128 Block (Brazil) 70% (c) POT-T-785 Block (Brazil) 70% (c) Morona Block (Peru) 75% (c) Espejo Block (Ecuador) 50% (c) Perico Block (Ecuador) 50% Llanos 86 Block (Colombia) 50% (c) Llanos 87 Block (Colombia) 50% (c) Llanos 104 Block (Colombia) 50% (c) Llanos 123 Block (Colombia) 50% (c) Llanos 124 Block (Colombia) 50% (c) (a) Indirectly owned. (b) Dormant companies. (c) GeoPark is the operator. (d) In process of relinquishment. On July 2, 2019, GeoPark obtained regulatory approval to increase its working interest in the Tranquilo Block (Chile) to 100%. |
Prepayments and other receivabl
Prepayments and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Prepayments and other receivables [Abstract] | |
Disclosure of Prepayments and other receivables [text block] | Note 22 Prepayments and other receivables Amounts in US$ '000 2019 2018 V.A.T. 27,052 37,811 Income tax payments in advance 20,609 9,668 Other prepaid taxes 1,069 966 To be recovered from co-ventures (Note 34) 1,035 1,819 Prepayments and other receivables 8,282 7,889 Total 58,047 58,153 Classified as follows: Current 51,016 54,659 Non-current 7,031 3,494 Total 58,047 58,153 Movements on the Group provision for impairment are as follows: Amounts in US$ '000 2019 2018 At January 1 546 594 Foreign exchange income 4 (48) 550 546 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Classes of current inventories [abstract] | |
Disclosure of inventories [text block] | Note 23 Inventories Amounts in US$ '000 2019 2018 Crude oil 4,285 3,369 Materials and spares 7,162 5,940 11,447 9,309 |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2019 | |
Trade receivables. | |
Disclosure of Trade receivables [text block] | Note 24 Trade receivables Amounts in US$ '000 2019 2018 Trade receivables 44,178 16,215 Total 44,178 16,215 As of December 31, 2019 and 2018, 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, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments [text block] | Note 25 Financial instruments by category Assets as per statement of financial position Amounts in US$ '000 2019 2018 Financial assets at fair value through profit or loss Derivative financial instrument assets 8,097 27,539 Cash and cash equivalents 42,212 53,794 50,309 81,333 Other financial assets at amortized cost Trade receivables 44,178 16,215 To be recovered from co-venturers (Note 34) 1,035 1,819 Other financial assets (a) 10,999 11,468 Cash and cash equivalents 68,968 73,933 125,180 103,435 Total financial assets 175,489 184,768 (a) Non-current other financial assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other financial assets corresponds 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 2019 2018 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 952 — 952 — Other financial liabilities at amortized cost Trade payables 83,991 69,142 Payables to LGI (Note 36.1) 15,000 29,509 To be paid to co-venturers (Note 34) 4,803 8,449 Lease liabilities 13,243 — Borrowings 437,419 447,002 554,456 554,102 Total financial liabilities 555,408 554,102 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 2019 2018 Trade receivables Counterparties with an external credit rating (Moody’s) Ba1 1,037 — B2 780 1,196 Ba2 6,156 5,511 Ba3 - 3,734 Baa3 25,447 — Caa2 933 — Counterparties without an external credit rating Group1 (a) 9,825 5,774 Total trade receivables 44,178 16,215 (a) Group 1 – existing customers (more than 6 months) with no defaults in the past. All trade receivables are denominated in US Dollars, except in Brazil where are denominated in Brazilian Real. Cash at bank and other financial assets (a) Amounts in US$ ‘000 2019 2018 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) A1 6,924 1,315 A2 33,633 595 A3 13,105 765 Aaa-mf 41,219 52,563 Aa1 — 4,732 Aa3 — 17,431 AAA 3,894 14,307 Ba1 1,854 4,033 Ba2 1 1 Baa1 580 13,903 Baa1+ — 4,138 Baa2 5,408 6,534 Ba3 1,262 212 BBB — 3,199 Counterparties without an external credit rating 14,278 15,448 Total 122,158 139,176 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 21,000 (US$ 20,000 in 2018). 25.2 Financial liabilities- contractual undiscounted cash flows The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 year and 2 years and 5 years years At December 31, 2019 Borrowings 37,621 27,625 507,875 — Lease liabilities 7,442 2,494 4,479 1,053 Trade payables 83,291 700 — — To be paid to co-venturers 28 — 4,775 — Payables to LGI (Note 36.1) 15,000 — — — 143,382 30,819 517,129 1,053 At December 31, 2018 Borrowings 39,545 38,648 82,875 452,625 Trade payables 68,862 280 — — To be paid to co-venturers 8,449 — — — Payables to LGI (Note 36.1) 15,000 15,000 — — 131,856 53,928 82,875 452,625 25.3 Fair value measurement of financial instruments Accounting policies for financial instruments have been applied to classify as either: amortized cost, financial assets at fair value through profit or loss and fair value through other comprehensive income. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13 requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). This note provides an update on the judgements and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report. 25.3.1 Fair value hierarchy The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at December 31, 2019 and 2018 on a recurring basis: At December 31 Amounts in US$ ‘000 Level 1 Level 2 2019 Assets Cash and cash equivalents Money market funds 42,212 — 42,212 Derivative financial instrument liabilities Commodity risk management contracts — 444 444 Currency risk management contracts — 874 874 Forward contacts relating to forecast transactions — 6,779 6,779 Total Assets 42,212 8,097 50,309 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 952 952 Total Liabilities — 952 952 At December 31 Amounts in US$ ‘000 Level 1 Level 2 2018 Assets Cash and cash equivalents Money market funds 53,794 — 53,794 Derivative financial instrument liabilities Commodity risk management contracts — 27,539 27,539 Total Assets 53,794 27,539 81,333 There were no transfers between Level 2 and 3 during the period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at December 31, 2019. 25.3.2 Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include: · The use of quoted market prices or dealer quotes for similar instruments. · The mark-to-market fair value of the Group’s outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy. · The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in level 2. 25.3.3 Fair values of other financial instruments (unrecognized) The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. The fair value of these financial instruments at December 31, 2019 amounts to US$ 453,956,000 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Equity [Abstract] | |
Disclosure of Equity [text block] | Note 26 Equity 26.1 Share capital and Share premium Issued share capital 2019 2018 Common stock (amounts in US$ ‘000) 59 60 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 59,167,584 60,483,447 Total common shares in issue 59,167,584 60,483,447 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, 2019, the outstanding common shares confer the following rights on the holder: · the right to one vote per share; · ranking pari passu , the right to any dividend declared and payable on common shares; Shares Shares issued closing US$(`000) GeoPark common shares history Date (millions) (millions) Closing Shares outstanding at the end of 2017 60.6 61 Stock awards Dec 2018 0.1 60.7 61 Stock awards Dec 2018 (0.2) 60.5 60 Shares outstanding at the end of 2018 60.5 60 Stock awards Jan 2019 1.5 62.0 62 Buyback program Mar 2019 (0.7) 61.3 61 Buyback program Jun 2019 (2.3) 59.0 59 Stock awards Jul 2019 1.5 60.5 60 Buyback program Sep 2019 (1.2) 59.3 59 Buyback program Dec 2019 (0.1) 59.2 59 Shares outstanding at the end of 2019 59.2 59 26.1.2 Stock Award Program and Other Share Based Payments Non-Executive Directors Fees During 2019, the Company issued 29,220 (33,145 in 2018 and 70,485 in 2017) shares to Non-Executive Directors in accordance with contracts as compensation, generating a share premium of US$ 499,000 (US$ 449,000 in 2018 and US$ 257,000 in 2017). The amount of shares issued is determined considering the contractual compensation and the fair value of the shares for each relevant period . Stock Award Program and Other Share Based Payments On July 8, 2019, 1,484,847 common shares were allotted to the trustee of the Employee Beneficiary Trust (“EBT”), generating a share premium of US$ 4,311,000. On January 2, 2019, 50% of the vested Value Creation Plan (“VCP”) awards, representing 1,488,391 common shares, was issued to key management (including 439,075 issued to Directors involved in the performance of the Company), generating a share premium of US$ 2,334,000. On December 14, 2017, 490,000 common shares were allotted to the trustee of the Employee Beneficiary Trust (“EBT”), generating a share premium of US$ 2,513,000. On September 13, 2017, 12,546 shares were issued pursuant to a consulting agreement for services rendered to GeoPark Limited generating a share premium of US$ 43,000. In January 2017, 82,306 shares were issued to key management as bonus compensation, generating a share premium of US$ 332,000. 26.1.3 Buyback Program On December 20, 2018, the Company’s Board of Directors approved a program to repurchase up to 10% of its shares outstanding or approximately 6,063,000 shares. The repurchase program begun on December 21, 2018 and expired on December 31, 2019. During 2019, the Company purchased 4,318,320 common shares (145,917 in 2018) for a total amount of US$ 71,272,000 (US$ 1,801,000 in 2018). These transactions had no impact on the Group’s results. 26.2 Cash distribution On November 6, 2019, the Company announced that its Board of Directors declared the initiation of a quarterly cash distribution of US$ 0.0413 per share. Consequently, on December 10, 2019, US$ 2,444,000 were distributed to shareholders of record at the close of business on November 22, 2019. This distribution is deducted from Other Reserve. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Borrowings [Abstract] | |
Disclosure of borrowings [text block] | Note 27 Borrowings Amounts in US$ ‘000 2019 2018 Outstanding amounts as of December 31 2024 Notes (a) 427,812 426,993 Banco Santander (b) 9,607 20,006 Banco de Crédito e Inversiones (c) — 3 437,419 447,002 Classified as follows: Current 17,281 17,975 Non-current 420,138 429,027 (a) During September 2017, the Company successfully placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act. The Notes carry a coupon of 6.50% per annum. Final maturity of the Notes will be September 21, 2024. The Notes are secured with a (b) During October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited- Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020. (c) During February 2016, GeoPark Fell S.p.A. executed a loan agreement with Banco de Crédito e Inversiones for US$ 186,000 to finance the acquisition of vehicles for the Chilean operation. The interest rate applicable to this loan was 4.14% per annum. The interest and the principal were fully repaid in February 2019. As of the date of these Consolidated Financial Statements, the Group has available credit lines for US$ 168,175,000. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Disclosure of leases [text block] | Note 28 Leases The Consolidated Statement of Financial Position shows the following amounts relating to leases: December January 1, Amounts in US$ ‘000 31, 2019 2019 (a) Right of use assets Production, facilities and machinery 8,785 9,398 Buildings and improvements 4,677 5,212 13,462 14,610 Lease liabilities Current 7,442 7,967 Non-current 5,801 6,643 13,243 14,610 (a) In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. For adjustments recognized on adoption of IFRS 16 on January 1, 2019, please refer to Note 2.1.1. The Consolidated Statement of Income shows the following amounts relating to leases: Amounts in US$ ‘000 2019 Depreciation charge of Right of use assets Production, facilities and machinery (1,834) Buildings and improvements (1,810) (3,644) Unwinding of long-term liabilities (included in Financial results) (419) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (13,463) Expenses related to low-value leases (included in Administrative expenses) (314) |
Provisions and other long-term
Provisions and other long-term liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Provisions And Other Long term Liabilities [Abstract] | |
Disclosure of provisions [text block] | Note 29 Provisions and other long-term liabilities Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total At January 1, 2018 38,075 1,452 6,757 46,284 Addition to provision 462 — 1,039 1,501 Recovery of abandonment costs and other (4,817) — (1,099) (5,916) Acquisitions 9,738 — — 9,738 Exchange difference 1,823 — (46) 1,777 Foreign currency translation (1,648) — — (1,648) Amortization — (1,005) — (1,005) Unwinding of discount 3,250 — 173 3,423 Unused amounts reversed — — (2,093) (2,093) Amounts used during the year (750) — (124) (874) Liabilities associated with assets held for sale (5,816) — (2,794) (8,610) At December 31, 2018 40,317 447 1,813 42,577 Addition to provision 13,299 2,267 1,867 17,433 Exchange difference 375 (18) (48) 309 Foreign currency translation (334) — — (334) Amortization — (429) — (429) Unwinding of discount 3,573 — 77 3,650 Amounts used during the year (1,117) — (27) (1,144) At December 31, 2019 56,113 2,267 3,682 62,062 The provision for asset retirement obligation relates to the estimation of future disbursements related to the abandonment and decommissioning of oil and gas wells (see Note 4). Deferred income relates to contributions received to improve the project economics of the gas wells in Chile and government grants relating to the purchase of property, plant and equipment in Colombia. The amortization is in line with the related assets . |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Trade and other payables [Abstract] | |
Disclosure of trade and other payables [text block] | Note 30 Trade and other payables Amounts in US$ ‘000 2019 2018 V.A.T 6,718 852 Trade payables 83,991 69,142 Payables to LGI (Note 36.1) 15,000 29,509 Customer advance payments — 6,300 Other short-term advance payments (a) — 9,000 Staff costs to be paid 13,219 12,049 Royalties to be paid 6,294 6,238 Taxes and other debts to be paid 6,795 4,670 To be paid to co-venturers (Note 34) 4,803 8,449 136,820 146,209 Classified as follows: Current 131,345 131,420 Non-current 5,475 14,789 (a) Advance payment collected in relation with the sale of La Cuerva and Yamu Blocks (see Note 36.2). The average credit period (expressed as creditor days) during the year ended December 31, 2019 was 94 days (2018: 83 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, 2019 | |
Disclosure Of Share Based Payment [Abstract] | |
Disclosure of share-based payment arrangements [text block] | Note 31 Share-based payment The Group has established different stock awards programs and other share-based payment plans to incentivize the Directors, senior management and employees, enabling them to benefit from the increased market capitalization of the Company. During 2018, GeoPark announced the 2018 Equity Incentive Plan (the “Plan”) to motivate and reward those employees, directors, consultants and advisors of the Group to perform at the highest level and to further the best interests of the Company and its shareholders. This Plan is designed as a master plan, with a 10-year term, and embraces all equity incentive programs that the Company decides to implement throughout such term. The maximum number of Shares available for issuance under the Plan is 5,000,000 Shares. During 2019, the Group approved a plan named Value Creation Plan (“VCP”) oriented to key Management. Main characteristics of the VCP are: · Awards payables in a variable number of shares which shall not exceed the quantity of 3,024,172 shares. · Subject to certain market conditions, among others, reaching a stock market price for the Company shares of above US$ 19.42 at vesting date. · Vesting date: December 31, 2021 and 2022 (50% each year). VCP has been classified as an equity-settled plan. 20% of this plan was awarded to Directors involved in the performance of the Company. During 2018, the Group approved a share-based compensation program for approximately 200,000 shares. Main characteristics of the Stock Awards Programs are: · Employees hired since July 2016 are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date was June 30, 2019. · Each employee could receive up to three salaries (to be pro-rated between the hiring date and the vesting date divided by 3 years) by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. During 2016, the Group approved a share-based compensation program for 1,619,105 shares. Main characteristics of the Stock Awards Programs are: · All employees are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date was June 30, 2019. · Each employee could receive up to three salaries by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be above US$ 3 and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table and explanations: Awards at the Awards granted Awards Awards Awards at Charged to net loss / profit Year of issuance beginning in the year forfeited exercised year end 2019 2018 2017 2018 200,000 — (68,670) (131,330) — 416 1,662 — 2016 1,582,426 — (228,909) (1,353,517) — 50 866 865 2014 — — — — — — — 838 Subtotal 1,782,426 — (297,579) (1,484,847) — 466 2,528 1,703 Shares granted to Non-Executive Directors — 29,220 — (29,220) — 500 450 454 VCP 2019 — 378,053 — — 378,053 951 — — Executive Directors Bonus 104,439 52,058 — — 156,497 800 600 — VCP 2016 (a) 2,976,781 — — (1,488,391) 1,488,390 — 1,868 1,868 Stock awards for service contracts — — — — — — — 50 4,863,646 459,331 (297,579) (3,002,458) 2,022,940 2,717 5,446 4,075 (a) The awards at year end were issued in January 2020, as set up in the plan. The awards that are forfeited correspond to employees that had left the Group before vesting date. In November 2019, the Group approved a share-based compensation program for approximately 800,000 shares. Main characteristics of the Stock Awards Programs are: · Grant Date: January 1, 2020 for existing employees or hiring date for new employees · Employees not included in the VCP and new hiring are eligible. · Exercise price is equal to the nominal value of shares. · Vesting date: January 2, 2023. · Each employee could receive between three and six salaries (to be pro-rated between the hiring date and the vesting date for new hiring) by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting. As the abovementioned program was granted in 2020, it has no impact on these Consolidated Financial Statements |
Interests in Joint operations
Interests in Joint operations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Interests in Joint operations [Abstract] | |
Disclosure of interests in joint arrangements [text block] | Note 32 Interests in Joint operations The Group has interests in joint operations, which are engaged in the exploration of hydrocarbons in Colombia, Chile, Brazil, Argentina, Peru and Ecuador. GeoPark is the operator in the Llanos 34, Llanos 32, Llanos 86, Llanos 87 and Llanos 104 Blocks in Colombia, in the Flamenco, Campanario and Isla Norte Blocks in Chile, in the POT-T-747 and REC-T-128 Blocks in Brazil, in the Morona Block in Peru, and in the Espejo Block in Ecuador. Additionally, GeoPark used to be the operator in the CN-V Block in Argentina until October 2018. The following amounts represent the Group’s share in the assets, liabilities and results of the joint operations which have been recognized in the Consolidated Statement of Financial Position and Statement of Income: Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2019 Colombia SAS Llanos 34 Block 45 % 208,156 3,128 211,284 (6,267) 205,017 513,378 398,953 Llanos 32 Block 12.5 % 1,136 — 1,136 (519) 617 6,053 2,791 Llanos 86 Block 50.0 % 21 — 21 — 21 — — Llanos 87 Block 50.0 % 40 — 40 — 40 — — Llanos 104 Block 50.0 % 26 — 26 — 26 — — GeoPark TdF S.p.A. Flamenco Block 50 % 4,623 — 4,623 (1,382) 3,241 — (313) Campanario Block 50 % 16,445 — 16,445 (331) 16,114 — (156) Isla Norte Block 60 % 8,896 — 8,896 (101) 8,795 — (189) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 18,537 18,066 36,603 (15,980) 20,623 22,376 9,263 POT-T‑747 70 % — — — — — — (1,516) REC-T‑128 70 % 3,886 919 4,805 (143) 4,662 674 57 POT-T‑785 70 % 125 — 125 — 125 — — GeoPark Argentina S.A.U CN-V Block 50 % — 274 274 (237) 37 — (15,451) Puelen Block 18 % — 47 47 (41) 6 — (1,959) Sierra del Nevado Block 18 % — 63 63 (79) (16) — (1,705) GeoPark Perú S.A.C. Morona 75 % 8,921 6,862 15,783 (10,161) 5,622 — (4,976) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 199 321 520 (610) (90) — (272) Perico 50 % 304 61 365 (541) (176) — (176) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2018 Colombia SAS Llanos 34 Block 45 % 174,895 3,133 178,028 (2,296) 175,732 469,404 347,772 Llanos 32 Block 12.5 % 2,011 — 2,011 (449) 1,562 5,764 623 GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (428) (373) — (46) GeoPark TdF S.A. Flamenco Block 50 % 4,803 — 4,803 (1,173) 3,630 263 (5,647) Campanario Block 50 % 16,477 — 16,477 (278) 16,199 40 (1,008) Isla Norte Block 60 % 8,920 — 8,920 (72) 8,848 7 (778) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 25,741 6,364 32,105 (839) 31,266 30,053 17,963 POT-T‑747 70 % 202 — 202 — 202 — — REC-T‑128 70 % 1,398 — 1,398 (648) 750 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 8,577 328 8,905 (577) 8,328 — (922) Puelen Block 18 % 1,881 13 1,894 (246) 1,648 — (159) Sierra del Nevado Block 18 % 995 10 1,005 (91) 914 — (134) GeoPark Perú S.A.C. Morona 75 % 6,446 — 6,446 (7,016) (570) — — Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2017 Colombia SAS Llanos 34 Block 45 % 131,193 4,563 135,756 (5,847) 129,909 259,815 163,917 Llanos 32 Block 12.5 % 835 209 1,044 (492) 552 1,784 (319) Yamu/Carupana Block 89.5 % 4,741 1 4,742 (2,993) 1,749 3,072 (2,721) GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (432) (377) — (48) GeoPark TdF S.A. Flamenco Block 50 % 9,893 — 9,893 (1,223) 8,670 879 (1,422) Campanario Block 50 % 17,347 — 17,347 (233) 17,114 — (150) Isla Norte Block 60 % 9,553 — 9,553 (60) 9,493 — (161) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 44,167 19,126 63,293 (11,444) 51,849 34,238 12,731 POT-T‑747 70 % 849 358 1,207 (1,091) 116 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 6,819 347 7,166 (984) 6,182 70 (1,163) Puelen Block 18 % 1,318 72 1,390 (232) 1,158 — (546) Sierra del Nevado Block 18 % 568 169 737 (837) (100) — (474) Capital commitments are disclosed in Note 33.2. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commitments [Abstract] | |
Disclosure of commitments [text block] | Note 33 Commitments 33.1 Royalty commitments In Colombia, royalties on production are payable to the Colombian Government and are determined on a field-by-field basis using a level of production sliding scale at a rate which ranges between 6%‑8%. The Colombian National Hydrocarbons Agency (“ANH”) also has an additional economic right equivalent to 1% of production, net of royalties. Under Law 756 of 2002, as modified by Law 1530 of 2012, the royalties on Colombian production of light and medium oil are calculated on a field-by-field basis, using the following sliding scale: 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% When the API is lower than 15°, the payment is reduced to the 75% of the total calculation. In accordance with Llanos 34 Block operation contract, when the accumulated production of each field, including the royalties’ volume, exceeds 5,000,000 of barrels and the WTI exceeds the base price settled in table A, the Group should deliver to ANH a share of the production net of royalties in accordance with the following formula: Q = ((P – Po) / P) x S; where Q = Economic right to be delivered to ANH, P = WTI, Po = Base price (see table A) and S = Share (see table B). Table A Table B °API Po (US$/barrel) WTI (P) S >29° 30.22 Po < P < 2Po 30 % >22°<29° 31.39 2Po < P < 3Po 35 % >15°<22° 32.56 3Po < P < 4Po 40 % >10°<15° 46.50 4Po < P < 5Po 45 % 5Po < P 50 % Additionally, under the terms of the Winchester Stock Purchase Agreement, GeoPark is obligated to make certain payments to the previous owners of Winchester based on the production and sale of hydrocarbons discovered by exploration wells drilled after October 25, 2011. These payments involve an overriding royalty equal to an estimated 4% carried interest on the part of the vendor. As at the balance sheet date and based on preliminary internal estimates of additions of 2P reserves since acquisition, the Group’s best estimate of the total commitment over the remaining life of the concession is in a range between US$ 200,000,000 and US$ 210,000,000. During 2019, the Group has accrued US$ 24,700,000 (US$ 20,551,000 in 2018 and US$ 11,369,000 in 2017) and paid US$ 18,200,000 (US$ 19,128,000 in 2018 and US$ 9,981,000 in 2017). In Chile, royalties are payable to the Chilean Government. In the Fell Block, royalties are calculated at 5% of crude oil production and 3% of gas production. In the Flamenco Block, Campanario Block and Isla Norte Block, royalties are calculated at 5% of gas and oil production. In Brazil, the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) is responsible for determining monthly minimum prices for petroleum produced in concessions for purposes of royalties payable with respect to production. Royalties generally correspond to a percentage ranging between 5% and 10% applied to reference prices for oil or natural gas, as established in the relevant bidding guidelines (edital de licitação) and concession agreement. In determining the percentage of royalties applicable to a concession, the ANP takes into consideration, among other factors, the geological risks involved and the production levels expected. In the Manati Block, royalties are calculated at 7.5% of gas production. In Argentina, crude oil and gas production accrues royalties payable to the Provinces of Mendoza and Neuquen equivalent to 15% on estimated value at well head of those products. This value is equivalent to final sales price less transport, storage and treatment costs. 33.2 Capital commitments 33.2.1 Colombia The VIM 3 Block minimum investment program consists of 125 km of 3D seismic, seismic reprocessing and drilling one exploratory well, with a total estimated investment of US$ 22,290,800 during the exploratory period ending November 12, 2019. Since 2018, GeoPark has requested ANH to terminate the E&P Contract due to environmental restrictions in the block. These restrictions became apparent once the National Authority of Environmental Licenses (ANLA) issued the environmental license. As of the date of these consolidated financial statements, GeoPark’s termination request is under review. The Llanos 87 Block (50% working interest) has committed to reprocess 3D seismic and to drill four exploratory wells, which amount to US$ 12,290,000 at GeoPark’s working interest, before November 24, 2022. The Llanos 86, Llanos 104, Llanos 123 and Llanos 124 Blocks are in Preliminary Phase as of the date of these consolidated financial statements. During this Preliminary Phase, GeoPark must request the Ministry of Interior for the certificate that indicates presence or no presence of indigenous communities and develop previous consultation, if applicable. Only when this process has been completed and the corresponding regulatory approvals has been obtained, the blocks will enter into Phase 1, where the exploratory commitments are mandatory. The investment commitments for the blocks over three-years term of Phase 1 would be the following: · Llanos 86 Block: 3D seismic, 2D seismic reprocessing and 1 exploratory well (US$ 8,860,000) · Llanos 104 Block: 3D seismic, 2D seismic reprocessing and 1 exploratory well (US$ 7,873,000) · Llanos 123 Block: 3D seismic reprocessing, geochemistry and 2 exploratory wells (US$ 6,334,000) · Llanos 124 Block: 3D seismic, 3D seismic reprocessing, geochemistry and 3 exploratory wells (US$ 9,375,000) 33.2.2 Chile The remaining investment commitment to be assumed 100% by GeoPark for the second exploratory phase in the Flamenco, Campanario and Isla Norte Blocks are up to: · Flamenco Block: 1 exploratory well before November 7, 2020 (US$ 2,100,000) · Campanario Block: 3 exploratory wells before January 11, 2021 (US$ 4,758,000) · Isla Norte Block: 2 exploratory wells before November 7, 2020 (US$ 2,855,000) As of December 31, 2019, the Group has established guarantees for its total commitments. The drilling campaign relating to the committed wells detailed above has already started in February 2020 33.2.3 Brazil The future investment commitments assumed by GeoPark are up to: · REC-T-128 Block: 3D seismic reprocessing and interpretation before March 26, 2020 (US$ 1,300,000). · POT-T-785 Block: 3D seismic and electromagnetic survey before January 29, 2023 (US$ 90,000). · REC-T-58 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · REC-T-67 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · REC-T-77 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). · POT-T-834 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 140,000). 33.2.4 Argentina The investment commitment in the Los Parlamentos Block (50% working interest) for the first exploratory period, ending on October 30, 2021, which includes 2 exploratory wells and additional 3D seismic, amounts to US$ 6,000,000, at GeoPark’s working interest. 33.2.5 Ecuador The investment commitments assumed by GeoPark, at its 50% working interest, in the Espejo and Perico Blocks during the first exploratory period are up to: · Espejo Block: 3D seismic and 4 exploratory wells before June 17, 2023 (US$ 17,648,000). · Perico Block: 4 exploratory wells before June 16, 2023 (US$ 12,109,000). 33.3 Operating lease commitments – Group company as lessee The Group leases offices and various plant and machinery under non-cancellable operating lease agreements. The lease terms are between 1 and 7 years, and most of lease agreements are renewable at the end of the lease period at market rate From January 1, 2019, the Group has recognized right-of-use assets for these leases, except for short-term and low-value leases. See Note 2.1.1. Until December 31, 2018, operating leases related to offices, facilities, machinery and equipment were charged to the Consolidated Statement of Income for US$ 12,485,000 in 2018 and US$ 46,195,000 in 2017, and were capitalized as Property, plant and equipment for US$ 38,229,000 in 2018 and US$ 34,160,000 in 2017. The future aggregate minimum lease payments under non-cancellable operating leases are as follows: Amounts in US$‘000 2019 2018 Falling due within 1 year 47,450 32,180 Falling due within 1 – 3 years 18,032 5,777 Falling due within 3 – 5 years 2,500 2,793 Falling due over 5 years 1,956 — Total minimum lease payments 69,938 40,750 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Related Parties [Abstract] | |
Disclosure of related party [text block] | Note 34 Related parties Controlling interest The main shareholders of GeoPark Limited, a company registered in Bermuda, as of December 31, 2019, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,278,251 13.99 % Gerald E. O’Shaughnessy (b) 7,309,002 12.35 % Compass Group LLC (c) 4,733,824 8.00 % Renaissance Technologies Holdings Corporation (d) 4,509,096 7.62 % Manchester Financial Group, LP 4,246,296 7.18 % Juan Cristóbal Pavez (e) 2,974,960 5.03 % Other shareholders 27,116,155 45.83 % 59,167,584 100.00 % (a) Held by Energy Holdings, LLC, which is controlled by James F. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 7, 2020. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP, GPK Holdings, The Globe Resources Group, Inc., and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O´Shaughnessy’s most recent Schedule 13G filed with the SEC on February 6, 2020. (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 12, 2020. (d) Beneficially owned by Renaissance Technologies Holdings Corporation and Renaissance Technologies LLC (jointly “Renaissance”). The in-formation 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, 2020. (e) Held through Socoservin Overseas Ltd, which is controlled by Juan Cristóbal Pavez. The common shares reflected as being held by Mr. Pavez include 97,156 common shares held by him personally. This information is based solely on the disclosure set forth in Mr. Pavez’s most recent Schedule 13G filed with the SEC on February 5, 2020. Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in ´000) in the year end Related Party Relationship 2019 To be recovered from co-venturers — 1,035 Joint Operations Joint Operations To be paid to co-venturers — (4,803) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 581 — Pedro E. Aylwin Executive Director (b) 2018 To be recovered from co-venturers — 1,819 Joint Operations Joint Operations To be paid to co-venturers — (8,449) Joint Operations Joint Operations Financial results 1,606 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 547 — Pedro E. Aylwin Executive Director (b) 2017 To be recovered from co-venturers — 2,455 Joint Operations Joint Operations Prepayments and other receivables — 56 LGI Partner Payables account — (31,184) LGI Partner To be paid to co-venturers — (10,015) Joint Operations Joint Operations Financial results 2,224 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 411 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. (b) Corresponding to wages and salaries for US$ 390,000 (US$ 417,000 in 2018 and US$ 271,000 in 2017) and bonus for US$ 191,000 (US$ 130,000 in 2018 and US$ 140,000 in 2017). 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, 2019 | |
Auditor's remuneration [abstract] | |
Disclosure of auditors' remuneration [text block] | Note 35 Auditors Fees Amounts in US$‘000 2019 2018 2017 Audit fees 763 797 726 Audit related fees 510 — 137 Tax services fees 165 209 212 Non-audit services fees 5 — 39 Fees paid to auditors 1,443 1,006 1,114 Non-audit services fees relate to consultancy and other services. |
Business transactions
Business transactions | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Business transactions [Abstract] | |
Disclosure Of Business Transactions Explanatory [Text Block] | Note 36 Business transactions 36.1 General Non-controlling interest in Colombia and Chile’s business from LG International On November 28, 2018, GeoPark executed an agreement to acquire the LG International Corporation (“LGI”) interest in GeoPark’s Colombian and Chilean operations and subsidiaries. The acquisition price included a fixed payment of US$ 81,000,000 paid at closing, plus two equal installments of US$ 15,000,000 each, to be paid in June 2019 and June 2020. Additionally, three contingent payments of US$ 5,000,000 each could be payable over the next three years, subject to certain production thresholds being exceeded. As of the date of these Consolidated Financial Statements, the first installment of US$ 15,000,000 was already paid, and the production threshold corresponding to the first contingent payment of US$ 5,000,000 was not exceeded . Through this transaction, GeoPark acquired the shares that used to be held by LGI representing 20% equity interest in GeoPark Colombia Coöperatie U.A., 20% equity interest in GeoPark Chile S.A. and 14% equity interest in GeoPark TdF S.A. In addition to that, the outstanding amount corresponding to advanced cash call payments granted in the past by LGI to GeoPark Chile S.A. for financing Chilean operations in TdF’s blocks were considered as part of the transaction. The transaction mentioned above has been accounted for as a transaction with non-controlling interest in accordance with IFRS 10. Consequently, the difference between the amount by which the non-controlling interest was stated and the fair value of the consideration paid was recognized directly in Equity and attributed to the owners of the Company. The following table summarizes the result of this transaction: Amounts in US$‘000 Total Cash 81,000 Additional installments to be paid 29,427 Total consideration 110,427 Equity attributable to non-controlling interest 64,245 Trade and other payables 32,786 Total book value of the transaction 97,031 Result of the transaction recognized in Equity 13,396 36.2 Colombia La Cuerva and Yamu Blocks On November 2, 2018, GeoPark executed a purchase and sale agreement to sell its 100% working interest in the La Cuerva and Yamu Blocks, in Colombia. The total consideration is US$ 18,000,000, less a working capital adjustment of US$ 1,934,000, plus a contingent payment of US$ 2,000,000. Closing of the transaction took place in July 2019, after the corresponding customary regulatory approvals . As a consequence of this transaction, GeoPark collected an advance payment of US$ 9,000,000 in November 2018 and the final payment (which includes the working capital adjustment) of US$ 7,066,000 in July 2019. The following table summarizes the assets and liabilities related to these blocks and the result of the transaction at its closing date: Amounts in US$‘000 Total Advance payment 9,000 Final payment (including working capital adjustment) 7,066 Total consideration 16,066 Assets held for sale 23,211 Liabilities associated with assets held for sale (9,447) Other net current assets 2,416 Total identifiable net assets 16,180 Result of the transaction recognized in the Condensed Consolidated Statement of Income (114) Llanos 123 and Llanos 124 Blocks On December 20, 2019, GeoPark signed final contracts for the 50% working interest and operationship in the Llanos 123 and Llanos 124 Blocks, in partnership with Hocol (a 100% subsidiary of Ecopetrol). The blocks represent attractive, low-risk, high potential exploration acreage in the Llanos Basin in proximity to the Llanos 34 Block, and surrounded by multiple producing oil and gas fields and existing infrastructure. GeoPark assumed commitments to acquire and reprocess existing 3D seismic and to drill five exploration wells for US$ 15,709,000, at GeoPark’s working interest, during the first exploration phase over the next three years. Llanos 94 Block In December 2019, GeoPark executed an agreement to acquire a 50% working interest in the Llanos 94 Block, subject to regulatory approval. GeoPark assumed commitments to acquire and reprocess existing 3D seismic and to drill three exploration wells for US$ 10,150,000, at GeoPark’s working interest, during the first exploration phase over the next three years. Llanos 86, Llanos 87 and Llanos 104 Blocks On July 11, 2019, GeoPark signed final contracts for the 50% working interest and operationship in the Llanos 86, Llanos 87 and Llanos 104 Blocks, in partnership with Hocol (a 100% subsidiary of Ecopetrol). The blocks represent significant and attractive, low-risk, high potential exploration acreage in the Llanos Basin in proximity to the Llanos 34 Block. GeoPark assumed commitments to register 3D seismic and to drill six exploration wells for US$ 29,023,000, at GeoPark’s working interest, during the first exploration phase over the next three years. Llanos 32 Block During the fourth quarter of 2019, GeoPark discovered the Azogue oil field where the Group’s working interest is 25% as per an additional agreement to the Llanos 32 Block Joint Operating Agreement (GeoPark non-operated, 12.5% working interest), by which GeoPark acquired a beneficial interest in a defined area within the block. 36.3 Brazil REC-T-58, REC-T-67, REC-T-77 and POT-T-834 Blocks In September 2019, GeoPark was preliminarily awarded the 100% working interest and operationship of the REC-T-58, REC-T-67, REC-T-77 and POT-T-834 Blocks. GeoPark assumed commitments of US$ 1,300,000 during the first exploration period of five years. Final contracts were signed on 14 February 2020. 36.4 Argentina Aguada Baguales, El Porvenir and Puesto Touquet Blocks On March 27, 2018, GeoPark acquired a 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks, which are located in the Neuquen Basin, for a total consideration of US$ 52,000,000, less a working capital adjustment of US$ 3,150,000. The Group has estimated that there are no any future contingent payments at the acquisition date and as of the date of these consolidated financial statements either. In accordance with the acquisition method of accounting, the acquisition cost was allocated to the underlying assets acquired and liabilities assumed based primarily upon their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future cash flows) was adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect estimates of projected future revenues, production costs and capital expenditures based on our business model. The following table summarizes the combined consideration paid for the acquired blocks and the final allocation of fair value of the assets acquired and liabilities assumed for the abovementioned transaction: Amounts in US$‘000 Total Cash (a) 48,850 Total consideration 48,850 Property, plant and equipment (including mineral interest) 54,929 Inventories 3,659 Provision for other long-term liabilities (9,738) Total identifiable net assets 48,850 (a) In December 2017, GeoPark granted a security deposit of US$ 15,600,000. In March 2018, the Group completed the total consideration with an additional payment of US$ 36,400,000. In September 2018, Geo-Park collected a working capital adjustment of US$ 3,150,000. In accordance with disclosure requirements for business combinations, the Group has calculated its consolidated revenue and profit, considering as if the mentioned acquisition had occurred at the beginning of the reporting period. The following table summarizes both results: Amounts in US$‘000 2019 Revenue 612,401 Profit for the period 102,873 The revenue included in the 2018 consolidated statement of comprehensive income since acquisition date contributed by the acquired business is US$ 35,879,000. The acquired business has also contributed profit of US$ 124,000 over the same period. As a consequence of this transaction, the Group considers that there is sufficient evidence of future taxable profits to offset tax losses and recognize a deferred tax asset for US$ 1,346,000 in respect of tax losses from previous years which can be utilised against future taxable profit. Los Parlamentos Block In June 2018, GeoPark acquired a 50% working interest in the Los Parlamentos exploratory block in partnership with YPF S.A. (YPF), the largest oil and gas producer in Argentina. In accordance with the partnership agreement, YPF assumed the operationship of the block and GeoPark assumed a commitment to fund its 50% working interest of one exploratory well and additional 3D seismic, which amounts to US$ 6,000,000 at GeoPark’s working interest, over the next three years. 36.5 Ecuador Espejo and Perico Blocks On May 22, 2019, GeoPark signed final participation contracts for the Espejo (GeoPark operated, 50% working interest) and Perico (GeoPark non-operated, 50% working interest) Blocks in Ecuador, which were awarded to GeoPark in the Intracampos Bid Round held in Quito, Ecuador in March 2019. GeoPark assumed a commitment of carrying out 3D seismic in the Espejo Block and drilling four exploration wells in each block, which amounts to US$ 29,757,000 at GeoPark’s working interest, over the next four years |
Impairment test on Property, pl
Impairment test on Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment of assets [Abstract] | |
Disclosure of impairment of assets [text block] | 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 fixed assets or with operations that are not linked to oil prices were not subject to the impairment test. As a result of the oil price crisis which started in the second half of 2014, the Group recognized an impairment loss of US$ 149,574,000 in 2015 after evaluating the recoverability of its fixed assets affected by oil price drop. In the following years the impairment tests were reviewed. Based on the analysis performed, the Group concluded that the impairment recognized should not be reversed in the current year. The main assumptions taken into account for the impairment tests for the blocks below mentioned were: - The future oil prices have been calculated taking into consideration the oil price curves available in the market, provided by international advisory companies, weighted through internal estimations in accordance with price curves used by D&M; - Three oil price scenarios were projected and weighted in order to minimize misleading estimations: low-price, middle-price and high-price (see below table “Oil price scenarios”); - The table “Oil price scenarios” was based on Brent future price estimations; the Group adjusted this market price on its model valuation to reflect the effective price applicable in each location (see Note 3 “Price risk”); - The model valuation was based on the expected cash flow approach; - The revenues were calculated linking price curves with levels of production according to certified reserves (see below table “Oil price scenarios”); - The levels of production have been linked to certified risked 1P, 2P and 3P reserves (see Note 4); - Production and structure costs were estimated considering internal historical data according to GeoPark’s own records and aligned to the 2020 approved budget; - The capital expenditures were estimated considering the drilling campaign necessary to develop the certified reserves; - The assets subject to impairment test are the ones classified as Oil and Gas properties and Production facilities and machinery; - The carrying amount subject to impairment test includes mineral interest, if any; - The income tax charges have considered future changes in the applicable income tax rates (see Note 16). Table Oil price scenarios (a): Amounts in US$per Bbl. Weighted market price used for the Year Low price (15%) Middle price (60%) High price (25%) impairment test 2020 66.0 66.0 66.0 66.0 2021 51.8 69.0 75.9 68.1 2022 53.7 71.6 78.8 70.7 Over 2023 54.8 73.1 80.4 72.2 (a) The percentages indicated between brackets represent the Group estimation regarding each price scenario As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: Amounts in US$‘000 2019 2018 2017 Colombia (a) — 11,531 — Chile (b) — (6,549) — Argentina (c) (7,559) — — Total (7,559) 4,982 — (a) Reversal of impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2). (b) Recognition of impairment loss due to the termination of the sales agreement for the TdF’s blocks, with no renovation in place as of the date of these consolidated financial statements. (c) Recognition of impairment loss for the total amount capitalized in the CN-V Block due to a negative revision of reserves at year-end. When evaluating the Aguada Baguales and El Porvenir Blocks, although no impairment loss was recognized, if the weighted market price used for the impairment test had been 5% lower in each of the future years, with all other variables held constant, the Group would have had to recognize an impairment against the carrying amount of property, plant and equipment of US$ 3,974,000. If the risk associated to reserves applied to the cash flow projections of this CGU had been 5% higher than management’s estimates, the Group would have had to recognize an impairment against property, plant and equipment of US$ 3,254,000. In the prior year, there were no reasonably possible changes in any of the key assumptions that would have resulted in an impairment loss in this CGU. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Disclosure of events after reporting period [text block] | Note 38 Subsequent events 38.1 Business transactions Acquisition of Amerisur Resources Plc. On January 16, 2020, GeoPark acquired the 100% share capital of Amerisur Resources Plc, a company listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange. The principal activities of Amerisur Resources Plc and its subsidiaries (“Amerisur”) are exploration, development and production for oil and gas reserves in Latin America. Amerisur owns thirteen production, development and exploration blocks in Colombia (twelve operated blocks in the Putumayo basin and one non-operated block in the Llanos Basin) and an export oil pipeline from Colombia to Ecuador named Oleoducto Binacional Amerisur (“OBA”). GeoPark paid a cash consideration of GBP 241,682,496 (equivalent to US$ 314,163,077) at closing date. Before closing the transaction, the Group decided to manage its exposure to British Pound Sterling (“GBP”) fluctuation with respect to the abovementioned cash consideration. Consequently, on November 25, 2019, GeoPark entered into a “Deal Contingent Forward” (DCF) with a UK Bank, in order to anticipate any currency fluctuation in respect to the cash consideration payable in GBP. This forward contract used was accounted for as a cash flow hedge as of December 31, 2019 and therefore all changes in its fair value were recognized in Other Reserve within Equity. In accordance with the acquisition method of accounting, the acquisition cost will be allocated to the underlying assets acquired and liabilities assumed based primarily upon their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future cash flows) will be adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect estimates of projected future revenues, production costs and capital expenditures based on our business model. The excess of acquisition cost, if any, over the net identifiable assets acquired represents goodwill. The following table summarises the combined consideration paid for the acquired blocks, and a preliminary allocation of fair value of the assets acquired and liabilities assumed for these transactions: Amounts in US$‘000 Total Cash 314,163 Total consideration 314,163 Cash and cash equivalents 36,633 Trade and other receivables 47,238 Property, plant and equipment (including mineral interest) 289,532 Other assets 25,585 Provision for other long-term liabilities (6,640) Deferred income tax liability (19,111) Lease liabilites (18,821) Trade and other payables (40,253) Total identifiable net assets 314,163 The purchase price allocation detailed above is preliminary, since the valuation process is ongoing. This process will be completed during 2020. Estimated acquisition related transaction costs amounted to US$ 5,758,000. 38.2 Borrowings Notes issuance On January 17, 2020, the Company successfully placed US$ 350,000,000 Notes which were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be fully and unconditionally guaranteed jointly and severally by GeoPark Chile S.p.A. and GeoPark Colombia S.L.U.. The Notes were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity of the Notes will be January 17, 2027. The indenture governing the Notes due 2027 includes incurrence test covenants that provides among other things, that, the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company’s capacity to incur additional indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments, restricted payments and others. The net proceeds from the Notes were used by the Company (i) to make an intercompany loan to its wholly-owned subsidiary, GeoPark Colombia S.A.S., providing it with sufficient funds to pay the total consideration for the acquisition of Amerisur (see Note 38.1) and to pay any related fees and expenses, and (ii) for general corporate purposes. 38.3 Equity Buyback Program On February 10, 2020, the Company approved a program to repurchase up to 10% of its shares outstanding or approximately 5,930,000 shares. The repurchase program begun on February 11, 2020 and will expire on December 31, 2020. These transactions have no impact on the Group’s results. Stock distribution On February 10, 2020, the Company announced that its Board of Directors declared a special stock distribution of 0.004 shares per share, which was paid on March 11, 2020 to the shareholders of record at the close of business on February 25, 2020. 38.4 Coronavirus and Oil Price Crisis The 2019 coronavirus (“COVID-19”) outbreak is currently having an indeterminable adverse impact on the world economy. While the COVID-19 has begun to have numerous worldwide effects on general commercial activity, one such effect is that the price of crude oil dropped. At this time, given the uncertainty of the lasting effect of the COVID-19 outbreak, its impact on the Group’s business cannot be determined. During the first week of March 2020, OPEC and non-OPEC producers (sometimes referred to as OPEC+) met in Vienna, Austria, to discuss the prospect of extending or increasing oil production cuts, in light of a decrease in demand due to COVID-19. No consensus was reached among the 24 participating countries, effectively eliminating quotas and reduction targets as of April 1, 2020. As a consequence, Saudi Arabia, the world’s largest oil exporter, through its state-owned Company Saudi Aramco, decided to lower the OSP (Official Selling Price) of its Arab light crude by around US$8 per barrel, the largest monthly decrease in 20 years. Concurrently, it announced plans to increase production to at least 10 million barrels per day as of April. On the other hand, the sustained impact of the COVID-19 pandemic across the world has led to a sharp drop in demand since most countries continue to announce containment measures (border closures, flight cancellations, self-isolation and quarantine, large gathering restrictions and bar and restaurant closures, among others). The full extent and duration of such containment measures, and their impact on the world economy are yet uncertain. Consequently, the Group is facing a new oil market scenario with increased oil supply mainly led by Saudi Arabia and significant demand reduction due to extreme COVID-19 containment measures. These two main factors have led to an oil surplus build up resulting in a sharp drop in oil prices (Brent fell by more than 55% between December 2019 and March 2020). At this time, given the uncertainty of the lasting effect of the COVID-19 outbreak, its impact on the Group’s business cannot be determined. GeoPark immediately took decisive measures, such as reducing the 2020 work program. Due to the severity of the current oil price outlook, additional adjustments have been made both to capital investment plans and operating and administrative costs, with continuous monitoring to adjust further if necessary. Specifically, our program and strategy are guided by the following principles and priorities: · Keep Team Healthy: Protect workforce and families from the pandemic and its interruptions · Continuity of Field Operations: Ensure backup plans and teams in place to guarantee continuity of operations and business · Preserve Cash: Adjust the work program to maintain flexibility and balance sheet strength · Capital Allocation Discipline: Prioritize lower-risk, higher netback, and quick cash flow generating projects · Do More for Less: Implement operating, administrative and capital cost reduction measures · Stay Agile: Continuous monitoring of work programs and adjustment, up or down, as necessary · Build for the Long-Term: Protect critical tools and capabilities necessary for the long-term Examples of the ongoing cost-cutting initiatives already implemented and providing results include: · Renegotiation of all service contracts, as well as any other type of contract · Improvements in operational efficiency · Temporary suspension of certain marginal fields · Overall reduction of administrative and structure costs, starting with a voluntary salary and bonus reduction by our management team and Board of Directors, as well as general renegotiation of fees and expenses · Temporary suspension of quarterly cash dividends and share buybacks Effective immediately, GeoPark adjusted the 2020 capital expenditures program to US$70-80 million, approximately a 60% reduction from prior preliminary estimates (approximately $180-200 million including capital expenditures for Amerisur assets). For the whole year 2020, GeoPark has secured an average of 33% of the estimated oil production, with a minimum average price of US$55 per barrel via three-way hedges (US$10/bbl wide put spread and call). Also, the current scenario has not impacted the approved credit lines and both Fitch and Standard & Poor’s maintained their credit ratings on our outstanding series of Notes due 2024 and 2027. If the lower oil price scenario continues for a longer period of time and the Group is not able to further adjust the investments and operating costs structures, the Group might have to recognize an impairment against the carrying amount of property, plant and equipment in the future. |
Supplemental information on oil
Supplemental information on oil and gas activities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Supplemental information on oil and gas activities [Abstract] | |
Disclosure Of Supplemental Information On Oil And Gas Activities [Text Block] | Note 39 Supplemental information on oil and gas activities (unaudited) The following information is presented in accordance with ASC No. 932 “Extractive Activities- Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by FASB in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the SEC final rules and interpretations, published on December 31, 2008. This information includes the Group’s oil and gas production activities carried out in Colombia, Chile, Brazil, Argentina and Peru. Table 1 - Costs incurred in exploration, property acquisitions and development The following table presents those costs capitalized as well as expensed that were incurred during each of the years ended as of December 31, 2019, 2018 and 2017. The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include geological and geophysical costs, costs necessary for retaining undeveloped properties, drilling costs and exploratory wells equipment. Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2019 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition Exploration 22,008 8,483 5,219 4,116 — 39,826 Development 68,818 2,611 143 25,109 14,408 111,089 Total costs incurred 90,826 11,094 5,362 29,225 14,408 150,915 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2018 Acquisition of properties Proved — — — 54,541 — 54,541 Unproved — — — — — — Total property acquisition — — — 54,541 — 54,541 Exploration 34,242 6,221 3,217 9,383 1,269 54,332 Development 65,174 3,033 (2,220) 1,836 8,385 76,208 Total costs incurred 99,416 9,254 997 11,219 9,654 130,540 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2017 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 37,017 3,283 5,207 8,080 743 54,330 Development 49,268 10,231 1,210 167 14,074 74,950 Total costs incurred 86,285 13,514 6,417 8,247 14,817 129,280 Table 2 - Capitalized costs related to oil and gas producing activities The following table presents the capitalized costs as at December 31, 2019, 2018 and 2017, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2019 Proved properties (a) Equipment, camps and other facilities 79,999 84,069 4,615 3,824 172,507 Mineral interest and wells 282,973 402,392 64,179 81,393 830,937 Other uncompleted projects (b) 19,754 11,984 209 765 32,712 Unproved properties 567 45,681 1,788 — 48,036 Gross capitalized costs 383,293 544,126 70,791 85,982 1,084,192 Accumulated depreciation (172,207) (313,379) (46,370) (30,897) (562,853) Total net capitalized costs 211,086 230,747 24,421 55,085 521,339 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Argentina for US$ 7,559,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2018 Proved properties (a) Equipment, camps and other facilities 83,023 81,459 5,154 2,458 172,094 Mineral interest and wells 189,514 400,338 63,574 64,084 717,510 Other uncompleted projects (b) 24,061 12,233 — 1,836 38,130 Unproved properties 1,676 41,162 7,073 10,081 59,992 Gross capitalized costs 298,274 535,192 75,801 78,459 987,726 Accumulated depreciation (122,479) (281,062) (43,158) (16,363) (463,062) Total net capitalized costs 175,795 254,130 32,643 62,096 524,664 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$ 11,531,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2017 Proved properties (a) Equipment, camps and other facilities 69,906 80,611 6,036 843 157,396 Mineral interest and wells 291,050 397,031 77,264 11,159 776,504 Other uncompleted projects 11,290 12,508 70 48 23,916 Unproved properties 4,106 49,702 7,585 2,975 64,368 Gross capitalized costs 376,352 539,852 90,955 15,025 1,022,184 Accumulated depreciation (228,793) (253,764) (39,509) (5,700) (527,766) Total net capitalized costs 147,559 286,088 51,446 9,325 494,418 (a) Includes capitalized amounts related to asset retirement obligations . Table 3 - Results of operations for oil and gas producing activities The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2019, 2018 and 2017. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2019 Revenue 538,917 32,336 23,049 34,605 628,907 Production costs, excluding depreciation Operating costs (60,545) (18,608) (4,098) (21,137) (104,388) Royalties (56,399) (1,181) (1,855) (5,141) (64,576) Total production costs (116,944) (19,789) (5,953) (26,278) (168,964) Exploration expenses (a) (10,921) (126) (6,152) (13,947) (31,146) Accretion expense (b) (813) (1,283) (832) (722) (3,650) Impairment loss for non-financial assets — — — (7,559) (7,559) Depreciation, depletion and amortization (44,906) (34,344) (6,200) (14,534) (99,984) Results of operations before income tax 365,333 (23,206) 3,912 (28,435) 317,604 Income tax benefit (expense) (120,585) 3,481 (1,330) 8,530 (109,904) Results of oil and gas operations 244,748 (19,725) 2,582 (19,905) 207,700 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2018 Revenue 497,870 37,359 30,053 35,879 601,161 Production costs, excluding depreciation Operating costs (55,823) (20,426) (5,965) (20,210) (102,424) Royalties (62,710) (1,473) (2,820) (4,833) (71,836) Total production costs (118,533) (21,899) (8,785) (25,043) (174,260) Exploration expenses (a) (23,953) (6,855) (2,846) (2,277) (35,931) Accretion expense (b) (892) (1,105) (918) (508) (3,423) Impairment loss reversal for non-financial assets 11,531 (6,549) — — 4,982 Depreciation, depletion and amortization (41,850) (27,298) (10,278) (10,662) (90,088) Results of operations before income tax 324,173 (26,347) 7,226 (2,611) 302,441 Income tax benefit (expense) (119,944) 3,952 (2,457) 783 (117,666) Results of oil and gas operations 204,229 (22,395) 4,769 (1,828) 184,775 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2017 Revenue 263,076 32,738 34,238 70 330,122 Production costs, excluding depreciation Operating costs (42,677) (19,685) (7,603) (325) (70,290) Royalties (24,236) (1,314) (3,134) (13) (28,697) Total production costs (66,913) (20,999) (10,737) (338) (98,987) Exploration expenses (a) (3,856) (1,404) (3,985) (707) (9,952) Accretion expense (b) (855) (994) (930) — (2,779) Depreciation, depletion and amortization (38,721) (22,705) (10,659) (8) (72,093) Results of operations before income tax 152,731 (13,364) 7,927 (983) 146,311 Income tax benefit (expense) (61,161) 2,005 (2,695) 344 (61,507) Results of oil and gas operations 91,570 (11,359) 5,232 (639) 84,804 (a) Do not include Peru costs. (b) Represents accretion of ARO and other environmental liabilities. Table 4 - Reserve quantity information Estimated oil and gas reserves Proved reserves represent estimated quantities of oil (including crude oil and condensate) and natural gas, which available geological and engineering data demonstrates with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The choice of method or combination of methods employed in the analysis of each reservoir was determined by the stage of development, quality and reliability of basic data, and production history. The Group believes that its estimates of remaining proved recoverable oil and gas reserve volumes are reasonable and such estimates have been prepared in accordance with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The Group estimates its reserves at least once a year. The Group’s reserves estimation as of December 31, 2019, 2018 and 2017 was based on the DeGolyer and MacNaughton Reserves Report (the “D&M Reserves Report”). DeGolyer and MacNaughton prepared its proved oil and natural gas reserve estimates in accordance with Rule 4‑10 of Regulation S–X, promulgated by the SEC, and in accordance with the oil and gas reserves disclosure provisions of ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities - Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities). Reserves engineering is a subjective process of estimation of hydrocarbon accumulation, which cannot be exactly measured, and the reserve estimation depends on the quality of available information and the interpretation and judgement of the engineers and geologists. Therefore, the reserves estimations, as well as future production profiles, are often different than the quantities of hydrocarbons which are finally recovered. The accuracy of such estimations depends, in general, on the assumptions on which they are based. The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2019, 2018 and 2017 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 39,397.0 2,319.0 32,326.0 1,763.0 21,101.0 — Chile (b) 898.0 14,406.0 696.0 11,944.0 720.0 8,688.0 Brazil (c) 48.0 14,872.0 55.0 17,339.0 76.0 23,821.0 Argentina (d) 1,658.0 5,785.0 2,058.0 6,207.0 — — Peru (e) — — — — 9,502.0 — Total consolidated 42,001.0 37,382 35,135.0 37,253.0 31,399.0 32,509.0 Net proved undeveloped Colombia (f) 51,212.0 — 42,449.0 359.0 44,398.0 — Chile (g) 2,809.0 6,413.0 2,622.0 8,823.0 3,423.0 11,329.0 Argentina (h) 1,370.0 450.0 1,440.0 3,174.0 — — Peru (e) 19,210.0 — 18,460.0 — 9,215.0 — Total consolidated 74,601.0 6,863.0 64,971.0 12,356.0 57,036.0 11,329.0 Total proved reserves 116,602.0 44,245.0 100,106.0 49,609.0 88,435.0 43,838.0 (a) Llanos 34 Block and Llanos 32 Block account for 93% and 7% (Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 98% and 2% in 2017) of the proved developed reserves, respectively. (c) BCAM‑40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 17%, 64% and 19% (Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 48%, 33% and 19% in 2018) of the proved developed reserves, respectively . (e) Morona Block accounts for 100% of the reserves. (f) Llanos 34 Block and Llanos 32 Block account 96% and 4% (Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017) of the proved undeveloped reserves, respectively . (g) Fell Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 97% and 3% in 2017) of the proved undeveloped reserves, respectively . (h) Aguada Baguales Block accounts for 100% (Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped reserves, respectively . Table 5 - Net proved reserves of oil, condensate and natural gas Net proved reserves (developed and undeveloped) of oil and condensate: Thousands of barrels Colombia Chile Brazil Argentina Peru Total Reserves as of December 31, 2016 37,340.0 6,599.0 72.0 — 18,621.0 62,632.0 Increase (decrease) attributable to: Revisions (a) 6,315.0 (2,109) 19.0 — 96 4,321.0 Extensions and discoveries (b) 29,047.0 — — — — 29,047.0 Production (7,203.0) (347.0) (15.0) — — (7,565.0) Reserves as of December 31, 2017 65,499.0 4,143.0 76.0 — 18,717.0 88,435.0 Increase (decrease) attributable to: Revisions (c) 9,826.0 (586.0) (6) — (257) 8,977.0 Extensions and discoveries (d) 8,839.0 41 — — — 8,880.0 Purchase of Minerals in place (e) — — — 3,968 — 3,968.0 Production (9,389.0) (280.0) (15.0) (470.0) — (10,154.0) Reserves as of December 31, 2018 74,775.0 3,318.0 55.0 3,498.0 18,460.0 100,106.0 Increase (decrease) attributable to: — Revisions (f) 18,341.0 541.0 4.0 95.0 750.0 19,731.0 Extensions and discoveries (g) 8,071.0 36.0 — — — 8,107.0 Production (10,578.0) (188.0) (11.0) (565.0) — (11,342.0) Reserves as of December 31, 2019 90,609.0 3,707.0 48.0 3,028.0 19,210.0 116,602.0 (a) For the year ended December 31, 2017, the Group’s oil and condensate proved reserves were revised upward by 4.3 mmbbl. The primary factors leading to the above were: - - - Such increase was partially offset by a decrease in reserves mainly related to a change in a previously adopted development plan in the Fell Block in Chile, resulting in a 2.4 mmbbl decrease. (b) In Colombia, the extensions and discoveries are primary due to the Chiricoca, Jacamar, and Curucucu field discoveries in the Llanos 34 Block and the Tigana and Jacana field extensions in the Llanos 34 Block. (c) For the year ended December 31, 2018, the Group’s oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were: - - - (d) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block. (e) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 36.4 for further details. (f) For the year ended December 31, 2019, the Group’s oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were: - A technical revision of the expected results of future wells in Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl . - Better than expected performance from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance of the Aguada Baguales Field wells ; and in Chile (0.3 mmbbl) mostly in Yagan Norte, Konawentru, Alakaluf and Yagan Fields. - An updated geological model for the Situche Field in Morona Block originated a new estimation of the proved original oil in place volumes that increment the proved undevelop reserves of the block in 0.7 mmbbl . - Such increase was partially offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and Argentina, respectively. - There were also better well types consider for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccesfull well. (g) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in Llanos 34 Block and Azogue field discovery in Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2016 — 36,300.0 29,525.0 — 65,825.0 Increase (decrease) attributable to: Revisions (a) — (13,725) 59.0 — (13,666.0) Extensions and discoveries (b) — 1,187.0 — — 1,187.0 Production — (3,745.0) (5,763.0) — (9,508.0) Reserves as of December 31, 2017 — 20,017.0 23,821.0 — 43,838.0 Increase (decrease) attributable to: Revisions (c) — 544.0 (679.0) — (135.0) Extensions and discoveries (d) 2,122 3,909.0 — — 6,031.0 Purchase of Minerals in place (e) — — — 10,452 10,452.0 Production — (3,703.0) (5,803.0) (1,071) (10,577.0) Reserves as of December 31, 2018 2,122 20,767.0 17,339.0 9,381 49,609.0 Increase (decrease) attributable to: Revisions (f) 621 (167) 1,812.0 (1,791) 475.0 Extensions and discoveries (g) 295.0 5,386.0 — — 5,681.0 Production (719) (5,167.0) (4,279.0) (1,355.0) (11,520.0) Reserves as of December 31, 2019 2,319.0 20,819.0 14,872.0 6,235.0 44,245.0 (a) For the year ended December 31, 2017, the Group’s proved natural gas reserves were revised downwards by 13.7 billion cubic feet. This was the combined effect of: - - (b) In Chile, the extensions and discoveries are primary due to the Uaken Field discovery in the Fell Block. (c) For the year ended December 31, 2018, the Group’s proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of: - Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet). - Lower than expected performance from existing wells in BCAM‑40 Block, resulting in a decrease of 0.7 billion cubic feet. - The above was partially offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile. (d) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia. (e) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note Une Formation in the Llan (f) For the year ended December 31, 2019, the Group’s proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to Pampa Larga, Ache and Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in Manati Field; Colombia (0.6 billion cubic feet) due to a better performance of Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performace of wells in Aguada Baguales. The above was partially offset by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in Challaco Bajo Field. Lower average prices resulted in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina (g) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos 32 Block, in Colombia. 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 2019, 2018 and 2017 and using a 10% annual discount factor. Future development and abandonment costs include estimated drilling costs, development and exploitation installations and abandonment costs. These future development costs were estimated based on evaluations made by the Group. The future income tax was calculated by applying the statutory tax rates in effect in the respective countries in which we have interests, as of the date this supplementary information was filed. This standardized measure is not intended to be and should not be interpreted as an estimate of the market value of the Group’s reserves. The purpose of this information is to give standardized data to help the users of the financial statements to compare different companies and make certain projections. It is important to point out that this information does not include, among other items, the effect of future changes in prices, costs and tax rates, which past experience indicates that are likely to occur, as well as the effect of future cash flows from reserves which have not yet been classified as proved reserves, of a discount factor more representative of the value of money over the lapse of time and of the risks inherent to the production of oil and gas. These future changes may have a significant impact on the future net cash flows disclosed below. For all these reasons, this information does not necessarily indicate the perception the Group has on the discounted future net cash flows derived from the reserves of hydrocarbons. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total At December 31, 2019 Future cash inflows 4,323,914 294,202 86,191 187,064 1,255,239 6,146,610 Future production costs (1,159,621) (104,688) (32,608) (118,797) (512,607) (1,928,321) Future development costs (276,804) (35,420) (2,166) (49,595) (278,388) (642,373) Future income taxes (858,700) (5,594) (1,409) (2,251) (143,416) (1,011,370) Undiscounted future net cash flows 2,028,789 148,500 50,008 16,421 320,828 2,564,546 10% annual discount (715,217) (44,277) (6,626) (5,080) (199,611) (970,811) Standardized measure of discounted future net cash flows 1,313,572 104,223 43,382 11,341 121,217 1,593,735 At December 31, 2018 Future cash inflows 4,059,619 317,437 102,104 277,429 1,352,159 6,108,748 Future production costs (983,782) (156,724) (49,255) (173,053) (441,801) (1,804,615) Future development costs (207,630) (39,360) (3,752) (54,400) (293,468) (598,610) Future income taxes (848,519) (2,515) (2,231) (6,610) (189,922) (1,049,797) Undiscounted future net cash flows 2,019,688 118,838 46,866 43,366 426,968 2,655,726 10% annual discount (640,625) (29,008) (5,317) (8,499) (188,435) (871,884) Standardized measure of discounted future net cash flows 1,379,063 89,830 41,549 34,867 238,533 1,783,842 At December 31, 2017 Future cash inflows 2,434,954 284,711 157,527 — 1,047,540 3,924,732 Future production costs (531,751) (131,788) (56,311) — (466,110) (1,185,960) Future development costs (187,414) (57,690) (7,524) — (235,920) (488,548) Future income taxes (558,226) (656) (10,442) — (107,294) (676,618) Undiscounted future net cash flows 1,157,563 94,577 83,250 — 238,216 1,573,606 10% annual discount (343,561) (19,338) (13,293) — (147,682) (523,874) Standardized measure of discounted future net cash flows 814,002 75,239 69,957 — 90,534 1,049,732 Table 7 - Changes in the standardized measure of discounted future net cash flows from proved reserves Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Present value at December 31, 2016 269,502 35,455 73,516 — 30,929 409,402 Sales of hydrocarbon, net of production costs (198,631) (14,251) (26,979) — — (239,861) Net changes in sales price and production costs 289,199 26,928 (3,000) — 69,962 383,089 Changes in estimated future development costs (124,053) 79,078 8,385 — (9,725) (46,315) Extensions and discoveries less related costs 49,574 — — — — 49,574 Development costs incurred 67,571 7,146 — — — 74,717 Revisions of previous quantity estimates 673,622 (69,594) 603 — 1,133 605,764 Net changes in income taxes (258,842) 6,097 7,976 — (11,828) (256,597) Accretion of discount 46,060 4,380 9,456 — 10,063 69,959 Present value at December 31, 2017 814,002 75,239 69,957 — 90,534 1,049,732 Sales of hydrocarbon, net of production costs (380,829) (18,923) (24,781) (21,243) — (445,776) Net changes in sales price and production costs 397,064 16,093 (15,170) — 191,288 589,275 Changes in estimated future development costs (18,632) 413 (1,426) — 9,611 (10,034) Extensions and discoveries less related costs 271,933 12,323 — — — 284,256 Development costs incurred 85,880 2,980 — 737 — 89,597 Revisions of previous quantity estimates 257,540 (4,517) (1,879) — (7,098) 244,046 Purchase of Minerals in place — — — 55,373 — 55,373 Net changes in income taxes (185,118) (1,368) 6,808 — (65,585) (245,263) Accretion of discount 137,223 7,590 8,040 — 19,783 172,636 Present value at December 31, 2018 1,379,063 89,830 41,549 34,867 238,533 1,783,842 Sales of hydrocarbon, net of production costs (411,528) (14,284) (17,289) (13,280) — (456,381) Net changes in sales price and production costs (299,642) 12,799 6,923 (20,694) (48,823) (349,437) Changes in estimated future development costs (268,377) (22,163) 1,165 573 (175,248) (464,050) Extensions and discoveries less related costs 182,857 17,300 — — — 200,157 Development costs incurred 69,694 4,023 445 4,325 — 78,487 Revisions of previous quantity estimates 415,349 9,508 5,482 (2,358) 11,992 439,973 Purchase of Minerals in place — — — — — — Net changes in income taxes 23,398 (2,025) 729 3,760 51,917 77,779 Accretion of discount 222,758 9,235 4,378 4,148 42,846 283,365 Present value at December 31, 2019 1,313,572 104,223 43,382 11,341 121,217 1,593,735 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary of significant accounting policies [Abstract] | |
Basis of preparation | 2.1 Basis of preparation The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated. During the year ended December 31, 2019, the Group income tax expense included an out of period adjustment related to prior periods that increased the income tax expense for US$ 9,910,000. The adjustment is related to the increase in deferred tax liabilities as a result of computing as temporary differences originally considered permanent, generated between the tax and book basis of Property, plant and equipment. The Group concluded that this adjustment was not material to the current year or to any previously reported Consolidated Financial Statements. |
Changes in accounting policy and disclosure | 2.1.1 Changes in accounting policy and disclosure New and amended standards adopted by the Group The following standards have been adopted by the Group for the first time for the financial year beginning on or after January 1, 2019: · IFRS 16 Leases · Prepayment Features with Negative Compensation – Amendments to IFRS 9 · Long-term Interests in Associates and Joint Ventures – Amendments to IAS 28 · Annual Improvements to IFRS Standards 2015 – 2017 Cycle · Plan Amendment, Curtailment or Settlement – Amendments to IAS 19 · Interpretation 23 Uncertainty over Income Tax Treatments. The Group also elected to adopt the following amendments early: · Definition of Material – Amendments to IAS 1 and IAS 8 IFRS 16 - Leases The Group has adopted IFRS 16 following the simplified approach, and has not restated comparative figures for previous reporting periods, as permitted under the specific transitional provisions in the standard. The impacts arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 9.4%. The table below summarizes the initial measurement of lease liabilities: Amounts in US$‘000 Total Operating lease commitments disclosed as at December 31, 2018 (Note 33.3) 69,938 (Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 (34,239) (Less) Short-term leases not recognized as a liability (17,537) (Less) Low-value leases not recognized as a liability (341) Lease liabilities recognized as at January 1, 2019 (at nominal value) 17,821 Lease liabilities recognized as at January 1, 2019 (at present value) 14,610 Classified as follows: Current 7,967 Non-current 6,643 The table below summarizes the recognition of assets related to the adoption of IFRS 16: Amounts in US$‘000 Total Right-of-use assets at January 1, 2019 14,610 Additions 2,496 Depreciation during the period (3,644) Right-of-use assets at December 31, 2019 13,462 Impact on segment information As a result of the change in the accounting policy, segment assets as of December 31, 2019 increased for the amount of the Right-of-use assets. Nevertheless, there is no impact on Adjusted EBITDA as a consequence of the adoption of this new standard, as specified in the indenture governing the Notes issued by the Company which considers IFRS in effect as of September 21, 2017. Practical expedients applied In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: · the use of a single discount rate to a portfolio of leases with reasonably similar characteristics, · reliance on previous assessments on whether leases are onerous, · the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases, · the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and · the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. Accounting for the Group’s leasing activities The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 7 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Until the 2018 financial year, leases of property, plant and equipment were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance expenses. The finance expense is charged to the Condensed Consolidated Statement of Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. 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. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’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. Right-of-use assets are measured at cost comprising 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. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Condensed Consolidated Statement of Income. Short-term leases are leases with a lease term of 12 months or less. Low-value asses comprise IT equipment and small items of office furniture. The adoption of the other amendments listed above did not have any impact on the amounts recognized in prior and current periods and are not expected to significantly affect future periods. New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2019 and not early adopted. Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2019 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
Going concern | 2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. Considering macroeconomic environment conditions, the performance of the operations, the US$ 425,000,000 and US$ 350,000,000 debt fundraisings completed in September 2017 and January 2020, respectively (see Notes 27 and 38.2), the Group’s cash position, and the fact that over 96% of its total indebtedness as of December 31, 2019 matures in 2024, the Directors have formed a judgement, at the time of approving the 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. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred by the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. |
Segment reporting | 2.4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Corporate Governance, Finance and People departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. |
Foreign currency translation | 2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Chile, Argentina, Peru and Ecuador is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income. |
Joint arrangements | 2.6 Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its financial statements. |
Revenue recognition | 2.7 Revenue recognition Revenue from the sale of crude oil and gas is recognized in the Consolidated Statement of Income when control is transferred to the purchaser, and if the revenue can be measured reliably and is expected to be received. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1. |
Production and operating costs | 2.8 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties are also included within this account. |
Financial results | 2.9 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized is the weighted average interest rate applicable to the Group’s general borrowings during the year, which was 6.90% at year-end 2019 (6.90% at year-end 2018 and 6.90% in 2017). Amounts capitalized during the year amounted to US$ 366,561 (US$ 257,507 in 2018 and US$ 610,841 in 2017). |
Property, plant and equipment | 2.10 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e.: seismic), direct labour costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$18,290,000 has been recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 26,389,000 in 2018 and US$ 5,834,000 in 2017). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable reserves. The calculation of the “unit of production” depreciation takes into account 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 2.12). |
Provisions and other long-term liabilities | 2.11 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 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. 2.11.1 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 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. 2.11.2 Deferred Income Government grants relating to the purchase of property, plant and equipment and contributions received in cash from the Group’s clients to improve the project economics of gas wells 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 | 2.12 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. During 2019, impairment loss was recognized for US$ 7,559,000 (impairment loss reversed for US$ 4,982,000 in 2018 and no impairment loss recognized or reversed in 2017). See Note 37. The write-offs are detailed in Note 20. |
Lease contracts | 2.13 Lease contracts The Group has changed its accounting policy for leases where the Group is the lessee. The new policy and the impact of the change are described in Note 2.1.1. All current lease contracts are considered to be operating leases on the basis that the lessor retains substantially all the risks and rewards related to the ownership of the leased asset. Until December 31, 2018, payments related to operating leases and other rental agreements were recognized in the Consolidated Income Statement on a straight-line basis over the term of the contract. The Group's total commitment relating to operating leases and rental agreements is disclosed in Note 33.3. Leases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Finance leases has to be recognized, at the lease’s inception, at the fair value of the leased property or, if lower, the present value of the minimum lease payments. |
Inventories | 2.14 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 | 2.15 Current and deferred income tax The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 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 tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the statements of financial position, 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. In the event that these differences revert in total (e.g. dividends are declared and paid), the deferred tax liability which the Group would have to recognize amounts to approximately US$ 4,000,000. Deferred tax balances are provided in full, with no discounting. |
Non-current assets or disposal groups held for sale | 2.16 Non-current assets or disposal groups held for sale Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or disposal group is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the Consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statement of Financial Position. |
Financial assets | 2.17 Financial assets Financial assets are divided into the following categories: amortized cost; financial assets at fair value through profit or loss and fair value through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. All financial assets not at fair value through profit or loss are initially recognized at fair value, plus transaction costs. Transaction costs of financial assets carried at fair value through profit or loss, if any, are expensed to profit or loss. Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at each balance sheet date. Interest and other cash flows resulting from holding financial assets are recognized in the Consolidated Statement of Income when receivable, regardless of how the related carrying amount of financial assets is measured. Amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets. These financial assets comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivables. These financial assets are subsequently measured at amortized cost using the effective interest method, less provision for impairment, if applicable. Any change in their value through impairment or reversal of impairment is recognized in the Consolidated Statement of Income. All of the Group’s financial assets are classified as amortized cost. |
Other financial assets | 2.18 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 | 2.19 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 | 2.20 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 | 2.21 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 | 2.22 Derivatives and hedging activities Derivative financial instruments are recognized in the 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. 2.22.1 Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in Other Reserve within Equity. The gain or loss relating to the ineffective portion is recognized immediately in the Consolidated Statement of Income. When forward contracts are used to hedge forecast transactions, the Group designates the change in fair value of the forward contract as the hedging instrument. Gains or losses relating to the effective portion of the change in the fair value of the forward contracts are recognized in Other Reserve within Equity. Where the hedged item subsequently results in the recognition of a non-financial asset, both the deferred hedging gains and losses and the deferred time value of the option contracts or deferred forward points, if any, are included within the initial cost of the asset. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in Equity at that time remains in Equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in Equity are immediately reclassified to the Consolidated Statement of Income. For more information about derivatives designated as cash flow hedges please refer to Note 38. 2.22.2 Other Derivatives Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the Consolidated Statement of Income. For more information about derivatives related to commodity risk management please refer to Note 8 and for more information about derivatives related to currency risk management please refer to Note 15. |
Borrowings | 2.23 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 | 2.24 Share capital Equity comprises the following: · "Share capital" representing the nominal value of equity shares. · "Share premium" representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issuance. · "Other reserve" representing: - the difference between the proceeds from the transaction with non-controlling interests received against the book value of the shares acquired in the Chilean and Colombian subsidiaries, and - the changes in the fair value of the effective portion of derivatives designated as cash flow hedges. · "Translation reserve" representing the differences arising from translation of investments in overseas subsidiaries. · "(Accumulated losses) Retained earnings" representing: - accumulated earnings and losses, and - the equity element attributable to shares granted according to IFRS 2 but not issued at year end. |
Share-based payment | - 2.25 Share-based payment The Group operates a number of equity-settled share-based compensation plans comprising share awards payments to employees and other third-party contractors. Share-based payment transactions are measured in accordance with IFRS 2. Fair value of the stock option plan for employee or contractors services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted calculated using the Geometric Brownian Motion method. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the Consolidated Statement of Income, with a corresponding adjustment to equity. The fair value of the share awards payments is determined at the grant date by reference to the market value of the shares and recognized as an expense over the vesting period. When the awards are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Summary of significant accounting policies [Abstract] | |
Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 [text block] | Amounts in US$‘000 Total Operating lease commitments disclosed as at December 31, 2018 (Note 33.3) 69,938 (Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 (34,239) (Less) Short-term leases not recognized as a liability (17,537) (Less) Low-value leases not recognized as a liability (341) Lease liabilities recognized as at January 1, 2019 (at nominal value) 17,821 Lease liabilities recognized as at January 1, 2019 (at present value) 14,610 Classified as follows: Current 7,967 Non-current 6,643 |
Disclosure of quantitative information about right-of-use assets [text block] | Amounts in US$‘000 Total Right-of-use assets at January 1, 2019 14,610 Additions 2,496 Depreciation during the period (3,644) Right-of-use assets at December 31, 2019 13,462 |
Financial Instruments-risk ma_2
Financial Instruments-risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments risk Management [Abstract] | |
Schedule of Gearing Ratios | The gearing ratios at December 31, 2019 and 2018 were as follows: Amounts in US$‘000 2019 2018 Net Debt 326,239 319,275 Total Equity 132,885 143,021 Total Capital 459,124 462,296 Gearing Ratio 71 % 69 % |
Consolidated Statement of Cas_3
Consolidated Statement of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Consolidated Statement Of Cash Flow [Abstract] | |
Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow | The following chart describes non-cash transactions related to the Consolidated Statement of Cash Flow: Amounts in US$‘000 2019 2018 2017 Increase (Decrease) in asset retirement obligation 13,299 (4,355) 5,943 Increase (Decrease) in provisions for other long-term liabilities 1,867 (60) 2,053 Purchase of property, plant and equipment (733) 1,100 11,759 |
Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow | Changes in working capital shown in the Consolidated Statement of Cash Flow are disclosed as follows: Amounts in US$‘000 2019 2018 2017 (Increase) Decrease in Inventories (1,675) 511 (2,031) (Increase) Decrease in Trade receivables (27,839) 3,423 (1,344) Increase in Prepayments and other receivables and Other assets (27,547) (36,061) (23,425) Customer advance repayments (a) - (10,000) (10,000) Security deposit utilised (granted) (Note 36.4) - 15,600 (15,600) Increase in Trade and other payables 14,807 20,169 27,122 (42,254) (6,358) (25,278) (a) In December 2015, the Colombian subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018. |
Schedule of reconciliation of liabilities arising from cash flow activities | The following chart shows the movements in the borrowings, lease liabilities and payables to related parties for each of the periods presented: Lease Payables to Amounts in US$‘000 Borrowings Liabilities related parties Total At January 1, 2017 358,672 — 27,801 386,473 Proceeds from borrowings 425,000 — — 425,000 Debt issuance costs paid (6,683) — — (6,683) Proceeds from cash calls from related parties — — 1,155 1,155 Accrual of borrowing's interests 26,651 — 2,228 28,879 Borrowing cancellation costs 17,575 — — 17,575 Exchange difference (1,320) — 1,742 422 Foreign currency translation 1,334 — (1,742) (408) Principal paid (355,022) — — (355,022) Interest paid (27,688) — — (27,688) Borrowing cancellation costs paid (12,315) — — (12,315) At December 31, 2017 426,204 — 31,184 457,388 Proceeds from borrowings 36,017 — — 36,017 Accrual of borrowing's interests 28,842 — 1,602 30,444 Exchange difference (2) — 4,333 4,331 Foreign currency translation (1,291) — (4,333) (5,624) Principal paid (15,073) — — (15,073) Interest paid (27,695) — — (27,695) Payments to related parties — — (32,786) (32,786) At December 31, 2018 447,002 — — 447,002 Initial recognition of lease liabilities — 14,610 — 14,610 Addition to lease liabilities — 2,496 — 2,496 Accrual of borrowing's interests 29,940 — — 29,940 Exchange difference 5 566 — 571 Foreign currency translation (639) 7 — (632) Unwinding of discount — 419 — 419 Principal paid (9,790) — — (9,790) Interest paid (29,099) — — (29,099) Lease payments — (4,855) — (4,855) At December 31, 2019 437,419 13,243 — 450,662 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Segment information [Abstract] | |
Schedule of Segment Information by Segment Areas (Geographical Segments) | Segment areas (geographical segments): Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Ecuador Corporate Total 2019 Revenue 538,917 32,336 23,049 34,605 — — — 628,907 Sale of crude oil 536,986 10,551 1,469 30,024 — — — 579,030 Sale of gas 1,931 21,785 21,580 4,581 — — — 49,877 Realized loss on commodity risk management contracts 3,888 — — — — — — 3,888 Production and operating costs (116,944) (19,789) (5,953) (26,278) — — — (168,964) Royalties (56,399) (1,181) (1,855) (5,141) — — — (64,576) Share-based payment (231) (31) (29) (38) — — — (329) Other operating costs (60,314) (18,577) (4,069) (21,099) — — — (104,059) Operating profit (loss) 297,783 (26,869) 1,750 (34,124) (7,468) (536) (19,861) 210,675 Operating netback 413,120 12,218 15,055 6,691 — — — 447,084 Adjusted EBITDA 367,058 8,310 11,750 868 (6,540) (535) (17,576) 363,335 Depreciation (46,917) (34,826) (7,445) (15,618) (576) (1) (105,532) Reversal of impairment losses — — — (7,559) — — — (7,559) Write-off — — (5,120) (13,170) — — — (18,290) Total assets 357,125 249,207 68,480 79,062 53,993 1,119 852,132 — Employees (average) (a) 195 89 13 133 26 2 461 Employees at year end (a) 202 77 13 128 14 2 439 (a) Unaudited Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2018 Revenue 497,870 37,359 30,053 35,879 — — 601,161 Sale of crude oil 496,341 17,402 1,198 30,549 — — 545,490 Sale of gas 1,529 19,957 28,855 5,330 — — 55,671 Realized loss on commodity risk management contracts (26,098) — — — — — (26,098) Production and operating costs (118,533) (21,899) (8,785) (25,043) — — (174,260) Royalties (62,710) (1,473) (2,820) (4,833) — — (71,836) Share-based payment (461) (226) (37) (154) — — (878) Operating costs (55,362) (20,200) (5,928) (20,056) — — (101,546) Operating profit (loss) 309,357 (29,139) 4,370 (6,739) (4,529) (16,828) 256,492 Operating netback 352,672 15,153 21,306 8,527 — — 397,658 Adjusted EBITDA 319,447 8,784 17,908 4,576 (7,077) (13,082) 330,556 Depreciation (42,721) (28,203) (10,395) (10,640) (245) (36) (92,240) Reversal (recognition) of impairment losses 11,531 (6,549) — — — — 4,982 Write-off (17,665) (6,121) (2,020) (583) — — (26,389) Total assets 383,450 276,449 70,424 87,259 35,817 9,261 862,660 Employees (average) (a) 182 101 12 121 27 2 445 Employees at year end (a) 178 100 12 137 28 2 457 Amounts in US$ ‘000 Colombia Chile Brazil Argentina Peru Corporate Total 2017 Revenue 263,076 32,738 34,238 70 — — 330,122 Sale of crude oil 262,309 15,873 910 70 — — 279,162 Sale of gas 767 16,865 33,328 — — — 50,960 Realized gain on commodity risk management contracts (2,148) — — — — — (2,148) Production and operating costs (66,913) (20,999) (10,737) (338) — — (98,987) Royalties (24,236) (1,314) (3,134) (13) — — (28,697) Share-based payment (248) (170) (39) — — — (457) Operating costs (42,429) (19,515) (7,564) (325) — — (69,833) Operating profit (loss) 116,290 (19,675) 4,434 (3,430) (3,850) (14,773) 78,996 Operating netback 194,013 11,222 23,540 (467) — — 228,308 Adjusted EBITDA 168,303 4,070 20,166 (2,183) (3,505) (11,075) 175,776 Depreciation (40,010) (23,730) (10,809) (159) (139) (38) (74,885) Write-off (1,625) (546) (2,978) (685) — — (5,834) Total assets 288,429 301,931 91,604 30,924 22,099 51,176 786,163 Employees (average) (a) 164 102 12 88 13 — 379 Employees at year end (a) 180 102 12 92 19 — 405 (a) Unaudited |
Schedule of Reconciliation of Total Operating Netback to Total Profit (Loss) Before Income Tax | Amounts in US$ ‘000 2019 2018 2017 Operating netback 447,084 397,658 228,308 Administrative expenses (60,130) (48,028) (38,937) Geological and geophysical expenses (23,619) (19,074) (13,595) Adjusted EBITDA for reportable segments 363,335 330,556 175,776 Unrealized (loss) gain on commodity risk management contracts (26,411) 42,271 (13,300) Depreciation (a) (105,532) (92,240) (74,885) Share-based payment (2,717) (5,446) (4,075) Impairment and write-off of unsuccessful exploration efforts (25,849) (21,407) (5,834) Lease accounting - IFRS 16 4,855 — — Others (b) 2,994 2,758 1,314 Operating profit 210,675 256,492 78,996 Financial expenses (41,070) (39,321) (53,511) Financial income 2,360 3,059 2,016 Foreign exchange loss (2,446) (11,323) (2,193) Profit before tax 169,519 208,907 25,308 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Revenue [Abstract] | |
Schedule of Information on Revenue | Amounts in US$ ‘000 2019 2018 2017 Sale of crude oil 579,030 545,490 279,162 Sale of gas 49,877 55,671 50,960 628,907 601,161 330,122 |
Commodity risk management con_2
Commodity risk management contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commodity risk management contracts [Abstract] | |
Schedule of Group's Derivative Contracts | The following table presents the Group’s derivative contracts in force as of December 31, 2019: Period Reference Type Volume bbl/d Price US$/bbl April 1, 2019 - March 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 79.02 Call April 1, 2019 - March 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 79.00 Call July 1 , 2019 - March 31,2020 ICE BRENT Zero Premium 3 Way 4,000 45.00‑55.00 Put 81.50 Call October 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 71.00 Call October 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 73.80 Call November 1, 2019 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 65.20 Call January 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 69.00 Call January 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 2,000 45.00‑55.00 Put 70.00 Call The following table presents the Group’s derivative contracts agreed after the balance sheet date: Period Reference Type Volume bbl/d Price US$/bbl April 1, 2020 - December 31, 2020 ICE BRENT Zero Premium 3 Way 1,000 45.00‑55.00 Put 71.95 Call |
Summary of Gain (Loss) on the Commodity Risk Management Contracts | The table below summarizes the gain (loss) on the commodity risk management contracts: 2019 2018 2017 Realized gain (loss) on commodity risk management contracts 3,888 (26,098) (2,148) Unrealized (loss) gain on commodity risk management contracts (26,411) 42,271 (13,300) Total (22,523) 16,173 (15,448) |
Production and operating costs
Production and operating costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Production And Operating Costs [Abstract] | |
Schedule of Production and Operating Costs | Amounts in US$ '000 2019 2018 2017 Staff costs (Note 11) 14,213 17,725 11,901 Share-based payment (Note 11) 329 878 457 Royalties 64,576 71,836 28,697 Well and facilities maintenance 27,660 20,262 14,722 Operation and maintenance 7,743 7,756 3,116 Consumables 17,625 17,444 11,902 Equipment rental 10,476 9,317 5,818 Safety and Insurance costs 4,107 3,878 2,591 Gas plant costs 3,414 5,967 6,069 Transportation costs 2,941 2,628 2,969 Field camp 2,583 2,959 2,377 Non-operated blocks costs 1,353 1,327 1,213 Other costs 11,944 12,283 7,155 168,964 174,260 98,987 |
Depreciation (Tables)
Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Depreciation [Abstract] | |
Schedule of Depreciation | Amounts in US$ ‘000 2019 2018 2017 Oil and gas properties 83,276 72,130 57,725 Production facilities and machinery 16,708 17,958 14,558 Furniture, equipment and vehicles 2,096 1,579 1,948 Buildings and improvements 804 996 844 Depreciation of property, plant and equipment (a) 102,884 92,663 75,075 Related to: Productive assets 99,984 90,088 72,283 Administrative assets 2,900 2,575 2,792 Depreciation total (a) 102,884 92,663 75,075 (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, 2019 | |
Disclosure of Staff costs and Directors Remuneration [Abstract] | |
Schedule of Staff Costs and Directors Remuneration | 2019 2018 2017 Number of employees at year end 439 457 405 Amounts in US$ ‘000 Wages and salaries 55,325 52,644 41,775 Share-based payments (Note 31) 2,717 5,446 4,075 Social security charges 6,888 7,464 5,364 Director’s fees and allowance 3,266 2,876 3,458 68,196 68,430 54,672 Recognized as follows: Production and operating costs 14,542 18,603 12,358 Geological and geophysical expenses 18,448 15,527 11,026 Administrative expenses 35,206 34,300 31,288 68,196 68,430 54,672 Board of Directors’ and key managers’ remuneration Salaries and fees 13,483 12,452 9,674 Share-based payments 2,251 2,918 2,322 Other benefits in kind 262 272 287 15,996 15,642 12,283 |
Schedule of Directors' Remuneration | Directors’ Remuneration Executive Executive Non-Executive Director Fees Cash Equivalent Directors’ Fees Directors’ Bonus Directors’ Fees Paid in Shares Total Remuneration (in US$) (in US$) (in US$) (No. of Shares) (in US$) Gerald O’Shaughnessy 400,000 — — — 400,000 James F. Park 800,000 909,352 — — 1,709,352 Pedro E. Aylwin (a) 14,625 — — — 14,625 Juan Cristóbal Pavez (b) — — 110,000 5,844 210,000 Carlos Gulisano (c) — — 108,750 5,844 208,750 Robert Bedingfield (d) — — 110,000 5,844 210,000 Jamie Coulter — — 90,000 5,844 190,000 Constantin Papadimitriou — — 88,750 5,844 188,750 (a) Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance. (b) Compensation Committee Chairman. (c) Technical Committee Chairman. (d) Audit Committee Chairman. |
Geological and geophysical ex_2
Geological and geophysical expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Geological and geophysical expenses [Abstract] | |
Schedule of Geological and Geophysical Expenses | Amounts in US$ ‘000 2019 2018 2017 Staff costs (Note 11) 18,312 15,005 10,525 Share-based payment (Note 11) 136 522 501 Allocation to capitalized project (4,834) (5,645) (6,402) Other services 4,979 4,069 3,070 18,593 13,951 7,694 |
Administrative expenses (Tables
Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Administrative expenses [Abstract] | |
Schedule of Administrative Expenses | Amounts in US$ ‘000 2019 2018 2017 Staff costs (Note 11) 29,688 27,378 24,713 Share-based payment (Note 11) 2,252 4,046 3,117 Consultant fees (a) 18,685 7,427 5,120 Office expenses 1,386 3,021 2,506 Travel expenses 4,867 4,519 2,772 Director’s fees and allowance (Note 11) 3,266 2,876 3,458 Communication and IT costs 2,928 2,395 2,109 Allocation to joint operations (8,008) (7,774) (7,646) Other administrative expenses 5,754 8,186 5,905 60,818 52,074 42,054 (a) The increase in consultant fees in 2019 is explained mainly by legal and other advisory services related to new business efforts |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Selling expenses [Abstract] | |
Schedule of Selling Expenses | Amounts in US$ ‘000 2019 2018 2017 Transportation (a) 12,985 2,638 864 Selling taxes and other 1,128 1,385 272 14,113 4,023 1,136 (a) The increase in transportation costs in 2019 is explained primarily due to the difference in accounting for different points of sale in Colombia and costs associated with the operation of the flowline connecting Llanos 34 block to the ODL regional pipeline. Sales at the wellhead have no selling costs associated but generate lower revenue whereas transportation costs for sales to other delivery points are accounted for as selling expenses. |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial costs [Abstract] | |
Schedule of Financial Results | Amounts in US$ '000 2019 2018 2017 Financial expenses Interest and amortization of debt issue costs (29,977) (28,955) (27,823) Interest with related parties — (1,606) (2,224) Less: amounts capitalized on qualifying assets 367 258 611 Borrowings cancellation costs — — (17,575) Bank charges and other financial results (6,900) (5,513) (3,721) Unwinding of long-term liabilities (4,560) (3,505) (2,779) (41,070) (39,321) (53,511) Financial income Interest received 2,360 3,059 2,016 2,360 3,059 2,016 Foreign exchange gains and losses Foreign exchange loss (6,163) (11,323) (2,193) Realized gain on currency risk management contracts 2,843 — — Unrealized gain on currency risk management contracts 874 — — (2,446) (11,323) (2,193) Total Financial results (41,156) (47,585) (53,688) |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Income tax [Abstract] | |
Schedule of Components of Income Tax | Amounts in US$ ‘000 2019 2018 2017 Current tax (111,371) (101,456) (48,449) Deferred income tax (Note 18) (391) (4,784) 5,304 (111,762) (106,240) (43,145) |
Summary of Income Tax Reconciliation | 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 2019 2018 2017 Profit before tax 169,519 208,907 25,308 Tax losses from non-taxable jurisdictions 49,360 42,808 22,708 Taxable profit 218,879 251,715 48,016 Income tax calculated at domestic tax rates applicable to Profit in the respective countries (79,395) (102,211) (31,107) Tax losses where no deferred tax benefit is recognized (2,563) (7,344) (8,111) Effect of currency translation on tax base (16,795) 3,336 (2,330) Effect of inflation adjustment for tax purposes 541 — — Changes in the income tax rate (Note 16) 1,279 (1,874) 542 Previously unrecognized tax losses 1,820 4,882 — Out of period adjustment (a) (9,910) — — Non-taxable results (b) (6,739) (3,029) (2,139) Income tax (111,762) (106,240) (43,145) (a) See Note 2.1. (b) Includes non-deductible expenses in each jurisdiction. |
Summary of Tax Losses Accumulated | The Group has tax losses available which can be utilised against future taxable profit in the following countries: Amounts in US$ ‘000 2019 2018 2017 Chile (a) 317,644 315,733 345,104 Brazil (a) 37,848 38,011 33,721 Argentina (b) 22,930 5,490 4,849 Total tax losses at December 31 378,422 359,234 383,674 (a) Taxable losses have no expiration date. (b) Expiring dates for tax losses accumulated at December 31, 2019 are: Expiring date Amounts in US$ ‘000 2021 447 2022 1,109 2023 2,946 2024 18,428 |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of deferred income tax [Abstract] | |
Schedule of Gross Movement on the Deferred Income Tax Account | The gross movement on the deferred income tax account is as follows: Amounts in US$ ‘000 2019 2018 Deferred tax at January 1 16,992 25,350 Currency translation differences (517) (3,574) Income statement credit (charge) (391) (4,784) Deferred tax at December 31 16,084 16,992 |
Schedule of Breakdown and Movement of Deferred Tax Assets and Liabilities | The breakdown and movement of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: At the (Charged) Currency beginning Credited to translation At the end Amounts in US$ ‘000 of year net profit differences Reclassification of year Deferred tax assets Difference in depreciation rates and other (3,077) (10,947) (14) 21,918 7,880 Taxable losses 34,870 3,462 (503) (18,775) 19,054 Total 2019 31,793 (7,485) (517) 3,143 26,934 Total 2018 27,636 (11,514) (3,574) 19,245 31,793 At the beginning Credited (Charged) At the end Amounts in US$ ‘000 of year to net profit Reclassification of year Deferred tax liabilities Difference in depreciation rates and other (14,801) 7,094 (21,918) (29,625) Taxable losses — — 18,775 18,775 Total 2019 (14,801) 7,094 (3,143) (10,850) Total 2018 (2,286) 6,730 (19,245) (14,801) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of earning per share [Abstract] | |
Schedule of Earnings per Share | Amounts in US$ ‘000 except for shares 2019 2018 2017 Numerator: Profit (Loss) for the year attributable to owners 57,757 72,415 (24,228) Denominator: Weighted average number of shares used in basic EPS 60,217,523 60,612,230 60,093,191 Earnings (Losses) after tax per share (US$) – basic 0.96 1.19 (0.40) Amounts in US$ ‘000 except for shares 2019 2018 2017 (a) Weighted average number of shares used in basic EPS 60,217,523 60,612,230 60,093,191 Effect of dilutive potential common shares (a) Stock awards at US$ 0.001 2,433,126 4,758,552 — Weighted average number of common shares for the purposes of diluted earnings per shares 62,650,649 65,370,782 60,093,191 Earnings (Losses) after tax per share (US$) – diluted 0.92 1.11 (0.40) (a) For the year ended December 31, 2017, there were 4,564,777 of potential shares that could have a dilutive impact. They were considered antidilutive due to negative earnings. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property plant and equipments [Abstract] | |
Schedule of Property, Plant and Equipment | Furniture, Production Buildings Exploration Oil & gas equipment facilities and and Construction in and evaluation Amounts in US$’000 properties and vehicles machinery improvements progress (a) assets (b) Total Cost at January 1, 2017 692,241 14,357 132,413 10,553 32,926 61,773 944,263 Additions 7,997 (c) 954 — — 66,953 49,455 125,359 Currency translation differences (1,142) (12) (147) (3) (62) (104) (1,470) Disposals — (112) — (189) — — (301) Write-off — — — — — (5,834) (d) (5,834) Transfers 77,408 211 25,130 — (61,827) (40,922) — Cost at December 31, 2017 776,504 15,398 157,396 10,361 37,990 64,368 1,062,017 Additions (5,753) (c) 1,706 — — 81,961 43,515 121,429 Acquisitions (Note 36.4) 52,925 254 1,616 134 — — 54,929 Currency translation differences (11,525) (130) (884) (30) (15) (882) (13,466) Disposals — (46) (417) — — — (463) Write-off / Impairment reversal 5,109 (g) — (120) (g) — (7) (g) (26,389) (e) (21,407) Transfers 63,794 566 14,503 1,089 (59,332) (20,620) — Assets held for sale (Note 36.2) (163,544) — — — — — (163,544) Cost at December 31, 2018 717,510 17,748 172,094 11,554 60,597 59,992 1,039,495 Additions 14,696 (c) 2,052 381 159 96,012 27,449 140,749 Currency translation differences (3,022) (414) (561) (8) (106) (449) (4,560) Disposals — (102) (101) — — (59) (262) Write-off / Impairment (7,559) (g) — — — — (18,290) (f) (25,849) Transfers 83,010 265 24,183 65 (86,916) (20,607) — Reclassification (h) 26,302 — (23,489) — — — 2,813 Cost at December 31, 2019 830,937 19,549 172,507 11,770 69,587 48,036 1,152,386 Depreciation and write-down at January 1, 2017 (384,739) (10,049) (71,698) (4,131) — — (470,617) Depreciation (57,725) (1,948) (14,558) (844) — — (75,075) Disposals — 73 — 38 — — 111 Currency translation differences 930 8 24 5 — — 967 Depreciation and write-down at December 31, 2017 (441,534) (11,916) (86,232) (4,932) — — (544,614) Depreciation (72,130) (1,579) (17,958) (996) — — (92,663) Disposals — 42 149 — — — 191 Currency translation differences 6,292 92 337 26 — — 6,747 Assets held for sale (Note 36.2) 148,014 — — — — — 148,014 Depreciation and write-down at December 31, 2018 (359,358) (13,361) (103,704) (5,902) — — (482,325) Depreciation (83,276) (2,096) (16,708) (804) — — (102,884) Disposals — 85 34 — — — 119 Currency translation differences 2,492 223 480 110 — — 3,305 Reclassification (h) (27,664) — 24,851 — — — (2,813) Depreciation and write-down at December 31, 2019 (467,806) (15,149) (95,047) (6,596) — — (584,598) Carrying amount at December 31, 2017 334,970 3,482 71,164 5,429 37,990 64,368 517,403 Carrying amount at December 31, 2018 358,152 4,387 68,390 5,652 60,597 59,992 557,170 Carrying amount at December 31, 2019 363,131 4,400 77,460 5,174 69,587 48,036 567,788 (a) Construction in progress includes US$ 36,874,000 as of December 31, 2019 (US$ 22,467,000 and US$ 14,073,000 as of December 31, 2018 and 2017, respectively) of costs incurred in the Morona Block in Peru. In June 2019, GeoPark withdrew the Environmental Impact Assessment (EIA), due to a lack of definition from the Peruvian Government about whether a prior consultation process was needed for the deforestation. This decision has caused a delay in the original development progress of this project. On January 10, 2020, given such lack of definition, Perupetro granted GeoPark a new Force Majeure since June 15, 2019, until the Government pronounces a definite statement regarding the need (or not) of performing prior consultation for the reforestation works included in the corresponding environmental instrument. (b) Exploration wells movement and balances are shown in the table below; seismic and other exploratory assets amount to US$ 44,047,000 (US$ 48,779,000 in 2018 and US$ 53,764,000 in 2017). |
Schedule of Exploration Wells Movement and Balances | Amounts in US$ ‘000 Total Exploration wells at December 31, 2017 10,604 Additions 43,103 Write-offs (23,733) Transfers (18,761) Exploration wells at December 31, 2018 11,213 Additions 23,082 Write-offs (12,941) Transfers (17,365) Exploration wells at December 31, 2019 3,989 |
Subsidiary undertakings (Tables
Subsidiary undertakings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiary undertakings [Abstract] | |
Summary of Subsidiaries and Joint Operations | Details of the subsidiaries and joint operations of the Group are set out below: Name and registered office Ownership interest Subsidiaries GeoPark Argentina S.A.U (Argentina) 100% GeoPark Latin America Limited (Bermuda) 100% GeoPark Latin America Limited – Agencia en Chile (Chile) 100% (a) GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) 100% (a) GeoPark Chile S.p.A. (Chile) 100% (a) GeoPark Fell S.p.A. (Chile) 100% (a) GeoPark Magallanes Limitada (Chile) 100% (a) GeoPark TdF S.p.A. (Chile) 100% (a) GeoPark Colombia S.A.S. (Colombia) 100% (a) GeoPark Latin America S.L.U. (Spain) 100% (a) GeoPark Colombia S.L.U. (Spain) 100% (a) GeoPark S.A.C. (Peru) 100% (a) GeoPark Perú S.A.C. (Peru) 100% (a) GeoPark Operadora del Perú S.A.C. (Peru) 100% (a) GeoPark Colombia E&P S.A. (Panama) 100% (a) GeoPark Colombia E&P Sucursal Colombia (Colombia) 100% (a) GeoPark Mexico S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark E&P S.A.P.I. de C.V. (Mexico) 100% (a) (b) GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) 100% (a) GeoPark (UK) Limited (United Kingdom) 100% Joint operations Flamenco Block (Chile) 50% (c) Campanario Block (Chile) 50% (c) Isla Norte Block (Chile) 60% (c) Llanos 34 Block (Colombia) 45% (c) Llanos 32 Block (Colombia) 12.5% Puelen Block (Argentina) 18% (d) Sierra del Nevado Block (Argentina) 18% (d) CN-V Block (Argentina) 50% Los Parlamentos Block (Argentina) 50% Manati Field (Brazil) 10% POT-T-747 Block (Brazil) 70% (c) (d) REC-T-128 Block (Brazil) 70% (c) POT-T-785 Block (Brazil) 70% (c) Morona Block (Peru) 75% (c) Espejo Block (Ecuador) 50% (c) Perico Block (Ecuador) 50% Llanos 86 Block (Colombia) 50% (c) Llanos 87 Block (Colombia) 50% (c) Llanos 104 Block (Colombia) 50% (c) Llanos 123 Block (Colombia) 50% (c) Llanos 124 Block (Colombia) 50% (c) (a) Indirectly owned. (b) Dormant companies. (c) GeoPark is the operator. (d) In process of relinquishment. |
Prepayments and other receiva_2
Prepayments and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Prepayments and other receivables [Abstract] | |
Schedule of Prepayments and other receivables | Amounts in US$ '000 2019 2018 V.A.T. 27,052 37,811 Income tax payments in advance 20,609 9,668 Other prepaid taxes 1,069 966 To be recovered from co-ventures (Note 34) 1,035 1,819 Prepayments and other receivables 8,282 7,889 Total 58,047 58,153 Classified as follows: Current 51,016 54,659 Non-current 7,031 3,494 Total 58,047 58,153 |
Schedule of Movements on the Group Provision for Impairment | Amounts in US$ '000 2019 2018 At January 1 546 594 Foreign exchange income 4 (48) 550 546 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | Amounts in US$ '000 2019 2018 Crude oil 4,285 3,369 Materials and spares 7,162 5,940 11,447 9,309 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade receivables. | |
Schedule of Trade Receivables | Amounts in US$ '000 2019 2018 Trade receivables 44,178 16,215 Total 44,178 16,215 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 Financial assets at fair value through profit or loss Derivative financial instrument assets 8,097 27,539 Cash and cash equivalents 42,212 53,794 50,309 81,333 Other financial assets at amortized cost Trade receivables 44,178 16,215 To be recovered from co-venturers (Note 34) 1,035 1,819 Other financial assets (a) 10,999 11,468 Cash and cash equivalents 68,968 73,933 125,180 103,435 Total financial assets 175,489 184,768 (a) Non-current other financial assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other financial assets corresponds 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 2019 2018 Liabilities at fair value through profit and loss Derivative financial instrument liabilities 952 — 952 — Other financial liabilities at amortized cost Trade payables 83,991 69,142 Payables to LGI (Note 36.1) 15,000 29,509 To be paid to co-venturers (Note 34) 4,803 8,449 Lease liabilities 13,243 — Borrowings 437,419 447,002 554,456 554,102 Total financial liabilities 555,408 554,102 |
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 2019 2018 Trade receivables Counterparties with an external credit rating (Moody’s) Ba1 1,037 — B2 780 1,196 Ba2 6,156 5,511 Ba3 - 3,734 Baa3 25,447 — Caa2 933 — Counterparties without an external credit rating Group1 (a) 9,825 5,774 Total trade receivables 44,178 16,215 (a) Group 1 – existing customers (more than 6 months) with no defaults in the past. |
Schedule of Financial Liabilities - contractual undiscounted cash flows | The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 year and 2 years and 5 years years At December 31, 2019 Borrowings 37,621 27,625 507,875 — Lease liabilities 7,442 2,494 4,479 1,053 Trade payables 83,291 700 — — To be paid to co-venturers 28 — 4,775 — Payables to LGI (Note 36.1) 15,000 — — — 143,382 30,819 517,129 1,053 At December 31, 2018 Borrowings 39,545 38,648 82,875 452,625 Trade payables 68,862 280 — — To be paid to co-venturers 8,449 — — — Payables to LGI (Note 36.1) 15,000 15,000 — — 131,856 53,928 82,875 452,625 |
Schedule of Fair Value Hierarchy | The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at December 31, 2019 and 2018 on a recurring basis: At December 31 Amounts in US$ ‘000 Level 1 Level 2 2019 Assets Cash and cash equivalents Money market funds 42,212 — 42,212 Derivative financial instrument liabilities Commodity risk management contracts — 444 444 Currency risk management contracts — 874 874 Forward contacts relating to forecast transactions — 6,779 6,779 Total Assets 42,212 8,097 50,309 Liabilities Derivative financial instrument liabilities Commodity risk management contracts — 952 952 Total Liabilities — 952 952 At December 31 Amounts in US$ ‘000 Level 1 Level 2 2018 Assets Cash and cash equivalents Money market funds 53,794 — 53,794 Derivative financial instrument liabilities Commodity risk management contracts — 27,539 27,539 Total Assets 53,794 27,539 81,333 |
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 2019 2018 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) A1 6,924 1,315 A2 33,633 595 A3 13,105 765 Aaa-mf 41,219 52,563 Aa1 — 4,732 Aa3 — 17,431 AAA 3,894 14,307 Ba1 1,854 4,033 Ba2 1 1 Baa1 580 13,903 Baa1+ — 4,138 Baa2 5,408 6,534 Ba3 1,262 212 BBB — 3,199 Counterparties without an external credit rating 14,278 15,448 Total 122,158 139,176 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 21,000 (US$ 20,000 in 2018). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Equity [Abstract] | |
Schedule of Share Capital | Issued share capital 2019 2018 Common stock (amounts in US$ ‘000) 59 60 The share capital is distributed as follows: Common shares, of nominal US$ 0.001 59,167,584 60,483,447 Total common shares in issue 59,167,584 60,483,447 Authorized share capital US$ per share 0.001 0.001 Number of common shares (US$ 0.001 each) 5,171,949,000 5,171,949,000 Amount in US$ 5,171,949 5,171,949 |
Schedule of Outstanding Common Shares | Shares Shares issued closing US$(`000) GeoPark common shares history Date (millions) (millions) Closing Shares outstanding at the end of 2017 60.6 61 Stock awards Dec 2018 0.1 60.7 61 Stock awards Dec 2018 (0.2) 60.5 60 Shares outstanding at the end of 2018 60.5 60 Stock awards Jan 2019 1.5 62.0 62 Buyback program Mar 2019 (0.7) 61.3 61 Buyback program Jun 2019 (2.3) 59.0 59 Stock awards Jul 2019 1.5 60.5 60 Buyback program Sep 2019 (1.2) 59.3 59 Buyback program Dec 2019 (0.1) 59.2 59 Shares outstanding at the end of 2019 59.2 59 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Borrowings [Abstract] | |
Schedule of Borrowings | Amounts in US$ ‘000 2019 2018 Outstanding amounts as of December 31 2024 Notes (a) 427,812 426,993 Banco Santander (b) 9,607 20,006 Banco de Crédito e Inversiones (c) — 3 437,419 447,002 Classified as follows: Current 17,281 17,975 Non-current 420,138 429,027 (a) During September 2017, the Company successfully placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act. The Notes carry a coupon of 6.50% per annum. Final maturity of the Notes will be September 21, 2024. The Notes are secured with a (b) During October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited- Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020. (c) During February 2016, GeoPark Fell S.p.A. executed a loan agreement with Banco de Crédito e Inversiones for US$ 186,000 to finance the acquisition of vehicles for the Chilean operation. The interest rate applicable to this loan was 4.14% per annum. The interest and the principal were fully repaid in February 2019. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of financial position of lease assets and liabilities | December January 1, Amounts in US$ ‘000 31, 2019 2019 (a) Right of use assets Production, facilities and machinery 8,785 9,398 Buildings and improvements 4,677 5,212 13,462 14,610 Lease liabilities Current 7,442 7,967 Non-current 5,801 6,643 13,243 14,610 (a) In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. For adjustments recognized on adoption of IFRS 16 on January 1, 2019, please refer to Note 2.1.1. |
Schedule of lease expenses consolidated statement of income | Amounts in US$ ‘000 2019 Depreciation charge of Right of use assets Production, facilities and machinery (1,834) Buildings and improvements (1,810) (3,644) Unwinding of long-term liabilities (included in Financial results) (419) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) (13,463) Expenses related to low-value leases (included in Administrative expenses) (314) |
Provisions and other long-ter_2
Provisions and other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Provisions And Other Long term Liabilities [Abstract] | |
Disclosure of other provisions [text block] | Asset retirement Deferred Amounts in US$ ‘000 obligation Income Other Total At January 1, 2018 38,075 1,452 6,757 46,284 Addition to provision 462 — 1,039 1,501 Recovery of abandonment costs and other (4,817) — (1,099) (5,916) Acquisitions 9,738 — — 9,738 Exchange difference 1,823 — (46) 1,777 Foreign currency translation (1,648) — — (1,648) Amortization — (1,005) — (1,005) Unwinding of discount 3,250 — 173 3,423 Unused amounts reversed — — (2,093) (2,093) Amounts used during the year (750) — (124) (874) Liabilities associated with assets held for sale (5,816) — (2,794) (8,610) At December 31, 2018 40,317 447 1,813 42,577 Addition to provision 13,299 2,267 1,867 17,433 Exchange difference 375 (18) (48) 309 Foreign currency translation (334) — — (334) Amortization — (429) — (429) Unwinding of discount 3,573 — 77 3,650 Amounts used during the year (1,117) — (27) (1,144) At December 31, 2019 56,113 2,267 3,682 62,062 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Trade and other payables [Abstract] | |
Schedule of Trade and Other Payables | Amounts in US$ ‘000 2019 2018 V.A.T 6,718 852 Trade payables 83,991 69,142 Payables to LGI (Note 36.1) 15,000 29,509 Customer advance payments — 6,300 Other short-term advance payments (a) — 9,000 Staff costs to be paid 13,219 12,049 Royalties to be paid 6,294 6,238 Taxes and other debts to be paid 6,795 4,670 To be paid to co-venturers (Note 34) 4,803 8,449 136,820 146,209 Classified as follows: Current 131,345 131,420 Non-current 5,475 14,789 (a) Advance payment collected in relation with the sale of La Cuerva and Yamu Blocks (see Note 36.2). |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Share Based Payment [Abstract] | |
Schedule of Share-based Payment | Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table and explanations: Awards at the Awards granted Awards Awards Awards at Charged to net loss / profit Year of issuance beginning in the year forfeited exercised year end 2019 2018 2017 2018 200,000 — (68,670) (131,330) — 416 1,662 — 2016 1,582,426 — (228,909) (1,353,517) — 50 866 865 2014 — — — — — — — 838 Subtotal 1,782,426 — (297,579) (1,484,847) — 466 2,528 1,703 Shares granted to Non-Executive Directors — 29,220 — (29,220) — 500 450 454 VCP 2019 — 378,053 — — 378,053 951 — — Executive Directors Bonus 104,439 52,058 — — 156,497 800 600 — VCP 2016 (a) 2,976,781 — — (1,488,391) 1,488,390 — 1,868 1,868 Stock awards for service contracts — — — — — — — 50 4,863,646 459,331 (297,579) (3,002,458) 2,022,940 2,717 5,446 4,075 (a) The awards at year end were issued in January 2020, as set up in the plan. |
Interests in Joint operations (
Interests in Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 Colombia SAS Llanos 34 Block 45 % 208,156 3,128 211,284 (6,267) 205,017 513,378 398,953 Llanos 32 Block 12.5 % 1,136 — 1,136 (519) 617 6,053 2,791 Llanos 86 Block 50.0 % 21 — 21 — 21 — — Llanos 87 Block 50.0 % 40 — 40 — 40 — — Llanos 104 Block 50.0 % 26 — 26 — 26 — — GeoPark TdF S.p.A. Flamenco Block 50 % 4,623 — 4,623 (1,382) 3,241 — (313) Campanario Block 50 % 16,445 — 16,445 (331) 16,114 — (156) Isla Norte Block 60 % 8,896 — 8,896 (101) 8,795 — (189) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 18,537 18,066 36,603 (15,980) 20,623 22,376 9,263 POT-T‑747 70 % — — — — — — (1,516) REC-T‑128 70 % 3,886 919 4,805 (143) 4,662 674 57 POT-T‑785 70 % 125 — 125 — 125 — — GeoPark Argentina S.A.U CN-V Block 50 % — 274 274 (237) 37 — (15,451) Puelen Block 18 % — 47 47 (41) 6 — (1,959) Sierra del Nevado Block 18 % — 63 63 (79) (16) — (1,705) GeoPark Perú S.A.C. Morona 75 % 8,921 6,862 15,783 (10,161) 5,622 — (4,976) GeoPark Perú S.A.C. - Sucursal Ecuador Espejo 50 % 199 321 520 (610) (90) — (272) Perico 50 % 304 61 365 (541) (176) — (176) Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2018 Colombia SAS Llanos 34 Block 45 % 174,895 3,133 178,028 (2,296) 175,732 469,404 347,772 Llanos 32 Block 12.5 % 2,011 — 2,011 (449) 1,562 5,764 623 GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (428) (373) — (46) GeoPark TdF S.A. Flamenco Block 50 % 4,803 — 4,803 (1,173) 3,630 263 (5,647) Campanario Block 50 % 16,477 — 16,477 (278) 16,199 40 (1,008) Isla Norte Block 60 % 8,920 — 8,920 (72) 8,848 7 (778) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 25,741 6,364 32,105 (839) 31,266 30,053 17,963 POT-T‑747 70 % 202 — 202 — 202 — — REC-T‑128 70 % 1,398 — 1,398 (648) 750 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 8,577 328 8,905 (577) 8,328 — (922) Puelen Block 18 % 1,881 13 1,894 (246) 1,648 — (159) Sierra del Nevado Block 18 % 995 10 1,005 (91) 914 — (134) GeoPark Perú S.A.C. Morona 75 % 6,446 — 6,446 (7,016) (570) — — Subsidiary / Other Total Total Net Assets/ Operating Joint operation Interest PP&E Assets Assets Liabilities (Liabilities) Revenue profit (loss) 2017 Colombia SAS Llanos 34 Block 45 % 131,193 4,563 135,756 (5,847) 129,909 259,815 163,917 Llanos 32 Block 12.5 % 835 209 1,044 (492) 552 1,784 (319) Yamu/Carupana Block 89.5 % 4,741 1 4,742 (2,993) 1,749 3,072 (2,721) GeoPark Magallanes Ltda. Tranquilo Block 50 % — 55 55 (432) (377) — (48) GeoPark TdF S.A. Flamenco Block 50 % 9,893 — 9,893 (1,223) 8,670 879 (1,422) Campanario Block 50 % 17,347 — 17,347 (233) 17,114 — (150) Isla Norte Block 60 % 9,553 — 9,553 (60) 9,493 — (161) GeoPark Brasil Exploração e Produção de Petróleo e Gas Ltda. Manati Field 10 % 44,167 19,126 63,293 (11,444) 51,849 34,238 12,731 POT-T‑747 70 % 849 358 1,207 (1,091) 116 — — GeoPark Argentina Limited – Argentinean Branch CN-V Block 50 % 6,819 347 7,166 (984) 6,182 70 (1,163) Puelen Block 18 % 1,318 72 1,390 (232) 1,158 — (546) Sierra del Nevado Block 18 % 568 169 737 (837) (100) — (474) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commitments [Abstract] | |
Schedule of Royalty Commitments | Under Law 756 of 2002, as modified by Law 1530 of 2012, the royalties on Colombian production of light and medium oil are calculated on a field-by-field basis, using the following sliding scale: 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% In accordance with Llanos 34 Block operation contract, when the accumulated production of each field, including the royalties’ volume, exceeds 5,000,000 of barrels and the WTI exceeds the base price settled in table A, the Group should deliver to ANH a share of the production net of royalties in accordance with the following formula: Q = ((P – Po) / P) x S; where Q = Economic right to be delivered to ANH, P = WTI, Po = Base price (see table A) and S = Share (see table B). Table A Table B °API Po (US$/barrel) WTI (P) S >29° 30.22 Po < P < 2Po 30 % >22°<29° 31.39 2Po < P < 3Po 35 % >15°<22° 32.56 3Po < P < 4Po 40 % >10°<15° 46.50 4Po < P < 5Po 45 % 5Po < P 50 % |
Disclosure of maturity analysis of operating lease payments [text block] | Amounts in US$‘000 2019 2018 Falling due within 1 year 47,450 32,180 Falling due within 1 – 3 years 18,032 5,777 Falling due within 3 – 5 years 2,500 2,793 Falling due over 5 years 1,956 — Total minimum lease payments 69,938 40,750 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Related Parties [Abstract] | |
Schedule of Controlling Interests | The main shareholders of GeoPark Limited, a company registered in Bermuda, as of December 31, 2019, are: Common Percentage of outstanding Shareholder shares common shares James F. Park (a) 8,278,251 13.99 % Gerald E. O’Shaughnessy (b) 7,309,002 12.35 % Compass Group LLC (c) 4,733,824 8.00 % Renaissance Technologies Holdings Corporation (d) 4,509,096 7.62 % Manchester Financial Group, LP 4,246,296 7.18 % Juan Cristóbal Pavez (e) 2,974,960 5.03 % Other shareholders 27,116,155 45.83 % 59,167,584 100.00 % (a) Held by Energy Holdings, LLC, which is controlled by James F. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 7, 2020. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP, GPK Holdings, The Globe Resources Group, Inc., and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O´Shaughnessy’s most recent Schedule 13G filed with the SEC on February 6, 2020. (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 12, 2020. (d) Beneficially owned by Renaissance Technologies Holdings Corporation and Renaissance Technologies LLC (jointly “Renaissance”). The in-formation 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, 2020. (e) Held through Socoservin Overseas Ltd, which is controlled by Juan Cristóbal Pavez. The common shares reflected as being held by Mr. Pavez include 97,156 common shares held by him personally. This information is based solely on the disclosure set forth in Mr. Pavez’s most recent Schedule 13G filed with the SEC on February 5, 2020. |
Schedule of Balances Outstanding and Transactions with Related Parties | Balances outstanding and transactions with related parties Balances Transaction at year Account (Amounts in ´000) in the year end Related Party Relationship 2019 To be recovered from co-venturers — 1,035 Joint Operations Joint Operations To be paid to co-venturers — (4,803) Joint Operations Joint Operations Geological and geophysical expenses 160 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 581 — Pedro E. Aylwin Executive Director (b) 2018 To be recovered from co-venturers — 1,819 Joint Operations Joint Operations To be paid to co-venturers — (8,449) Joint Operations Joint Operations Financial results 1,606 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 547 — Pedro E. Aylwin Executive Director (b) 2017 To be recovered from co-venturers — 2,455 Joint Operations Joint Operations Prepayments and other receivables — 56 LGI Partner Payables account — (31,184) LGI Partner To be paid to co-venturers — (10,015) Joint Operations Joint Operations Financial results 2,224 — LGI Partner Geological and geophysical expenses 170 — Carlos Gulisano Non-Executive Director (a) Administrative expenses 411 — Pedro E. Aylwin Executive Director (b) (a) Corresponding to consultancy services. (b) Corresponding to wages and salaries for US$ 390,000 (US$ 417,000 in 2018 and US$ 271,000 in 2017) and bonus for US$ 191,000 (US$ 130,000 in 2018 and US$ 140,000 in 2017). |
Auditors Fees (Tables)
Auditors Fees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Auditor's remuneration [abstract] | |
Schedule of Fees Paid to Auditors | Amounts in US$‘000 2019 2018 2017 Audit fees 763 797 726 Audit related fees 510 — 137 Tax services fees 165 209 212 Non-audit services fees 5 — 39 Fees paid to auditors 1,443 1,006 1,114 |
Business transactions (Tables)
Business transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Business transactions [Abstract] | |
Summary of LG International Corporation Transaction | The following table summarizes the result of this transaction: Amounts in US$‘000 Total Cash 81,000 Additional installments to be paid 29,427 Total consideration 110,427 Equity attributable to non-controlling interest 64,245 Trade and other payables 32,786 Total book value of the transaction 97,031 Result of the transaction recognized in Equity 13,396 |
Summary of Assets and Liabilities related to Sale of La Cuerva and Yamu Blocks | Amounts in US$‘000 Total Advance payment 9,000 Final payment (including working capital adjustment) 7,066 Total consideration 16,066 Assets held for sale 23,211 Liabilities associated with assets held for sale (9,447) Other net current assets 2,416 Total identifiable net assets 16,180 Result of the transaction recognized in the Condensed Consolidated Statement of Income (114) |
Summary of Consideration Paid in the Acquisition of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks | The following table summarizes the combined consideration paid for the acquired blocks and the final allocation of fair value of the assets acquired and liabilities assumed for the abovementioned transaction: Amounts in US$‘000 Total Cash (a) 48,850 Total consideration 48,850 Property, plant and equipment (including mineral interest) 54,929 Inventories 3,659 Provision for other long-term liabilities (9,738) Total identifiable net assets 48,850 (a) In December 2017, GeoPark granted a security deposit of US$ 15,600,000. In March 2018, the Group completed the total consideration with an additional payment of US$ 36,400,000. In September 2018, Geo-Park collected a working capital adjustment of US$ 3,150,000. |
Schedule of Consolidated Revenue and Profit in the Acquisition of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks | The following table summarizes both results: Amounts in US$‘000 2019 Revenue 612,401 Profit for the period 102,873 |
Impairment test on Property, _2
Impairment test on Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment of assets [Abstract] | |
Schedule of Oil Price Scenarios Used in Impairment Testing | Table Oil price scenarios (a): Amounts in US$per Bbl. Weighted market price used for the Year Low price (15%) Middle price (60%) High price (25%) impairment test 2020 66.0 66.0 66.0 66.0 2021 51.8 69.0 75.9 68.1 2022 53.7 71.6 78.8 70.7 Over 2023 54.8 73.1 80.4 72.2 (a) The percentages indicated between brackets represent the Group estimation regarding each price scenario |
Schedule of Amounts of Impairment Loss Reversed (Recognized) | Amounts in US$‘000 2019 2018 2017 Colombia (a) — 11,531 — Chile (b) — (6,549) — Argentina (c) (7,559) — — Total (7,559) 4,982 — (a) Reversal of impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2). (b) Recognition of impairment loss due to the termination of the sales agreement for the TdF’s blocks, with no renovation in place as of the date of these consolidated financial statements. (c) Recognition of impairment loss for the total amount capitalized in the CN-V Block due to a negative revision of reserves at year-end. |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Amerisur Resources Plc [Member] | Acquisition [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [text block] | Amounts in US$‘000 Total Cash 314,163 Total consideration 314,163 Cash and cash equivalents 36,633 Trade and other receivables 47,238 Property, plant and equipment (including mineral interest) 289,532 Other assets 25,585 Provision for other long-term liabilities (6,640) Deferred income tax liability (19,111) Lease liabilites (18,821) Trade and other payables (40,253) Total identifiable net assets 314,163 |
Supplemental information on o_2
Supplemental information on oil and gas activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Supplemental information on oil and gas activities [Abstract] | |
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development | Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2019 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition Exploration 22,008 8,483 5,219 4,116 — 39,826 Development 68,818 2,611 143 25,109 14,408 111,089 Total costs incurred 90,826 11,094 5,362 29,225 14,408 150,915 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2018 Acquisition of properties Proved — — — 54,541 — 54,541 Unproved — — — — — — Total property acquisition — — — 54,541 — 54,541 Exploration 34,242 6,221 3,217 9,383 1,269 54,332 Development 65,174 3,033 (2,220) 1,836 8,385 76,208 Total costs incurred 99,416 9,254 997 11,219 9,654 130,540 Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Year ended December 31, 2017 Acquisition of properties Proved — — — — — — Unproved — — — — — — Total property acquisition — — — — — — Exploration 37,017 3,283 5,207 8,080 743 54,330 Development 49,268 10,231 1,210 167 14,074 74,950 Total costs incurred 86,285 13,514 6,417 8,247 14,817 129,280 |
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities | The following table presents the capitalized costs as at December 31, 2019, 2018 and 2017, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2019 Proved properties (a) Equipment, camps and other facilities 79,999 84,069 4,615 3,824 172,507 Mineral interest and wells 282,973 402,392 64,179 81,393 830,937 Other uncompleted projects (b) 19,754 11,984 209 765 32,712 Unproved properties 567 45,681 1,788 — 48,036 Gross capitalized costs 383,293 544,126 70,791 85,982 1,084,192 Accumulated depreciation (172,207) (313,379) (46,370) (30,897) (562,853) Total net capitalized costs 211,086 230,747 24,421 55,085 521,339 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Argentina for US$ 7,559,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2018 Proved properties (a) Equipment, camps and other facilities 83,023 81,459 5,154 2,458 172,094 Mineral interest and wells 189,514 400,338 63,574 64,084 717,510 Other uncompleted projects (b) 24,061 12,233 — 1,836 38,130 Unproved properties 1,676 41,162 7,073 10,081 59,992 Gross capitalized costs 298,274 535,192 75,801 78,459 987,726 Accumulated depreciation (122,479) (281,062) (43,158) (16,363) (463,062) Total net capitalized costs 175,795 254,130 32,643 62,096 524,664 (a) Includes capitalized amounts related to asset retirement obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$ 11,531,000. (b) Do not include Peru capitalized costs. Amounts in US$‘000 Colombia Chile Brazil Argentina Total At December 31, 2017 Proved properties (a) Equipment, camps and other facilities 69,906 80,611 6,036 843 157,396 Mineral interest and wells 291,050 397,031 77,264 11,159 776,504 Other uncompleted projects 11,290 12,508 70 48 23,916 Unproved properties 4,106 49,702 7,585 2,975 64,368 Gross capitalized costs 376,352 539,852 90,955 15,025 1,022,184 Accumulated depreciation (228,793) (253,764) (39,509) (5,700) (527,766) Total net capitalized costs 147,559 286,088 51,446 9,325 494,418 (a) Includes capitalized amounts related to asset retirement obligations . |
Schedule of Results of Operations for Oil and Gas Producing Activities | The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2019, 2018 and 2017. Income tax for the years presented was calculated utilizing the statutory tax rates. Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2019 Revenue 538,917 32,336 23,049 34,605 628,907 Production costs, excluding depreciation Operating costs (60,545) (18,608) (4,098) (21,137) (104,388) Royalties (56,399) (1,181) (1,855) (5,141) (64,576) Total production costs (116,944) (19,789) (5,953) (26,278) (168,964) Exploration expenses (a) (10,921) (126) (6,152) (13,947) (31,146) Accretion expense (b) (813) (1,283) (832) (722) (3,650) Impairment loss for non-financial assets — — — (7,559) (7,559) Depreciation, depletion and amortization (44,906) (34,344) (6,200) (14,534) (99,984) Results of operations before income tax 365,333 (23,206) 3,912 (28,435) 317,604 Income tax benefit (expense) (120,585) 3,481 (1,330) 8,530 (109,904) Results of oil and gas operations 244,748 (19,725) 2,582 (19,905) 207,700 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2018 Revenue 497,870 37,359 30,053 35,879 601,161 Production costs, excluding depreciation Operating costs (55,823) (20,426) (5,965) (20,210) (102,424) Royalties (62,710) (1,473) (2,820) (4,833) (71,836) Total production costs (118,533) (21,899) (8,785) (25,043) (174,260) Exploration expenses (a) (23,953) (6,855) (2,846) (2,277) (35,931) Accretion expense (b) (892) (1,105) (918) (508) (3,423) Impairment loss reversal for non-financial assets 11,531 (6,549) — — 4,982 Depreciation, depletion and amortization (41,850) (27,298) (10,278) (10,662) (90,088) Results of operations before income tax 324,173 (26,347) 7,226 (2,611) 302,441 Income tax benefit (expense) (119,944) 3,952 (2,457) 783 (117,666) Results of oil and gas operations 204,229 (22,395) 4,769 (1,828) 184,775 Amounts in US$‘000 Colombia Chile Brazil Argentina Total Year ended December 31, 2017 Revenue 263,076 32,738 34,238 70 330,122 Production costs, excluding depreciation Operating costs (42,677) (19,685) (7,603) (325) (70,290) Royalties (24,236) (1,314) (3,134) (13) (28,697) Total production costs (66,913) (20,999) (10,737) (338) (98,987) Exploration expenses (a) (3,856) (1,404) (3,985) (707) (9,952) Accretion expense (b) (855) (994) (930) — (2,779) Depreciation, depletion and amortization (38,721) (22,705) (10,659) (8) (72,093) Results of operations before income tax 152,731 (13,364) 7,927 (983) 146,311 Income tax benefit (expense) (61,161) 2,005 (2,695) 344 (61,507) Results of oil and gas operations 91,570 (11,359) 5,232 (639) 84,804 (a) Do not include Peru costs. (b) Represents accretion of ARO and other environmental liabilities. |
Schedule of Reserve Quantity Information | The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2019, 2018 and 2017 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 Oil and Oil and Oil and condensate Natural gas condensate Natural gas condensate Natural gas (Mbbl) (MMcf) (Mbbl) (MMcf) (Mbbl) (MMcf) Net proved developed Colombia (a) 39,397.0 2,319.0 32,326.0 1,763.0 21,101.0 — Chile (b) 898.0 14,406.0 696.0 11,944.0 720.0 8,688.0 Brazil (c) 48.0 14,872.0 55.0 17,339.0 76.0 23,821.0 Argentina (d) 1,658.0 5,785.0 2,058.0 6,207.0 — — Peru (e) — — — — 9,502.0 — Total consolidated 42,001.0 37,382 35,135.0 37,253.0 31,399.0 32,509.0 Net proved undeveloped Colombia (f) 51,212.0 — 42,449.0 359.0 44,398.0 — Chile (g) 2,809.0 6,413.0 2,622.0 8,823.0 3,423.0 11,329.0 Argentina (h) 1,370.0 450.0 1,440.0 3,174.0 — — Peru (e) 19,210.0 — 18,460.0 — 9,215.0 — Total consolidated 74,601.0 6,863.0 64,971.0 12,356.0 57,036.0 11,329.0 Total proved reserves 116,602.0 44,245.0 100,106.0 49,609.0 88,435.0 43,838.0 (a) Llanos 34 Block and Llanos 32 Block account for 93% and 7% (Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account for 96%, 1.5%, 1.5% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017) of the proved developed reserves, respectively. (b) Fell Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 98% and 2% in 2017) of the proved developed reserves, respectively. (c) BCAM‑40 Block accounts for 100% of the reserves. (d) Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 17%, 64% and 19% (Aguada Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 48%, 33% and 19% in 2018) of the proved developed reserves, respectively . (e) Morona Block accounts for 100% of the reserves. (f) Llanos 34 Block and Llanos 32 Block account 96% and 4% (Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017) of the proved undeveloped reserves, respectively . (g) Fell Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 97% and 3% in 2017) of the proved undeveloped reserves, respectively . (h) Aguada Baguales Block accounts for 100% (Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped reserves, respectively . |
Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas | Net proved reserves (developed and undeveloped) of oil and condensate: Thousands of barrels Colombia Chile Brazil Argentina Peru Total Reserves as of December 31, 2016 37,340.0 6,599.0 72.0 — 18,621.0 62,632.0 Increase (decrease) attributable to: Revisions (a) 6,315.0 (2,109) 19.0 — 96 4,321.0 Extensions and discoveries (b) 29,047.0 — — — — 29,047.0 Production (7,203.0) (347.0) (15.0) — — (7,565.0) Reserves as of December 31, 2017 65,499.0 4,143.0 76.0 — 18,717.0 88,435.0 Increase (decrease) attributable to: Revisions (c) 9,826.0 (586.0) (6) — (257) 8,977.0 Extensions and discoveries (d) 8,839.0 41 — — — 8,880.0 Purchase of Minerals in place (e) — — — 3,968 — 3,968.0 Production (9,389.0) (280.0) (15.0) (470.0) — (10,154.0) Reserves as of December 31, 2018 74,775.0 3,318.0 55.0 3,498.0 18,460.0 100,106.0 Increase (decrease) attributable to: — Revisions (f) 18,341.0 541.0 4.0 95.0 750.0 19,731.0 Extensions and discoveries (g) 8,071.0 36.0 — — — 8,107.0 Production (10,578.0) (188.0) (11.0) (565.0) — (11,342.0) Reserves as of December 31, 2019 90,609.0 3,707.0 48.0 3,028.0 19,210.0 116,602.0 (a) For the year ended December 31, 2017, the Group’s oil and condensate proved reserves were revised upward by 4.3 mmbbl. The primary factors leading to the above were: - - - Such increase was partially offset by a decrease in reserves mainly related to a change in a previously adopted development plan in the Fell Block in Chile, resulting in a 2.4 mmbbl decrease. (b) In Colombia, the extensions and discoveries are primary due to the Chiricoca, Jacamar, and Curucucu field discoveries in the Llanos 34 Block and the Tigana and Jacana field extensions in the Llanos 34 Block. (c) For the year ended December 31, 2018, the Group’s oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were: - - - (d) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block. (e) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 36.4 for further details. (f) For the year ended December 31, 2019, the Group’s oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were: - A technical revision of the expected results of future wells in Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl . - Better than expected performance from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance of the Aguada Baguales Field wells ; and in Chile (0.3 mmbbl) mostly in Yagan Norte, Konawentru, Alakaluf and Yagan Fields. - An updated geological model for the Situche Field in Morona Block originated a new estimation of the proved original oil in place volumes that increment the proved undevelop reserves of the block in 0.7 mmbbl . - Such increase was partially offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and Argentina, respectively. - There were also better well types consider for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccesfull well. (g) In Colombia, the extensions and discoveries are primary due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in Llanos 34 Block and Azogue field discovery in Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field. Net proved reserves (developed and undeveloped) of natural gas: Millions of cubic feet Colombia Chile Brazil Argentina Total Reserves as of December 31, 2016 — 36,300.0 29,525.0 — 65,825.0 Increase (decrease) attributable to: Revisions (a) — (13,725) 59.0 — (13,666.0) Extensions and discoveries (b) — 1,187.0 — — 1,187.0 Production — (3,745.0) (5,763.0) — (9,508.0) Reserves as of December 31, 2017 — 20,017.0 23,821.0 — 43,838.0 Increase (decrease) attributable to: Revisions (c) — 544.0 (679.0) — (135.0) Extensions and discoveries (d) 2,122 3,909.0 — — 6,031.0 Purchase of Minerals in place (e) — — — 10,452 10,452.0 Production — (3,703.0) (5,803.0) (1,071) (10,577.0) Reserves as of December 31, 2018 2,122 20,767.0 17,339.0 9,381 49,609.0 Increase (decrease) attributable to: Revisions (f) 621 (167) 1,812.0 (1,791) 475.0 Extensions and discoveries (g) 295.0 5,386.0 — — 5,681.0 Production (719) (5,167.0) (4,279.0) (1,355.0) (11,520.0) Reserves as of December 31, 2019 2,319.0 20,819.0 14,872.0 6,235.0 44,245.0 (a) For the year ended December 31, 2017, the Group’s proved natural gas reserves were revised downwards by 13.7 billion cubic feet. This was the combined effect of: - - (b) In Chile, the extensions and discoveries are primary due to the Uaken Field discovery in the Fell Block. (c) For the year ended December 31, 2018, the Group’s proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of: - Removal of proved undeveloped reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet). - Lower than expected performance from existing wells in BCAM‑40 Block, resulting in a decrease of 0.7 billion cubic feet. - The above was partially offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile. (d) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia. (e) Purchase of Minerals in place refers to the Aguada Baguales, El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note Une Formation in the Llan (f) For the year ended December 31, 2019, the Group’s proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of: - Increase of proved developed reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to Pampa Larga, Ache and Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in Manati Field; Colombia (0.6 billion cubic feet) due to a better performance of Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performace of wells in Aguada Baguales. The above was partially offset by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in Challaco Bajo Field. Lower average prices resulted in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina (g) The extensions and discoveries are primary due to the Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos 32 Block, in Colombia. |
Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves | Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total At December 31, 2019 Future cash inflows 4,323,914 294,202 86,191 187,064 1,255,239 6,146,610 Future production costs (1,159,621) (104,688) (32,608) (118,797) (512,607) (1,928,321) Future development costs (276,804) (35,420) (2,166) (49,595) (278,388) (642,373) Future income taxes (858,700) (5,594) (1,409) (2,251) (143,416) (1,011,370) Undiscounted future net cash flows 2,028,789 148,500 50,008 16,421 320,828 2,564,546 10% annual discount (715,217) (44,277) (6,626) (5,080) (199,611) (970,811) Standardized measure of discounted future net cash flows 1,313,572 104,223 43,382 11,341 121,217 1,593,735 At December 31, 2018 Future cash inflows 4,059,619 317,437 102,104 277,429 1,352,159 6,108,748 Future production costs (983,782) (156,724) (49,255) (173,053) (441,801) (1,804,615) Future development costs (207,630) (39,360) (3,752) (54,400) (293,468) (598,610) Future income taxes (848,519) (2,515) (2,231) (6,610) (189,922) (1,049,797) Undiscounted future net cash flows 2,019,688 118,838 46,866 43,366 426,968 2,655,726 10% annual discount (640,625) (29,008) (5,317) (8,499) (188,435) (871,884) Standardized measure of discounted future net cash flows 1,379,063 89,830 41,549 34,867 238,533 1,783,842 At December 31, 2017 Future cash inflows 2,434,954 284,711 157,527 — 1,047,540 3,924,732 Future production costs (531,751) (131,788) (56,311) — (466,110) (1,185,960) Future development costs (187,414) (57,690) (7,524) — (235,920) (488,548) Future income taxes (558,226) (656) (10,442) — (107,294) (676,618) Undiscounted future net cash flows 1,157,563 94,577 83,250 — 238,216 1,573,606 10% annual discount (343,561) (19,338) (13,293) — (147,682) (523,874) Standardized measure of discounted future net cash flows 814,002 75,239 69,957 — 90,534 1,049,732 |
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves | Amounts in US$‘000 Colombia Chile Brazil Argentina Peru Total Present value at December 31, 2016 269,502 35,455 73,516 — 30,929 409,402 Sales of hydrocarbon, net of production costs (198,631) (14,251) (26,979) — — (239,861) Net changes in sales price and production costs 289,199 26,928 (3,000) — 69,962 383,089 Changes in estimated future development costs (124,053) 79,078 8,385 — (9,725) (46,315) Extensions and discoveries less related costs 49,574 — — — — 49,574 Development costs incurred 67,571 7,146 — — — 74,717 Revisions of previous quantity estimates 673,622 (69,594) 603 — 1,133 605,764 Net changes in income taxes (258,842) 6,097 7,976 — (11,828) (256,597) Accretion of discount 46,060 4,380 9,456 — 10,063 69,959 Present value at December 31, 2017 814,002 75,239 69,957 — 90,534 1,049,732 Sales of hydrocarbon, net of production costs (380,829) (18,923) (24,781) (21,243) — (445,776) Net changes in sales price and production costs 397,064 16,093 (15,170) — 191,288 589,275 Changes in estimated future development costs (18,632) 413 (1,426) — 9,611 (10,034) Extensions and discoveries less related costs 271,933 12,323 — — — 284,256 Development costs incurred 85,880 2,980 — 737 — 89,597 Revisions of previous quantity estimates 257,540 (4,517) (1,879) — (7,098) 244,046 Purchase of Minerals in place — — — 55,373 — 55,373 Net changes in income taxes (185,118) (1,368) 6,808 — (65,585) (245,263) Accretion of discount 137,223 7,590 8,040 — 19,783 172,636 Present value at December 31, 2018 1,379,063 89,830 41,549 34,867 238,533 1,783,842 Sales of hydrocarbon, net of production costs (411,528) (14,284) (17,289) (13,280) — (456,381) Net changes in sales price and production costs (299,642) 12,799 6,923 (20,694) (48,823) (349,437) Changes in estimated future development costs (268,377) (22,163) 1,165 573 (175,248) (464,050) Extensions and discoveries less related costs 182,857 17,300 — — — 200,157 Development costs incurred 69,694 4,023 445 4,325 — 78,487 Revisions of previous quantity estimates 415,349 9,508 5,482 (2,358) 11,992 439,973 Purchase of Minerals in place — — — — — — Net changes in income taxes 23,398 (2,025) 729 3,760 51,917 77,779 Accretion of discount 222,758 9,235 4,378 4,148 42,846 283,365 Present value at December 31, 2019 1,313,572 104,223 43,382 11,341 121,217 1,593,735 |
Summary of significant accoun_4
Summary of significant accounting policies - IFRS 16 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Operating lease commitments disclosed as at December 31, 2018 (Note 33.3) | $ 69,938 | $ 40,750 | |
Lease liabilities recognized as at January 1, 2019 (at present value) | 13,243 | 14,610 | |
Lease liabilities | 7,442 | 0 | |
Lease liabilities | $ 5,801 | 0 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Weighted average incremental borrowing rate | 9.40% | ||
Operating lease commitments disclosed as at December 31, 2018 (Note 33.3) | $ 69,938 | ||
(Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16 | $ (34,239) | ||
(Less) Short-term leases not recognized as a liability | (17,537) | ||
(Less) Low-value leases not recognized as a liability | (341) | ||
Lease liabilities recognized as at January 1, 2019 (at nominal value) | 17,821 | ||
Lease liabilities recognized as at January 1, 2019 (at present value) | 14,610 | ||
Lease liabilities | 7,967 | ||
Lease liabilities | $ 6,643 |
Summary of significant accoun_5
Summary of significant accounting policies - IFRS 16 - Recognition of assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of initial application of standards or interpretations [line items] | |
Right-of-use assets at January 1, 2019 | $ 0 |
Depreciation during the period | (3,644) |
Right-of-use assets at December 31, 2019 | 13,462 |
IFRS 16 | |
Disclosure of initial application of standards or interpretations [line items] | |
Right-of-use assets at January 1, 2019 | 14,610 |
Additions | 2,496 |
Depreciation during the period | (3,644) |
Right-of-use assets at December 31, 2019 | $ 13,462 |
Summary of significant accoun_6
Summary of significant accounting policies - IFRS 16 - Accounting for the Group's leasing activities (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Term of lease | 1 year |
Maximum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Term of lease | 7 years |
Summary of significant accoun_7
Summary of significant accounting policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2020 | Sep. 30, 2017 | |
Disclosure summary of significant accounting policies [Line Items] | |||||
Adjustments for current tax of prior periods | $ 9,910,000 | ||||
Notional amount | $ 350,000,000 | $ 425,000,000 | |||
Percentage of debt maturing in more than five years | 96.00% | ||||
Capitalisation rate of borrowing costs eligible for capitalisation | 6.90% | 6.90% | 6.90% | ||
Borrowing costs capitalised | $ 366,561 | $ 257,507 | $ 610,841 | ||
Write-off of Unsuccessful Exploration Efforts | 18,290,000 | 26,389,000 | 5,834,000 | ||
Impairment loss | 7,559,000 | $ 0 | |||
Net Reversal Of Impairment Loss | 4,982,000 | ||||
Deferred Tax Liability Unrecognised | 4,000,000 | ||||
Lease liabilities | $ 13,243,000 | $ 14,610,000 | |||
Maximum | |||||
Disclosure summary of significant accounting policies [Line Items] | |||||
Useful life measured as period of time, property, plant and equipment | 10 years | ||||
Minimum | |||||
Disclosure summary of significant accounting policies [Line Items] | |||||
Useful life measured as period of time, property, plant and equipment | 3 years |
Financial Instruments-risk ma_3
Financial Instruments-risk management (Schedule of Gearing Ratios) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Instruments risk Management [Abstract] | ||||
Net Debt | $ 326,239 | $ 319,275 | ||
Total Equity | 132,885 | 143,021 | $ 126,840 | $ 141,593 |
Capital | $ 459,124 | $ 462,296 | ||
Gearing Ratio | 71.00% | 69.00% |
Financial Instruments-risk ma_4
Financial Instruments-risk management (Narrative) (Details) | Jan. 17, 2020USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2018BRL (R$) | Oct. 31, 2018USD ($) |
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Foreign exchange gain (loss) | $ (2,446,000) | $ (11,323,000) | $ (2,193,000) | |||||
Percentage of debt maturing in more than five years | 96.00% | |||||||
Borrowings, maturity | September 21, 2024 | |||||||
Borrowings | $ 437,419,000 | $ 447,002,000 | ||||||
Gearing Ratio | 71.00% | 69.00% | ||||||
Notional amount | $ 425,000,000 | $ 350,000,000 | ||||||
Adjustments for gains (losses) on change in fair value of derivatives | $ 83,700,000 | $ 92,050,000 | ||||||
Banco Santander [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings | $ 9,607,000 | $ 20,006,000 | R$ 77640000 | $ 20,000,000 | ||||
2024 Notes [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings, maturity | September 21, 2024 | |||||||
Borrowings, interest rate | 6.50% | |||||||
Notional amount | $ 425,000,000 | |||||||
2027 Notes [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings, maturity | January 17, 2027 | |||||||
2027 Notes [Member] | Issuance of Notes [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings, interest rate | 5.50% | |||||||
Notional amount | $ 350,000,000 | |||||||
Percentage of price of borrowings | 99.285% | |||||||
Yield | 5.625% | |||||||
Senior Secured Notes [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings, maturity | 2020 | |||||||
Borrowings, interest rate | 7.50% | |||||||
Fixed interest rate [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings, interest rate | 6.50% | |||||||
Local Customers [Member] | Neuquen Basin [Member] | Argentina [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 2.00% | |||||||
Percentage Of Entity's Production Sold To Customer Type | 42.00% | |||||||
Major Refineries [Member] | Neuquen Basin [Member] | Argentina [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 3.00% | |||||||
Percentage Of Entity's Production Sold To Customer Type | 58.00% | |||||||
Local Customers and Petrobras Brazil [Member] | Maximum | Brazil [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 1.00% | |||||||
Colombian subsidiary [Member] | Trafigura [Member] | Colombia [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 52.00% | |||||||
Colombian subsidiary [Member] | Ecopetrol [Member] | Colombia [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 38.00% | |||||||
Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Description Of Currency Devaluation Effect On Post Tax Loss | If the Colombian Peso, the Chilean Peso, the Argentine Peso and the Peruvian Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 644,543 (post-tax profit lower by US$ 57,000 in 2018 and post-tax loss higher by US$ 1,538,000 in 2017). | |||||||
Liquidity risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Cash | $ 111,180,000 | |||||||
Percentage of debt maturing in more than five years | 96.00% | |||||||
Barrels of oil equivalent per day in production at year end | item | 42,000 | |||||||
Liquidity risk [member] | Trafigura [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Available credit line | $ 25,000,000 | |||||||
Commodity price risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Description of fluctuation in price levels | If oil and methanol prices had fallen by 10% compared to actual prices during the year, with all other variables held constant, considering the impact of the derivative contracts in place, post-tax profit for the year would have been lower by US$ 38,339,661 (post-tax profit lower by US$ 13,709,000 in 2018 and post-tax loss higher by US$ 10,423,000 in 2017). | |||||||
Interest Rate Risk [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings | $ 9,607,000 | |||||||
Percentage of borrowings bearing variable interest rate | 2.00% | |||||||
Interest Rate Risk [Member] | Fixed interest rate [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Borrowings | $ 425,000,000 | |||||||
Interest Rate Risk [Member] | Floating interest rate [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Description of fluctuation in interest rate | At December 31, 2019, if 1% is added to interest rates on currency-denominated borrowings with all other variables held constant, post-tax profit for the year would have been lower by US$ 93,000 (post-tax profit lower by US$ 21,000 in 2018 and no exposure to fluctuations in the interest rate in 2017). | |||||||
Credit Risk [Member] | Colombia [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 78.00% | |||||||
Credit Risk [Member] | Minimum | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Gearing Ratio | 60.00% | 60.00% | 60.00% | |||||
Credit Risk [Member] | Maximum | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Gearing Ratio | 80.00% | 80.00% | 80.00% | |||||
Credit Risk [Member] | ENAP [Member] | Chile [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 5.00% | 3.00% | 5.00% | |||||
Credit Risk [Member] | Methanex Chile SpA [Member] | Chile [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 3.00% | 3.00% | 5.00% | |||||
Credit Risk [Member] | Petrobras Brazil [Member] | Brazil [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 4.00% | 5.00% | 10.00% | |||||
Credit Risk [Member] | Grupo Albanesi [Member] | Argentina [Member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Percentage of entity's revenue | 1.00% | |||||||
Argentine Peso [Member] | Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Currency Devaluation Percentage Against Dollar | 59.00% | 102.00% | 17.00% | |||||
Chilean Peso [Member] | Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Currency Devaluation Percentage Against Dollar | 8.00% | |||||||
Currency Revaluation Percentage Against Dollar | 13.00% | 8.00% | ||||||
Colombian Peso [Member] | Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Currency Devaluation Percentage Against Dollar | 1.00% | 9.00% | ||||||
Currency Revaluation Percentage Against Dollar | 1.00% | |||||||
Brazilian Real [Member] | Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Currency Devaluation Percentage Against Dollar | 4.00% | 17.00% | ||||||
Currency Revaluation Percentage Against Dollar | 2.00% | |||||||
Description Of Currency Devaluation Effect On Post Tax Loss | If the Brazilian Real had devalued 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 927,000 (post-tax profit lower by US$ 515,000 in 2018 and post-tax loss higher by US$ 3,100,000 in 2017). | |||||||
Foreign exchange gain (loss) | $ (664,000) | $ (5,862,000) | $ 1,274,000 | |||||
Peruvian Peso [Member] | Currency risk [member] | ||||||||
Disclosure Of Financial Instruments-risk management [Line Items] | ||||||||
Currency Devaluation Percentage Against Dollar | 4.00% | |||||||
Currency Revaluation Percentage Against Dollar | 2.00% | 4.00% |
Consolidated Statement of Cas_4
Consolidated Statement of Cash Flow (Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Consolidated Statement Of Cash Flow [Abstract] | |||
Increase (Decrease) in asset retirement obligation | $ 13,299 | $ (4,355) | $ 5,943 |
Increase (Decrease) in provisions for other long-term liabilities | 1,867 | (60) | 2,053 |
Purchase of property, plant and equipment | $ (733) | $ 1,100 | $ 11,759 |
Consolidated Statement of Cas_5
Consolidated Statement of Cash Flow (Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Consolidated Statement Of Cash Flow [Abstract] | ||||
(Increase) Decrease in Inventories | $ (1,675) | $ 511 | $ (2,031) | |
(Increase) Decrease in Trade receivables | (27,839) | 3,423 | (1,344) | |
Increase in Prepayments and other receivables and Other assets | (27,547) | (36,061) | (23,425) | |
Customer advance repayments | [1] | (10,000) | (10,000) | |
Security deposit utilised (granted) (Note 35.4) | 15,600 | (15,600) | ||
Increase in Trade and other payables | 14,807 | 20,169 | 27,122 | |
Increase (decrease) in working capital | $ (42,254) | $ (6,358) | $ (25,278) | |
[1] | In December 2015, the Colombian subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018. |
Consolidated Statement of Cas_6
Consolidated Statement of Cash Flow - Movements in the borrowings, lease liabilities and payables to related parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | $ 447,002 | $ 457,388 | $ 386,473 |
Proceeds from borrowings | 0 | 36,017 | 425,000 |
Debt issuance costs paid | 0 | 0 | (6,683) |
Proceeds from cash calls from related parties | 0 | 0 | 1,155 |
Accrual of borrowing's interests | 29,940 | 30,444 | 28,879 |
Borrowings cancellation costs | 0 | 0 | 17,575 |
Exchange difference | 571 | 4,331 | 422 |
Foreign currency translation | (632) | (5,624) | (408) |
Principal paid | (9,790) | (15,073) | (355,022) |
Interest paid | (29,099) | (27,695) | (27,688) |
Borrowings cancellation costs paid | 0 | 0 | (12,315) |
Payment to related parties | (32,786) | ||
Initial recognition of lease liabilities | 13,243 | 14,610 | |
Addition to lease liabilities | 2,496 | ||
Unwinding of discount | 419 | ||
Lease payments | (4,855) | 0 | 0 |
Balances at end of period | 450,662 | 447,002 | 457,388 |
Borrowing [Member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 447,002 | 426,204 | 358,672 |
Proceeds from borrowings | 36,017 | 425,000 | |
Debt issuance costs paid | (6,683) | ||
Accrual of borrowing's interests | 29,940 | 28,842 | 26,651 |
Borrowings cancellation costs | 17,575 | ||
Exchange difference | 5 | (2) | (1,320) |
Foreign currency translation | (639) | (1,291) | 1,334 |
Principal paid | (9,790) | (15,073) | (355,022) |
Interest paid | (29,099) | (27,695) | (27,688) |
Borrowings cancellation costs paid | (12,315) | ||
Balances at end of period | 437,419 | 447,002 | 426,204 |
Lease liabilities [member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Exchange difference | 566 | ||
Foreign currency translation | 7 | ||
Initial recognition of lease liabilities | 14,610 | ||
Addition to lease liabilities | 2,496 | ||
Unwinding of discount | 419 | ||
Lease payments | (4,855) | ||
Balances at end of period | $ 13,243 | ||
Payables to related parties [member] | |||
Consolidated Statement of Cash Flow [Line Items] | |||
Balances at beginning of period | 31,184 | 27,801 | |
Proceeds from cash calls from related parties | 1,155 | ||
Accrual of borrowing's interests | 1,602 | 2,228 | |
Exchange difference | 4,333 | 1,742 | |
Foreign currency translation | (4,333) | (1,742) | |
Payment to related parties | $ (32,786) | ||
Balances at end of period | $ 31,184 |
Segment information (Schedule o
Segment information (Schedule of Segment Information by Segment Areas (Geographical Segments) (Details) item in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | Dec. 31, 2015USD ($) | ||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 628,907 | $ 601,161 | $ 330,122 | ||||
Sale of crude oil | 579,030 | 545,490 | 279,162 | ||||
Sale of gas | 49,877 | 55,671 | 50,960 | ||||
Royalties | (64,576) | (71,836) | (28,697) | ||||
Transportation costs | (12,985) | (2,638) | (864) | ||||
Share-based payment | (2,717) | (5,446) | (4,075) | ||||
Operating profit (loss) | 210,675 | 256,492 | 78,996 | ||||
Depreciation | (105,532) | (92,240) | (74,885) | ||||
Impairment loss (recognized) reversed for non-financial assets | (7,559) | 4,982 | $ 0 | $ (149,574) | |||
Total assets | $ 852,132 | $ 862,660 | |||||
Employees at year end | item | 439 | 457 | 405 | ||||
Other Segments [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 628,907 | $ 601,161 | $ 330,122 | ||||
Sale of crude oil | 579,030 | 545,490 | 279,162 | ||||
Sale of gas | 49,877 | 55,671 | 50,960 | ||||
Realized loss on commodity risk management contracts | 3,888 | (26,098) | (2,148) | ||||
Production and operating costs | (168,964) | (174,260) | (98,987) | ||||
Royalties | (64,576) | (71,836) | (28,697) | ||||
Share-based payment | (329) | (878) | (457) | ||||
Other operating costs | (104,059) | (101,546) | (69,833) | ||||
Operating profit (loss) | 210,675 | 256,492 | 78,996 | ||||
Operating netback | 447,084 | 397,658 | 228,308 | ||||
Adjusted EBITDA | 363,335 | 330,556 | 175,776 | ||||
Depreciation | (105,532) | (92,240) | (74,885) | ||||
Impairment loss (recognized) reversed for non-financial assets | (7,559) | 4,982 | |||||
Write-off | (18,290) | (26,389) | (5,834) | ||||
Total assets | $ 852,132 | $ 862,660 | $ 786,163 | ||||
Employees (average) | item | 461 | 445 | 379 | ||||
Employees at year end | item | 439 | 457 | 405 | ||||
Chile [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 32,336 | $ 37,359 | $ 32,738 | ||||
Sale of crude oil | 10,551 | 17,402 | 15,873 | ||||
Sale of gas | 21,785 | 19,957 | 16,865 | ||||
Realized loss on commodity risk management contracts | 0 | 0 | 0 | ||||
Production and operating costs | (19,789) | (21,899) | (20,999) | ||||
Royalties | (1,181) | (1,473) | (1,314) | ||||
Share-based payment | (31) | (226) | (170) | ||||
Other operating costs | (18,577) | (20,200) | (19,515) | ||||
Operating profit (loss) | (26,869) | (29,139) | (19,675) | ||||
Operating netback | 12,218 | 15,153 | 11,222 | ||||
Adjusted EBITDA | 8,310 | 8,784 | 4,070 | ||||
Depreciation | (34,826) | (28,203) | (23,730) | ||||
Impairment loss (recognized) reversed for non-financial assets | 0 | (6,549) | 0 | ||||
Write-off | 0 | (6,121) | (546) | ||||
Total assets | $ 249,207 | $ 276,449 | $ 301,931 | ||||
Employees (average) | item | 89 | 101 | 102 | ||||
Employees at year end | item | 77 | 100 | 102 | ||||
Brazil [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 23,049 | $ 30,053 | $ 34,238 | ||||
Sale of crude oil | 1,469 | 1,198 | 910 | ||||
Sale of gas | 21,580 | 28,855 | 33,328 | ||||
Realized loss on commodity risk management contracts | 0 | 0 | 0 | ||||
Production and operating costs | (5,953) | (8,785) | (10,737) | ||||
Royalties | (1,855) | (2,820) | (3,134) | ||||
Share-based payment | (29) | (37) | (39) | ||||
Other operating costs | (4,069) | (5,928) | (7,564) | ||||
Operating profit (loss) | 1,750 | 4,370 | 4,434 | ||||
Operating netback | 15,055 | 21,306 | 23,540 | ||||
Adjusted EBITDA | 11,750 | 17,908 | 20,166 | ||||
Depreciation | (7,445) | (10,395) | (10,809) | ||||
Impairment loss (recognized) reversed for non-financial assets | 0 | ||||||
Write-off | (5,120) | (2,020) | (2,978) | ||||
Total assets | $ 68,480 | $ 70,424 | $ 91,604 | ||||
Employees (average) | item | 13 | 12 | 12 | ||||
Employees at year end | item | 13 | 12 | 12 | ||||
Colombia [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 538,917 | $ 497,870 | $ 263,076 | ||||
Sale of crude oil | 536,986 | 496,341 | 262,309 | ||||
Sale of gas | 1,931 | 1,529 | 767 | ||||
Realized loss on commodity risk management contracts | 3,888 | (26,098) | (2,148) | ||||
Production and operating costs | (116,944) | (118,533) | (66,913) | ||||
Royalties | (56,399) | (62,710) | (24,236) | ||||
Share-based payment | (231) | (461) | (248) | ||||
Other operating costs | (60,314) | (55,362) | (42,429) | ||||
Operating profit (loss) | 297,783 | 309,357 | 116,290 | ||||
Operating netback | 413,120 | 352,672 | 194,013 | ||||
Adjusted EBITDA | 367,058 | 319,447 | 168,303 | ||||
Depreciation | (46,917) | (42,721) | (40,010) | ||||
Impairment loss (recognized) reversed for non-financial assets | 0 | 11,531 | [1] | 0 | [1] | ||
Write-off | 0 | (17,665) | (1,625) | ||||
Total assets | $ 357,125 | $ 383,450 | $ 288,429 | ||||
Employees (average) | item | 195 | 182 | 164 | ||||
Employees at year end | item | 202 | 178 | 180 | ||||
Peru [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 0 | $ 0 | $ 0 | ||||
Sale of crude oil | 0 | 0 | 0 | ||||
Sale of gas | 0 | 0 | 0 | ||||
Realized loss on commodity risk management contracts | 0 | 0 | 0 | ||||
Production and operating costs | 0 | 0 | 0 | ||||
Royalties | 0 | 0 | 0 | ||||
Share-based payment | 0 | 0 | 0 | ||||
Other operating costs | 0 | 0 | 0 | ||||
Operating profit (loss) | (7,468) | (4,529) | (3,850) | ||||
Operating netback | 0 | 0 | |||||
Adjusted EBITDA | (6,540) | (7,077) | (3,505) | ||||
Depreciation | (576) | (245) | (139) | ||||
Impairment loss (recognized) reversed for non-financial assets | 0 | ||||||
Write-off | 0 | 0 | 0 | ||||
Total assets | $ 53,993 | $ 35,817 | $ 22,099 | ||||
Employees (average) | item | 26 | 27 | 13 | ||||
Employees at year end | item | 14 | 28 | 19 | ||||
Argentina [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 34,605 | $ 35,879 | $ 70 | ||||
Sale of crude oil | 30,024 | 30,549 | 70 | ||||
Sale of gas | 4,581 | 5,330 | 0 | ||||
Realized loss on commodity risk management contracts | 0 | 0 | 0 | ||||
Production and operating costs | (26,278) | (25,043) | (338) | ||||
Royalties | (5,141) | (4,833) | (13) | ||||
Share-based payment | (38) | (154) | 0 | ||||
Other operating costs | (21,099) | (20,056) | (325) | ||||
Operating profit (loss) | (34,124) | (6,739) | (3,430) | ||||
Operating netback | 6,691 | 8,527 | (467) | ||||
Adjusted EBITDA | 868 | 4,576 | (2,183) | ||||
Depreciation | (15,618) | (10,640) | (159) | ||||
Impairment loss (recognized) reversed for non-financial assets | [2] | (7,559) | 0 | 0 | |||
Write-off | (13,170) | (583) | (685) | ||||
Total assets | $ 79,062 | $ 87,259 | $ 30,924 | ||||
Employees (average) | item | 133 | 121 | 88 | ||||
Employees at year end | item | 128 | 137 | 92 | ||||
Ecuador [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 0 | ||||||
Sale of crude oil | 0 | ||||||
Sale of gas | 0 | ||||||
Realized loss on commodity risk management contracts | 0 | ||||||
Production and operating costs | 0 | ||||||
Royalties | 0 | ||||||
Share-based payment | 0 | ||||||
Other operating costs | 0 | ||||||
Operating profit (loss) | (536) | ||||||
Operating netback | 0 | ||||||
Adjusted EBITDA | (535) | ||||||
Depreciation | (1) | ||||||
Impairment loss (recognized) reversed for non-financial assets | 0 | ||||||
Write-off | 0 | ||||||
Total assets | $ 1,119 | ||||||
Employees (average) | item | 2 | ||||||
Employees at year end | item | 2 | ||||||
Corporate [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 0 | $ 0 | |||||
Sale of crude oil | 0 | 0 | |||||
Sale of gas | 0 | 0 | |||||
Realized loss on commodity risk management contracts | 0 | 0 | |||||
Production and operating costs | 0 | 0 | |||||
Royalties | 0 | 0 | |||||
Share-based payment | 0 | 0 | |||||
Other operating costs | 0 | 0 | |||||
Operating profit (loss) | (16,828) | (14,773) | |||||
Operating netback | 0 | ||||||
Adjusted EBITDA | (13,082) | (11,075) | |||||
Depreciation | (36) | (38) | |||||
Write-off | 0 | 0 | |||||
Total assets | $ 9,261 | $ 51,176 | |||||
Employees (average) | item | 2 | 0 | |||||
Employees at year end | item | 2 | 0 | |||||
Corporate [Member] | Other Segments [Member] | |||||||
Disclosure of Segment information [Line Items] | |||||||
Revenue | $ 0 | ||||||
Sale of crude oil | 0 | ||||||
Sale of gas | 0 | ||||||
Realized loss on commodity risk management contracts | 0 | ||||||
Production and operating costs | 0 | ||||||
Royalties | 0 | ||||||
Share-based payment | 0 | ||||||
Other operating costs | 0 | ||||||
Operating profit (loss) | (19,861) | ||||||
Operating netback | 0 | ||||||
Adjusted EBITDA | (17,576) | ||||||
Depreciation | (149) | ||||||
Impairment loss (recognized) reversed for non-financial assets | 0 | ||||||
Write-off | 0 | ||||||
Total assets | $ 43,146 | ||||||
Employees (average) | item | 3 | ||||||
Employees at year end | item | 3 | ||||||
[1] | Reversal of impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2). | ||||||
[2] | Recognition of impairment loss due to the termination of the sales agreement for the TdF’s blocks, with no renovation in place as of the date of these consolidated financial statements. |
Segment information (Schedule_2
Segment information (Schedule of Reconciliation of Total Operating Netback to Total Profit (Loss) Before Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of Segment information [Line Items] | ||||
Administrative expenses | $ (60,818) | $ (52,074) | $ (42,054) | |
Geological and geophysical expenses | (18,593) | (13,951) | (7,694) | |
Unrealized gain (loss) on commodity risk management contracts | (26,411) | 42,271 | (13,300) | |
Depreciation | (105,532) | (92,240) | (74,885) | |
Share-based payment | (2,717) | (5,446) | (4,075) | |
Operating profit (loss) | 210,675 | 256,492 | 78,996 | |
Financial expenses | (41,070) | (39,321) | (53,511) | |
Financial income | 2,360 | 3,059 | 2,016 | |
Foreign exchange (loss) profit | (2,446) | (11,323) | (2,193) | |
Profit (Loss) before tax | 169,519 | 208,907 | 25,308 | |
Reportable segments [member] | ||||
Disclosure of Segment information [Line Items] | ||||
Operating netback | 447,084 | 397,658 | 228,308 | |
Administrative expenses | (60,130) | (48,028) | (38,937) | |
Geological and geophysical expenses | (23,619) | (19,074) | (13,595) | |
Adjusted EBITDA for reportable segments | 363,335 | 330,556 | 175,776 | |
Unrealized gain (loss) on commodity risk management contracts | (26,411) | 42,271 | (13,300) | |
Depreciation | [1] | (105,532) | (92,240) | (74,885) |
Share-based payment | (2,717) | (5,446) | (4,075) | |
Impairment and write-off of unsuccessful exploration efforts | (25,849) | (21,407) | (5,834) | |
Lease accounting - IFRS 16 | 4,855 | |||
Others | 2,994 | 2,758 | 1,314 | |
Operating profit (loss) | 210,675 | 256,492 | 78,996 | |
Financial expenses | (41,070) | (39,321) | (53,511) | |
Financial income | 2,360 | 3,059 | 2,016 | |
Foreign exchange (loss) profit | (2,446) | (11,323) | (2,193) | |
Profit (Loss) before tax | $ 169,519 | $ 208,907 | $ 25,308 | |
[1] | Net of capitalized costs for oil stock included in Inventories. |
Segment information (Narrative)
Segment information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chile [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 8.00% | 6.00% | 10.00% |
Colombia [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 61.00% | 78.00% | 76.00% |
Brazil [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 4.00% | 2.00% | 3.00% |
Argentina [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 15.00% | 7.00% | 8.00% |
Peru [Member] | |||
Disclosure of Segment information [Line Items] | |||
Capital Expenditure Incurred Percentage | 12.00% | 7.00% | 3.00% |
Revenue (Schedule of Informatio
Revenue (Schedule of Information on Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Revenue [Abstract] | |||
Sale of crude oil | $ 579,030 | $ 545,490 | $ 279,162 |
Sale of gas | 49,877 | 55,671 | 50,960 |
Revenue | $ 628,907 | $ 601,161 | $ 330,122 |
Commodity risk management con_3
Commodity risk management contracts (Schedule of Group's Derivative Contracts) (Details) | 12 Months Ended | |
Dec. 31, 2019$ / bblbbl | Apr. 01, 2020BRL (R$)$ / bbl | |
Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, number of instruments held | bbl | 13,000 | |
Average brent price | 55 | |
Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, number of instruments held | bbl | 15,000 | |
Average brent price | 85 | |
Wide Put Spread And Call | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 10 | |
April 1, 2019 - March 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
April 1, 2019 - March 31, 2020 [Member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
April 1, 2019 - March 31, 2020 [Member] | Written put options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
April 1, 2019 - March 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 79.02 | |
April 1, 2019 - March 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
April 1, 2019 - March 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
April 1, 2019 - March 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
April 1, 2019 - March 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 79 | |
July 1 , 2019 - March 31,2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 4,000 | |
July 1 , 2019 - March 31,2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
July 1 , 2019 - March 31,2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
July 1 , 2019 - March 31,2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 81.50 | |
October 1, 2019 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
Derivative Price | 71 | |
October 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
October 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
October 1, 2019 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
October 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
October 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
October 1, 2019 - December 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 73.80 | |
November 1, 2019 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
November 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
November 1, 2019 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
November 1, 2019 - December 31, 2020 [Member] | Purchased call options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 65.20 | |
January 1, 2020 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
January 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
January 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
January 1, 2020 - December 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 69 | |
January 1, 2020 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, Type of Instrument | Zero Premium 3 Way | |
Derivative contracts, number of instruments held | bbl | 2,000 | |
January 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
January 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
January 1, 2020 - December 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 70 | |
April 1, 2020 - December 31, 2020 [Member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative contracts, number of instruments held | R$ | 1,000 | |
April 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Minimum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 45 | |
April 1, 2020 - December 31, 2020 [Member] | Written put options [member] | Maximum | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 55 | |
April 1, 2020 - December 31, 2020 [Member] | Purchased call options [member] | ||
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items] | ||
Derivative Price | 71.95 |
Commodity risk management con_4
Commodity risk management contracts (Summary of Gain (Loss) on the Commodity Risk Management Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Consolidated Statement Of Comprehensive Income [Abstract] | |||
Realized (loss) gain on commodity risk management contracts | $ 3,888 | $ (26,098) | $ (2,148) |
Unrealized gain (loss) on commodity risk management contracts | (26,411) | 42,271 | (13,300) |
Total | $ (22,523) | $ 16,173 | $ (15,448) |
Production and operating cost_2
Production and operating costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Production And Operating Costs [Abstract] | |||
Well and facilities maintenance | $ 27,660 | $ 20,262 | $ 14,722 |
Operation and maintenance | 7,743 | 7,756 | 3,116 |
Staff costs (Note 11) | 14,213 | 17,725 | 11,901 |
Share-based payment (Note 11) | 329 | 878 | 457 |
Royalties | 64,576 | 71,836 | 28,697 |
Consumables | 17,625 | 17,444 | 11,902 |
Transportation costs | 2,941 | 2,628 | 2,969 |
Equipment rental | 10,476 | 9,317 | 5,818 |
Safety and Insurance costs | 4,107 | 3,878 | 2,591 |
Gas plant costs | 3,414 | 5,967 | 6,069 |
Field camp | 2,583 | 2,959 | 2,377 |
Non-operated blocks costs | 1,353 | 1,327 | 1,213 |
Other costs | 11,944 | 12,283 | 7,155 |
Operating expense | $ 168,964 | $ 174,260 | $ 98,987 |
Depreciation (Details)
Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | [1] | $ 102,884 | $ 92,663 | $ 75,075 |
Oil and gas properties [Member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | 83,276 | 72,130 | 57,725 | |
Machinery [member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | 16,708 | 17,958 | 14,558 | |
Furniture and Fixtures [Member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | 2,096 | 1,579 | 1,948 | |
Buildings [member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | [1] | 804 | 996 | 844 |
Productive Land [Member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | 99,984 | 90,088 | 72,283 | |
Administrative Assets [Member] | ||||
Disclosure Of Depreciation [Line Items] | ||||
Depreciation, property, plant and equipment | [1] | $ 2,900 | $ 2,575 | $ 2,792 |
[1] | Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets. |
Staff costs and Directors Rem_3
Staff costs and Directors Remuneration (Schedule of Staff Costs and Directors Remuneration) (Details) item in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Number of employees at year end | item | 439 | 457 | 405 |
Wages and salaries | $ 55,325 | $ 52,644 | $ 41,775 |
Share-based payments (Note 30) | 2,717 | 5,446 | 4,075 |
Social security charges | 6,888 | 7,464 | 5,364 |
Director's fees and allowance | 3,266 | 2,876 | 3,458 |
Employee benefits expense | 68,196 | 68,430 | 54,672 |
Salaries and fees | 13,483 | 12,452 | 9,674 |
Share-based payments | 2,251 | 2,918 | 2,322 |
Other benefits in kind | 262 | 272 | 287 |
Key Management Personnel Compensation | 15,996 | 15,642 | 12,283 |
Production and operating costs [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 14,542 | 18,603 | 12,358 |
Geological and geophysical expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | 18,448 | 15,527 | 11,026 |
Administrative expenses [Member] | |||
Disclosure of Staff costs and Directors Remuneration [Line Items] | |||
Employee benefits expense | $ 35,206 | $ 34,300 | $ 31,288 |
Staff costs and Directors Rem_4
Staff costs and Directors Remuneration (Schedule of Directors' Remuneration) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)shares | ||
Gerald O'Shaughnessy [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 400,000 | |
Director Fees Paid as Shares | shares | 0 | |
James F. Park [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 1,709,352 | |
Director Fees Paid as Shares | shares | 0 | |
Pedro Aylwin [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 14,625 | [1] |
Director Fees Paid as Shares | shares | 0 | [1] |
Juan Cristobal Pavez [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 210,000 | [2] |
Director Fees Paid as Shares | shares | 5,844 | [2] |
Carlos Gulisano [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 208,750 | [3] |
Director Fees Paid as Shares | shares | 5,844 | [3] |
Robert Bedingfield [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 210,000 | [4] |
Director Fees Paid as Shares | shares | 5,844 | [4] |
Jamie Coulter [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 190,000 | |
Director Fees Paid as Shares | shares | 5,844 | |
Constantine Papadimitriou [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 188,750 | |
Director Fees Paid as Shares | shares | 5,844 | |
Executive Directors' Fees [Member] | Gerald O'Shaughnessy [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 400,000 | |
Executive Directors' Fees [Member] | James F. Park [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 800,000 | |
Executive Directors' Fees [Member] | Pedro Aylwin [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 14,625 | [1] |
Executive Directors' Fees [Member] | Juan Cristobal Pavez [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [2] |
Executive Directors' Fees [Member] | Carlos Gulisano [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [3] |
Executive Directors' Fees [Member] | Robert Bedingfield [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [4] |
Executive Directors' Fees [Member] | Jamie Coulter [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Executive Directors' Fees [Member] | Constantine Papadimitriou [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Executive Directors' Bonus [Member] | Gerald O'Shaughnessy [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Executive Directors' Bonus [Member] | James F. Park [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 909,352 | |
Executive Directors' Bonus [Member] | Pedro Aylwin [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [1] |
Executive Directors' Bonus [Member] | Juan Cristobal Pavez [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [2] |
Executive Directors' Bonus [Member] | Carlos Gulisano [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [3] |
Executive Directors' Bonus [Member] | Robert Bedingfield [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [4] |
Executive Directors' Bonus [Member] | Jamie Coulter [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Executive Directors' Bonus [Member] | Constantine Papadimitriou [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Non-Executive Directors' Fees [Member] | Gerald O'Shaughnessy [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Non-Executive Directors' Fees [Member] | James F. Park [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | |
Non-Executive Directors' Fees [Member] | Pedro Aylwin [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 0 | [1] |
Non-Executive Directors' Fees [Member] | Juan Cristobal Pavez [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 110,000 | [2] |
Non-Executive Directors' Fees [Member] | Carlos Gulisano [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 108,750 | [3] |
Non-Executive Directors' Fees [Member] | Robert Bedingfield [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 110,000 | [4] |
Non-Executive Directors' Fees [Member] | Jamie Coulter [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | 90,000 | |
Non-Executive Directors' Fees [Member] | Constantine Papadimitriou [Member] | ||
Disclosure of Staff costs and Directors Remuneration [Line Items] | ||
Key management personnel compensation | $ 88,750 | |
[1] | Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance. | |
[2] | Compensation Committee Chairman. | |
[3] | Technical Committee Chairman. | |
[4] | Audit Committee Chairman. |
Staff costs and Directors Rem_5
Staff costs and Directors Remuneration (Narrative) (Details) | 1 Months Ended |
Jan. 31, 2020shares | |
Value Creation Plan [Member] | Subsequent Events [Member] | |
Disclosure of Staff costs and Directors Remuneration [Line Items] | |
Number Of Share Options Granted In Share based Payment | 439,075 |
Geological and geophysical ex_3
Geological and geophysical expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Geological and geophysical expenses [Abstract] | |||
Staff costs (Note 11) | $ 18,312 | $ 15,005 | $ 10,525 |
Share-based payment (Notes 11) | 136 | 522 | 501 |
Allocation to capitalised project | (4,834) | (5,645) | (6,402) |
Other services | 4,979 | 4,069 | 3,070 |
Geological and geophysical expenses | $ 18,593 | $ 13,951 | $ 7,694 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Administrative expenses [Abstract] | |||
Staff costs (Note 11) | $ 29,688 | $ 27,378 | $ 24,713 |
Share-based payment (Notes 11) | 2,252 | 4,046 | 3,117 |
Consultant fees | 18,685 | 7,427 | 5,120 |
Office expenses | 1,386 | 3,021 | 2,506 |
Travel expenses | 4,867 | 4,519 | 2,772 |
Director's fees and allowance (Note 11) | 3,266 | 2,876 | 3,458 |
Communication and IT costs | 2,928 | 2,395 | 2,109 |
Allocation to joint operations | (8,008) | (7,774) | (7,646) |
Other administrative expenses | 5,754 | 8,186 | 5,905 |
Administrative expenses | $ 60,818 | $ 52,074 | $ 42,054 |
Selling expenses (Details)
Selling expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Selling expenses [Abstract] | |||
Transportation | $ 12,985 | $ 2,638 | $ 864 |
Selling taxes and other | 1,128 | 1,385 | 272 |
Sales and marketing expense | $ 14,113 | $ 4,023 | $ 1,136 |
Financial results (Details)
Financial results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial expenses | |||
Interest and amortization of debt issue costs | $ (29,977) | $ (28,955) | $ (27,823) |
Interest with related parties | (1,606) | (2,224) | |
Less: amounts capitalised on qualifying assets | 367 | 258 | 611 |
Borrowings cancellation costs | 0 | 0 | (17,575) |
Bank charges and other financial results | (6,900) | (5,513) | (3,721) |
Unwinding of long-term liabilities | (4,560) | (3,505) | (2,779) |
Financial expenses total | (41,070) | (39,321) | (53,511) |
Financial income | |||
Interest received | 2,360 | 3,059 | 2,016 |
Financial income total | 2,360 | 3,059 | 2,016 |
Foreign exchange gains and losses | |||
Foreign exchange loss | (6,163) | (11,323) | (2,193) |
Foreign exchange gains and losses total | (2,446) | (11,323) | (2,193) |
Total Financial results | (41,156) | $ (47,585) | $ (53,688) |
Currency risk [member] | |||
Foreign exchange gains and losses | |||
Realized gain on currency risk management contracts | 2,843 | ||
Unrealized gain on currency risk management contracts | $ 874 |
Tax reforms (Details)
Tax reforms (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Maximum | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 33.00% | ||||||
Minimum | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 15.00% | ||||||
Colombia [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Presumptive taxable income tax rate | 1.50% | ||||||
Description Of tax return consequences on net income tax rate | An audit benefit was granted by the reform, establishing that tax returns of FY 2020 and 2021 showing a net income tax 30% or 20% higher, respectively, than the one declared in the previous year would be considered definitive 6 months or 12 months after became due, also respectively, if there were no objections or requests from the tax authority. | ||||||
Colombia [Member] | Scenario Forecasts [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 30.00% | 31.00% | 32.00% | ||||
Presumptive taxable income tax rate | 0.00% | 0.50% | |||||
Colombia [Member] | Surcharge [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 33.00% | 37.00% | 40.00% | ||||
Colombia [Member] | Tax on deemed income [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Tax Rate on Dividends for Non Resident Shareholders | 10.00% | 7.50% | |||||
Argentina [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 30.00% | 30.00% | |||||
Dividend withholding tax rate | 7.00% | 7.00% | |||||
Percentage which taxpayers may deduct of the negative or positive inflation adjustment on or after January 1st 2021 | 100.00% | ||||||
Number of years over which tax inflation adjustment is allocated | 6 years | ||||||
Restriction on deductibility of foreign exchange differences | 30.00% | ||||||
Tax rate on cash withdrawals from local bank accounts | $ 1.2 | $ 0.6 | |||||
Argentina [Member] | Scenario Forecasts [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Applicable tax rate | 25.00% | 30.00% | |||||
Dividend withholding tax rate | 13.00% | 7.00% | |||||
Ecuador [Member] | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Dividend withholding tax rate | 25.00% | ||||||
Dividend tax basis | 40.00% | ||||||
Ecuador [Member] | Maximum | |||||||
Disclosure of Tax reforms [Line Items] | |||||||
Interest deductibility as a percent of corporate profit before taxes, interest and depletion | 20.00% |
Income tax (Schedule of Compone
Income tax (Schedule of Components of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income tax [Abstract] | |||
Current tax | $ (111,371) | $ (101,456) | $ (48,449) |
Deferred income tax (Note 18) | (391) | (4,784) | 5,304 |
Tax expense (income), continuing operations | $ (111,762) | $ (106,240) | $ (43,145) |
Income tax (Summary of Income T
Income tax (Summary of Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Income tax [Abstract] | ||||
Profit before tax | $ 169,519 | $ 208,907 | $ 25,308 | |
Tax losses from non-taxable jurisdictions | 49,360 | 42,808 | 22,708 | |
Taxable profit | 218,879 | 251,715 | 48,016 | |
Income tax calculated at domestic tax rates applicable to Profit in the respective countries | (79,395) | (102,211) | (31,107) | |
Tax losses where no deferred tax benefit is recognized | (2,563) | (7,344) | (8,111) | |
Effect of currency translation on tax base | (16,795) | 3,336 | (2,330) | |
Effect of inflation adjustment for tax purposes | 541 | |||
Changes in the income tax rate (Note 16) | 1,279 | (1,874) | 542 | |
Previously unrecognized tax losses | 1,820 | 4,882 | 0 | |
Out of period adjustment (a) | (9,910) | |||
Non-taxable results | [1] | (6,739) | (3,029) | (2,139) |
Income tax | $ (111,762) | $ (106,240) | $ (43,145) | |
[1] | See Note 2.1. |
Income tax (Summary of Tax Loss
Income tax (Summary of Tax Losses Accumulated) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Income tax [Line Items] | ||||
Unused tax losses, deferred tax asset was recognised | $ 378,422 | $ 359,234 | $ 383,674 | |
Chile [Member] | ||||
Disclosure Of Income tax [Line Items] | ||||
Unused tax losses, deferred tax asset was recognised | [1] | 317,644 | 315,733 | 345,104 |
Brazil [Member] | ||||
Disclosure Of Income tax [Line Items] | ||||
Unused tax losses, deferred tax asset was recognised | [1] | 37,848 | 38,011 | 33,721 |
Argentina [Member] | ||||
Disclosure Of Income tax [Line Items] | ||||
Unused tax losses, deferred tax asset was recognised | [2] | $ 22,930 | $ 5,490 | $ 4,849 |
[1] | Taxable losses have no expiration date. | |||
[2] | Expiring dates for tax losses accumulated at December 31, 2019 are:Expiring date Amounts in US$ ‘0002021 4472022 1,1092023 2,9462024 18,428 |
Income tax (Schedule of Expirin
Income tax (Schedule of Expiring Dates for Tax Losses) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2021 | |
Disclosure Of Income tax [Line Items] | |
Taxable losses | $ 447 |
2022 | |
Disclosure Of Income tax [Line Items] | |
Taxable losses | 1,109 |
2023 | |
Disclosure Of Income tax [Line Items] | |
Taxable losses | 2,946 |
2024 | |
Disclosure Of Income tax [Line Items] | |
Taxable losses | $ 18,428 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 15.00% |
Maximum | |
Disclosure Of Income tax [Line Items] | |
Applicable tax rate | 33.00% |
Deferred income tax (Schedule o
Deferred income tax (Schedule of Gross Movement on the Deferred Income Tax Account) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of deferred income tax [Abstract] | |||
Deferred tax at 1 January | $ 16,992 | $ 25,350 | |
Currency translation differences | (517) | $ (3,574) | |
Income statement (charge) credit | (391) | (4,784) | |
Deferred tax at 31 December | $ 16,084 | $ 16,992 | $ 25,350 |
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, 2019 | Dec. 31, 2018 | |
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | $ 31,793 | $ 27,636 |
(Charged) credited to net profit | (7,485) | (11,514) |
Currency translation differences | (517) | (3,574) |
Reclassified to assets | 3,143 | 19,245 |
At end of year | 26,934 | 31,793 |
At the beginning of year | (14,801) | (2,286) |
Credited to net profit | 7,094 | 6,730 |
Reclassified from liabilities | 3,143 | 19,245 |
At end of year | (10,850) | (14,801) |
Taxable losses | ||
Disclosure of deferred income tax [Line Items] | ||
Reclassified to Liabilities | (18,775) | |
Deferred Tax Liabilities, Asset From Taxable Losses | (18,775) | |
Difference in depreciation rates and other | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | (14,801) | |
Credited to net profit | 7,094 | |
Reclassified from liabilities | 21,918 | |
At end of year | (29,625) | (14,801) |
Difference in depreciation rates and other | ||
Disclosure of deferred income tax [Line Items] | ||
Deferred Tax Assets, Liability From Difference In Depreciation Rates And Other | (3,077) | |
(Charged) credited to net profit | (10,947) | |
Currency translation differences | (14) | |
Reclassified to assets | 21,918 | |
At end of year | 7,880 | |
Taxable losses | ||
Disclosure of deferred income tax [Line Items] | ||
At the beginning of year | 34,870 | |
(Charged) credited to net profit | 3,462 | |
Currency translation differences | (503) | |
Reclassified from assets | (18,775) | |
At end of year | $ 19,054 | $ 34,870 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 | |
Numerator: | ||||
Profit (Loss) for the year attributable to owners | $ 57,757 | $ 72,415 | $ (24,228) | |
Denominator: | ||||
Weighted average number of shares used in basic EPS | 60,217,523 | 60,612,230 | 60,093,191 | |
Earnings (Losses) after tax per share (US$) - basic | $ 0.96 | $ 1.19 | $ (0.40) | |
Weighted average number of shares used in basic EPS | 60,217,523 | 60,612,230 | 60,093,191 | |
Stock awards at US$ 0.001 | 2,433,126 | 4,758,552 | 0 | |
Weighted average number of common shares for the purposes of diluted earnings per shares | 62,650,649 | 65,370,782 | 60,093,191 | |
Earnings (Losses) after tax per share (US$) - diluted | $ 0.92 | $ 1.11 | $ (0.40) | |
Par value per share | $ 0.001 | $ 0.001 | $ 0.001 | |
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | 4,564,777 |
Property, plant and equipment_2
Property, plant and equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | $ 557,170 | $ 517,403 | |||||
Depreciation | [1] | (102,884) | (92,663) | $ (75,075) | |||
Acquisitions (Note 36.4) | 54,929 | ||||||
Assets held for sale (Note 36.2) | (163,544) | ||||||
Property, plant and equipment at year-end | 567,788 | 557,170 | 517,403 | ||||
Oil and gas properties [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 358,152 | 334,970 | |||||
Depreciation | (83,276) | (72,130) | (57,725) | ||||
Acquisitions (Note 36.4) | 52,925 | ||||||
Assets held for sale (Note 36.2) | (163,544) | ||||||
Property, plant and equipment at year-end | 363,131 | 358,152 | 334,970 | ||||
Furniture, equipment and vehicles [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 4,387 | 3,482 | |||||
Acquisitions (Note 36.4) | 254 | ||||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 4,400 | 4,387 | 3,482 | ||||
Production facilities and machinery [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 68,390 | 71,164 | |||||
Acquisitions (Note 36.4) | 1,616 | ||||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 77,460 | 68,390 | 71,164 | ||||
Buildings [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 5,652 | 5,429 | |||||
Depreciation | [1] | (804) | (996) | (844) | |||
Acquisitions (Note 36.4) | 134 | ||||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 5,174 | 5,652 | 5,429 | ||||
Construction in Progress [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 60,597 | 37,990 | |||||
Acquisitions (Note 36.4) | 0 | ||||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 69,587 | 60,597 | 37,990 | ||||
Exploration and evaluation assets [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 59,992 | 64,368 | |||||
Acquisitions (Note 36.4) | 0 | ||||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 48,036 | 59,992 | 64,368 | ||||
Gross carrying amount [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 1,039,495 | 1,062,017 | 944,263 | ||||
Additions | 140,749 | 121,429 | 125,359 | ||||
Currency translation differences | (4,560) | (13,466) | (1,470) | ||||
Disposals | 262 | 463 | 301 | ||||
Write-off / Impairment loss | (25,849) | [2] | (21,407) | [3] | (5,834) | [4] | |
Transfers | 0 | 0 | 0 | ||||
Assets held for sale (Note 36.2) | 2,813 | ||||||
Property, plant and equipment at year-end | 1,152,386 | 1,039,495 | 1,062,017 | ||||
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 | 717,510 | 776,504 | 692,241 | ||||
Additions | 14,696 | 7,997 | |||||
Retirements, property, plant and equipment | 5,753 | ||||||
Currency translation differences | (3,022) | (11,525) | (1,142) | ||||
Disposals | 0 | 0 | 0 | ||||
Write-off / Impairment loss | (7,559) | [2] | 5,109 | [3] | 0 | [4] | |
Transfers | 83,010 | 63,794 | 77,408 | ||||
Assets held for sale (Note 36.2) | 26,302 | ||||||
Property, plant and equipment at year-end | 830,937 | 717,510 | 776,504 | ||||
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 | 17,748 | 15,398 | 14,357 | ||||
Additions | 2,052 | 1,706 | 954 | ||||
Currency translation differences | (414) | (130) | (12) | ||||
Disposals | 102 | 46 | 112 | ||||
Write-off / Impairment loss | 0 | [2] | 0 | [3] | 0 | [4] | |
Transfers | 265 | 566 | 211 | ||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 19,549 | 17,748 | 15,398 | ||||
Gross carrying amount [member] | Production facilities and machinery [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 172,094 | 157,396 | 132,413 | ||||
Additions | 381 | 0 | 0 | ||||
Currency translation differences | (561) | (884) | (147) | ||||
Disposals | 101 | 417 | 0 | ||||
Write-off / Impairment loss | 0 | [2] | (120) | [3] | 0 | [4] | |
Transfers | 24,183 | 14,503 | 25,130 | ||||
Assets held for sale (Note 36.2) | (23,489) | ||||||
Property, plant and equipment at year-end | 172,507 | 172,094 | 157,396 | ||||
Gross carrying amount [member] | Buildings [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 11,554 | 10,361 | 10,553 | ||||
Additions | 159 | 0 | 0 | ||||
Currency translation differences | (8) | (30) | (3) | ||||
Disposals | 0 | 0 | 189 | ||||
Write-off / Impairment loss | 0 | [2] | 0 | [3] | 0 | [4] | |
Transfers | 65 | 1,089 | 0 | ||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 11,770 | 11,554 | 10,361 | ||||
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 | 60,597 | 37,990 | 32,926 | ||||
Additions | 96,012 | 81,961 | 66,953 | ||||
Currency translation differences | (106) | (15) | (62) | ||||
Disposals | 0 | 0 | 0 | ||||
Write-off / Impairment loss | 0 | [2] | (7) | [3] | 0 | [4] | |
Transfers | (86,916) | (59,332) | (61,827) | ||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 69,587 | 60,597 | 37,990 | ||||
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 | 59,992 | 64,368 | 61,773 | ||||
Additions | 27,449 | 43,515 | 49,455 | ||||
Currency translation differences | (449) | (882) | (104) | ||||
Disposals | 59 | 0 | 0 | ||||
Write-off / Impairment loss | (18,290) | [2] | (26,389) | [3] | (5,834) | [4] | |
Transfers | (20,607) | (20,620) | (40,922) | ||||
Assets held for sale (Note 36.2) | 0 | ||||||
Property, plant and equipment at year-end | 48,036 | 59,992 | 64,368 | ||||
Accumulated depreciation, amortisation and impairment [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | (482,325) | (544,614) | (470,617) | ||||
Currency translation differences | 3,305 | 6,747 | 967 | ||||
Depreciation | (102,884) | (92,663) | (75,075) | ||||
Disposals | (119) | (191) | (111) | ||||
Assets held for sale (Note 36.2) | (2,813) | 148,014 | |||||
Property, plant and equipment at year-end | (584,598) | (482,325) | (544,614) | ||||
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 | (359,358) | (441,534) | (384,739) | ||||
Currency translation differences | 2,492 | 6,292 | 930 | ||||
Depreciation | (83,276) | (72,130) | (57,725) | ||||
Disposals | 0 | 0 | 0 | ||||
Assets held for sale (Note 36.2) | (27,664) | 148,014 | |||||
Property, plant and equipment at year-end | (467,806) | (359,358) | (441,534) | ||||
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 | (13,361) | (11,916) | (10,049) | ||||
Currency translation differences | 223 | 92 | 8 | ||||
Depreciation | (2,096) | (1,579) | (1,948) | ||||
Disposals | (85) | (42) | (73) | ||||
Assets held for sale (Note 36.2) | 0 | 0 | |||||
Property, plant and equipment at year-end | (15,149) | (13,361) | (11,916) | ||||
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 | (103,704) | (86,232) | (71,698) | ||||
Currency translation differences | 480 | 337 | 24 | ||||
Depreciation | (16,708) | (17,958) | (14,558) | ||||
Disposals | (34) | (149) | 0 | ||||
Assets held for sale (Note 36.2) | 24,851 | 0 | |||||
Property, plant and equipment at year-end | (95,047) | (103,704) | (86,232) | ||||
Accumulated depreciation, amortisation and impairment [member] | Buildings [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | (5,902) | (4,932) | (4,131) | ||||
Currency translation differences | 110 | 26 | 5 | ||||
Depreciation | (804) | (996) | (844) | ||||
Disposals | 0 | 0 | (38) | ||||
Assets held for sale (Note 36.2) | 0 | 0 | |||||
Property, plant and equipment at year-end | (6,596) | (5,902) | (4,932) | ||||
Accumulated depreciation, amortisation and impairment [member] | Construction in Progress [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 0 | 0 | 0 | ||||
Currency translation differences | 0 | 0 | 0 | ||||
Depreciation | 0 | 0 | 0 | ||||
Disposals | 0 | 0 | 0 | ||||
Assets held for sale (Note 36.2) | 0 | 0 | |||||
Property, plant and equipment at year-end | 0 | 0 | 0 | ||||
Accumulated depreciation, amortisation and impairment [member] | Exploration and evaluation assets [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property, plant and equipment at the beginning | 0 | 0 | 0 | ||||
Currency translation differences | 0 | 0 | 0 | ||||
Depreciation | 0 | 0 | 0 | ||||
Disposals | 0 | 0 | 0 | ||||
Assets held for sale (Note 36.2) | 0 | 0 | |||||
Property, plant and equipment at year-end | $ 0 | $ 0 | $ 0 | ||||
[1] | Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets. | ||||||
[2] | Corresponds to nine unsuccessful exploratory wells, four wells drilled in Colombia (Tiple, Llanos 34 and Llanos 32 Blocks), two wells drilled in Brazil (POT-T747 and POT-T619 Blocks) and three wells drilled in Argentina (Puelen Block). The charge also includes the write-off of a well and other exploration costs incurred in the Fell Block (Chile) in previous years and other exploration costs incurred in the VIM3 Block (Colombia), and POT-T882 and REC-T93 Blocks (Brazil), for which no additional work would be performed. | ||||||
[3] | Corresponds to five unsuccessful exploratory wells, one well drilled in Colombia (Llanos 34 Block), one well drilled in Brazil (REC-T94 Block) and three non-operated wells drilled in Argentina (Puelen and Sierra del Nevado Blocks) in 2017. The charge also includes the loss generated by the write-off of the seismic cost for Campanario and Isla Norte Blocks in Chile generated by the relinquishment of 327 sq. km in 2017. | ||||||
[4] | Corresponds to the effect of change in estimate of assets retirement obligations. |
Property, plant and equipment_3
Property, plant and equipment (Schedule of Exploration Wells Movement and Balances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | $ 567,788 | $ 557,170 | $ 517,403 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at year-end | 48,036 | 59,992 | 64,368 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 23,082 | 43,103 | |
Write-offs | (12,941) | (23,733) | |
Transfers | (17,365) | (18,761) | |
Property, plant and equipment at year-end | $ 3,989 | $ 11,213 | $ 10,604 |
Property, plant and equipment_4
Property, plant and equipment (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 567,788 | $ 557,170 | $ 517,403 |
Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 48,036 | 59,992 | 64,368 |
Construction in Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 69,587 | 60,597 | 37,990 |
Construction in Progress [Member] | Morona Block, Peru [Member] | Peru [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 36,874 | 22,467 | 14,073 |
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 | 44,047 | 48,779 | 53,764 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 3,989 | $ 11,213 | $ 10,604 |
Number of unsuccessful exploration wells | item | 5 | 9 | 5 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | Colombia [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of unsuccessful exploration wells | item | 4 | 1 | |
Exploration Wells [Member] | Exploration and evaluation assets [member] | Brazil [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of unsuccessful exploration wells | item | 1 | 2 | 1 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | Argentina [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Number of unsuccessful exploration wells | item | 4 | 3 | 3 |
Exploration Wells [Member] | Exploration and evaluation assets [member] | Period of capitalization less than one year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 3,989 |
Subsidiary undertakings (Summar
Subsidiary undertakings (Summary of Subsidiaries and Joint Operations) (Details) | Jul. 02, 2019 | Dec. 31, 2019 | |
Tranquilo Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
Flamenco Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [1] | Flamenco Block (Chile) | |
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Campanario Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Campanario Block (Chile) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Isla Norte Block (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Isla Norte Block (Chile) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 60.00% | ||
Llanos 34 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 34 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 45.00% | ||
Llanos 32 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 32 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 12.50% | ||
Puelen Block (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Puelen Block (Argentina) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 18.00% | ||
Sierra del Nevado Block (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Sierra del Nevado Block (Argentina) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 18.00% | ||
CN-V Block (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | CN-V Block (Argentina) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Los Parlamentos Block (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Los Parlamentos Block (Argentina) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Manati Field (Brazil) | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Manati Field (Brazil) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 10.00% | ||
POT-T-747 [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | POT-T-747 Block (Brazil) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 70.00% | ||
RECT128 [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [1] | REC-T-128 Block (Brazil) | |
Proportion of ownership interest in subsidiaries and Joint operations | 70.00% | ||
POT-T-785 Block (Brazil) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | POT-T-785 Block (Brazil) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 70.00% | ||
Morona Block, Peru [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Morona Block (Peru) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 75.00% | ||
Espejo Block (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Espejo Block (Ecuador) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Perico Block (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Perico Block (Ecuador) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Llanos 86 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 86 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Llanos 87 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 87 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Llanos 104 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 104 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Llanos 123 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 123 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
Llanos 124 Block (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | Llanos 124 Block (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 50.00% | ||
GeoPark Argentina Limited - Argentinean Branch (Argentina) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Argentina S.A.U (Argentina) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Latin America Limited (Bermuda) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Latin America Limited (Bermuda) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Latin America Limited - Agencia en Chile (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [2] | GeoPark Latin America Limited – Agencia en Chile (Chile) | |
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Brazil Explorao y Produo de Petrleo e Gs Ltda. (Brazil) [member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [2] | GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) | |
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Chile S.A. (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [2] | GeoPark Chile S.p.A. (Chile) | |
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Fell S.p.A. (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Fell S.p.A. (Chile) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Magallanes Limitada (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Magallanes Limitada (Chile) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark TdF S.A. (Chile) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark TdF S.p.A. (Chile) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Colombia S.A.S. (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [2] | GeoPark Colombia S.A.S. (Colombia) | |
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Latin America S.L.U. (Spain) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Latin America S.L.U. (Spain) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Colombia Coperatie U.A. (The Netherlands) [member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Colombia S.L.U. (Spain) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark S.A.C. (Peru) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark S.A.C. (Peru) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Per S.A.C. (Peru) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Perú S.A.C. (Peru) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Operadora del Per S.A.C. (Peru) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Operadora del Perú S.A.C. (Peru) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Colombia E&P S.A. (Panama) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Colombia E&P S.A. (Panama) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Colombia E&P Sucursal Colombia (Colombia) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Colombia E&P Sucursal Colombia (Colombia) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Mexico S.A.P.I. de C.V. (Mexico) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | [2],[3] | GeoPark Mexico S.A.P.I. de C.V. (Mexico) | |
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark E&P S.A.P.I. de C.V. (Mexico) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark E&P S.A.P.I. de C.V. (Mexico) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark Per S.A.C. Sucursal Ecuador (Ecuador) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark Perú S.A.C. Sucursal Ecuador (Ecuador) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
GeoPark (UK) Limited (United Kingdom) [Member] | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiaries and Joint operations | GeoPark (UK) Limited (United Kingdom) | ||
Proportion of ownership interest in subsidiaries and Joint operations | 100.00% | ||
[1] | GeoPark is the operator. | ||
[2] | Indirectly owned. | ||
[3] | Dormant companies. |
Subsidiary undertakings (Narrat
Subsidiary undertakings (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Profit (loss), attributable to non-controlling interests | $ 30,252,000 | $ 6,391,000 | |
Dividends recognised as distributions to non-controlling interests | $ 2,444,000 | 8,089,000 | 479,000 |
GeoPark Chile S.A [Member] | |||
Disclosure of subsidiaries [line items] | |||
Profit (loss), attributable to non-controlling interests | (4,273,000) | (6,200,000) | |
GeoPark TdF S.A [Member] | |||
Disclosure of subsidiaries [line items] | |||
Profit (loss), attributable to non-controlling interests | (758,000) | (945,000) | |
GeoPark Colombia Cooperatie U.A [Member] | |||
Disclosure of subsidiaries [line items] | |||
Profit (loss), attributable to non-controlling interests | $ 35,284,000 | $ 13,536,000 |
Prepayments and other receiva_3
Prepayments and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Prepayments and other receivables [Line Items] | |||
V.A.T. | $ 27,052 | $ 37,811 | |
Income tax payments in advance | 20,609 | 9,668 | |
Other prepaid taxes | 1,069 | 966 | |
Prepayments and other receivables | 8,282 | 7,889 | |
Total prepaid taxes | 58,047 | 58,153 | |
Current | 51,016 | 54,659 | |
Non current | 7,031 | 3,494 | |
Total prepaid taxes | 58,047 | 58,153 | |
Entities with joint control or significant influence over entity [member] | |||
Disclosure of Prepayments and other receivables [Line Items] | |||
To be recovered from co-ventures (Note 34) | $ 1,035 | $ 1,819 | $ 2,455 |
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, 2019 | Dec. 31, 2018 | |
Disclosure of Prepayments and other receivables [Abstract] | ||
At 1 January | $ 546 | $ 594 |
Increase (Decrease) In Provision For Impairment Of Trade And Other Receivables | 4 | (48) |
At 31 December | $ 550 | $ 546 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Inventories [Abstract] | ||
Crude oil | $ 4,285 | $ 3,369 |
Materials and spares | 7,162 | 5,940 |
Inventories | $ 11,447 | $ 9,309 |
Trade receivables (Schedule of
Trade receivables (Schedule of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Trade receivables [Abstract]. | ||
Trade receivables | $ 44,178 | $ 16,215 |
Trade receivables (Narrative) (
Trade receivables (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [line items] | ||
Financial assets | $ 175,489 | $ 184,768 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Credit period for trade receivables | 30 days | |
Later than three months [member] | Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 0 | 0 |
Later than one month and not later than two months [member] | Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 0 | $ 0 |
Financial instruments by cate_3
Financial instruments by category (Schedule of Total Financial Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial assets [line items] | |||
Transfers of fair values between level 2 or level 3 during the period for assets or liabilities | $ 0 | ||
Financial assets at fair value through profit or loss | |||
Financial assets at fair value through profit or loss | 50,309,000 | $ 81,333,000 | |
Other financial assets at amortized cost | |||
Financial assets at amortised cost | 125,180,000 | 103,435,000 | |
Financial assets | 175,489,000 | 184,768,000 | |
Derivative Financial Instrument Assets [Member] | |||
Financial assets at fair value through profit or loss | |||
Financial assets at fair value through profit or loss | 8,097,000 | 27,539,000 | |
Cash and cash equivalents [Member] | |||
Financial assets at fair value through profit or loss | |||
Financial assets at fair value through profit or loss | 42,212,000 | 53,794,000 | |
Other financial assets at amortized cost | |||
Financial assets at amortised cost | 68,968,000 | 73,933,000 | |
Trade receivables [member] | |||
Other financial assets at amortized cost | |||
Financial assets at amortised cost | 44,178,000 | 16,215,000 | |
To be recovered from co-venturers [Member] | |||
Other financial assets at amortized cost | |||
Financial assets at amortised cost | 1,035,000 | 1,819,000 | |
Other financial assets [Member] | |||
Other financial assets at amortized cost | |||
Financial assets at amortised cost | [1] | $ 10,999,000 | $ 11,468,000 |
[1] | Non-current other financial assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other financial assets corresponds to short-term investments with original maturities up to twelve months and over three months. |
Financial instruments by cate_4
Financial instruments by category (Schedule of Total Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities at fair value through profit and loss | ||
Financial liabilities | $ 555,408 | $ 554,102 |
Derivative financial instrument liabilities | 952 | 0 |
Financial liabilities at fair value through profit or loss | 952 | 0 |
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 554,456 | 554,102 |
Trade payables [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 83,991 | 69,142 |
Payables To LGI [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 15,000 | 29,509 |
To be paid to co-venturers [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 4,803 | 8,449 |
Lease liabilities [member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | 13,243 | 0 |
Borrowing [Member] | ||
Other Financial Liabilities At Amortised Cost | ||
Other financial liabilities at amortised cost | $ 437,419 | $ 447,002 |
Financial instruments by cate_5
Financial instruments by category (Schedule of Credit Quality of Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | $ 175,489 | $ 184,768 | |
Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 44,178 | 16,215 | |
Financial assets neither past due nor impaired [member] | Trade receivables [member] | Existing customers (more than 6 months) with no defaults in the past [Member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | [1] | 9,825 | 5,774 |
External credit grade Ba1 | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 1,037 | 0 | |
External credit rating A2 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 780 | 1,196 | |
External credit rating Ba2 | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 6,156 | 5,511 | |
External credit rating A3 [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 0 | 3,734 | |
External credit rating Aaa [Member] | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | 25,447 | 0 | |
External credit grade Caa2 | Financial assets neither past due nor impaired [member] | Trade receivables [member] | |||
Disclosure of Financial instruments by category [Line Items] | |||
Financial assets | $ 933 | $ 0 | |
[1] | Group 1 - existing customers (more than 6 months) with no defaults in the past. |
Financial instruments by cate_6
Financial instruments by category (Schedule of Cash at Bank and Other Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | $ 175,489 | $ 184,768 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 122,158 | 139,176 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | Unrated credit exposure [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 14,278 | 15,448 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A1 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | [1] | 6,924 | 1,315 |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A2 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 33,633 | 595 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating A3 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 13,105 | 765 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Aaa-mf [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 41,219 | 52,563 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Aa1 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 0 | 4,732 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Aa3 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 0 | 17,431 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating AAA [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 3,894 | 14,307 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba1 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 1,854 | 4,033 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba2 | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 1 | 1 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Baa1 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 580 | 13,903 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External Credit rating Baa1+ [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 0 | 4,138 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Baa2 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 5,408 | 6,534 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating Ba3 [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | 1,262 | 212 | |
Financial assets neither past due nor impaired [member] | Cash at bank and other financial asset [Member] | External credit rating BBB [Member] | |||
Disclosure of Financial instrument category [Line Items] | |||
Financial assets | $ 0 | $ 3,199 | |
[1] | The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 21,000 (US$ 20,000 in 2018). |
Financial instruments by cate_7
Financial instruments by category (Schedule of Financial Liabilities - contractual undiscounted cash flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Lease liabilities | $ 13,243 | $ 14,610 | |
To be paid to co-venturers | 15,000 | 29,509 | |
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 | 4,803 | 8,449 | $ 10,015 |
Falling due within 1 year[member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 37,621 | 39,545 | |
Lease liabilities | 7,442 | ||
Trade payables | 83,291 | 68,862 | |
Non-derivative financial liabilities, undiscounted cash flows | 143,382 | 131,856 | |
Falling due within 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 | 28 | 8,449 | |
Falling due within 1 year[member] | LG International Corporation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Payables to related parties | 15,000 | 15,000 | |
Later than one year and not later than two years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 27,625 | 38,648 | |
Lease liabilities | 2,494 | ||
Trade payables | 700 | 280 | |
Non-derivative financial liabilities, undiscounted cash flows | 30,819 | 53,928 | |
Later than one year and not later than two years [member] | Entities with joint control or significant influence over entity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
To be paid to co-venturers | 0 | 0 | |
Later than one year and not later than two years [member] | LG International Corporation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Payables to related parties | 0 | 15,000 | |
Later than two years and not later than five years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 507,875 | 82,875 | |
Lease liabilities | 4,479 | ||
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 517,129 | 82,875 | |
Later than two years and not later than five years [member] | Entities with joint control or significant influence over entity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
To be paid to co-venturers | 4,775 | 0 | |
Later than two years and not later than five years [member] | LG International Corporation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Payables to related parties | 0 | 0 | |
Falling due over 5 years[member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 0 | 452,625 | |
Lease liabilities | 1,053 | ||
Trade payables | 0 | 0 | |
Non-derivative financial liabilities, undiscounted cash flows | 1,053 | 452,625 | |
Falling due over 5 years[member] | Entities with joint control or significant influence over entity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
To be paid to co-venturers | 0 | 0 | |
Falling due over 5 years[member] | LG International Corporation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Payables to related parties | $ 0 | $ 0 |
Financial instruments by cate_8
Financial instruments by category (Schedule of Fair Value Hierarchy) (Details) - Recurring fair value measurement [member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Categories of financial assets [abstract] | ||
Derivative financial assets | $ 50,309,000 | $ 81,333 |
Liabilities | ||
Derivative financial liabilities | 952,000 | |
Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 42,212,000 | 53,794,000 |
Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 42,212,000 | 53,794 |
Liabilities | ||
Derivative financial liabilities | 0 | |
Level 1 of fair value hierarchy [member] | Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 42,212,000 | 53,794,000 |
Level 2 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 8,097,000 | 27,539 |
Liabilities | ||
Derivative financial liabilities | 952,000 | |
Level 2 of fair value hierarchy [member] | Money Market Fund [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 0 | 0 |
Commodity price risk [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 444,000 | |
Liabilities | ||
Derivative financial liabilities | 952,000 | 27,539,000 |
Commodity price risk [member] | Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 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 | 444,000 | |
Liabilities | ||
Derivative financial liabilities | 952,000 | $ 27,539,000 |
Currency risk [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 874,000 | |
Currency risk [member] | Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 0 | |
Currency risk [member] | Level 2 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 874,000 | |
Interest Rate Risk [Member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 6,779,000 | |
Interest Rate Risk [Member] | Level 1 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | 0 | |
Interest Rate Risk [Member] | Level 2 of fair value hierarchy [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial assets | $ 6,779,000 |
Financial instruments by cate_9
Financial instruments by category (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Financial instruments by category [Abstract] | |||
Cash on hand | $ 21,000 | $ 20,000 | $ 21,000 |
Financial liabilities, at fair value | $ 453,956,000 | $ 445,582,000 |
Equity (Schedule of Share Capit
Equity (Schedule of Share Capital) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 |
Disclosure Of Share capital [Line Items] | ||||
Common stock (amounts in US$ '000) | $ 59,000 | $ 60,000 | $ 61,000 | |
Common shares, of nominal US$ 0.001 | 59,167,584 | 60,483,447 | ||
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 | 59,167,584 | 60,483,447 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Common Shares) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Share capital [Line Items] | ||||||||||
Number of shares issued | 59,167,584 | 60,483,447 | 59,167,584 | 60,483,447 | ||||||
Treasury Stock Purchased, Shares | 4,318,320 | 145,917 | ||||||||
Number of shares outstanding | 59,200,000 | 60,500,000 | 59,200,000 | 60,500,000 | 60,600,000 | |||||
Issued capital | $ 59 | $ 60 | $ 59 | $ 60 | $ 61 | |||||
Stock awards One [Member] | ||||||||||
Disclosure Of Share capital [Line Items] | ||||||||||
The date of common shares movement. | Jul. 1, 2019 | Jan. 1, 2019 | Dec. 1, 2018 | |||||||
Number of shares issued | 1,500,000 | 1,500,000 | 100,000 | 100,000 | ||||||
Number of shares outstanding | 60,500,000 | 62,000,000 | 60,700,000 | 60,700,000 | ||||||
Issued capital | $ 60 | $ 62 | $ 61 | $ 61 | ||||||
Buyback program [Member] | ||||||||||
Disclosure Of Share capital [Line Items] | ||||||||||
The date of common shares movement. | Dec. 1, 2019 | Sep. 1, 2019 | Jun. 1, 2019 | Mar. 1, 2019 | Dec. 1, 2018 | |||||
Treasury Stock Purchased, Shares | 100,000 | 1,200,000 | 2,300,000 | 700,000 | 200,000 | |||||
Number of shares outstanding | 59,200,000 | 59,300,000 | 59,000,000 | 61,300,000 | 60,500,000 | 59,200,000 | 60,500,000 | |||
Issued capital | $ 59 | $ 59 | $ 59 | $ 61 | $ 60 | $ 59 | $ 60 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Dec. 10, 2019USD ($) | Nov. 06, 2019shares | Jul. 08, 2019USD ($)shares | Jan. 02, 2019USD ($)item | Dec. 20, 2018 | Dec. 14, 2017USD ($)shares | Sep. 13, 2017USD ($)shares | Dec. 20, 2018shares | Jan. 31, 2017USD ($)shares | Dec. 31, 2019USD ($)itemshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Disclosure Of Share capital [Line items] | ||||||||||||
Common shares issued to Non-Executive Directors | shares | 29,220 | 33,145 | 70,485 | |||||||||
Share premium, common shares issued to Non-Executive Directors | $ | $ 499,000 | $ 449,000 | $ 257,000 | |||||||||
Purchase of treasury shares | $ | $ 71,272,000 | $ 1,801,000 | ||||||||||
Treasury Stock Purchased, Shares | shares | 4,318,320 | 145,917 | ||||||||||
Number of Shares Issued During the Period | shares | 1,484,847 | 490,000 | 12,546 | 82,306 | ||||||||
Issue of equity | $ | $ 4,311,000 | $ 2,513,000 | $ 43,000 | $ 332,000 | ||||||||
Percentage of number of shares repurchase | 10.00% | |||||||||||
Maximum shares can buyback | shares | 6,063,000 | |||||||||||
Number of share options granted in share-based payment arrangement | item | 459,331 | |||||||||||
Cash dividend per share | shares | 0.0413 | |||||||||||
Dividends paid | $ | $ 2,444,000 | $ 2,444,000 | $ 0 | $ 0 | ||||||||
Key management personnel of entity or parent [member] | Value Creation Plan [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Issue of equity | $ | $ 2,334,000 | |||||||||||
Percentage of shares under share based compensation | 50.00% | |||||||||||
Number of share options granted in share-based payment arrangement | item | 1,488,391 | |||||||||||
Director | Value Creation Plan [Member] | ||||||||||||
Disclosure Of Share capital [Line items] | ||||||||||||
Percentage of shares under share based compensation | 20.00% | |||||||||||
Number of share options granted in share-based payment arrangement | item | 439,075 |
Borrowings (Schedule of Share C
Borrowings (Schedule of Share Capital) (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018BRL (R$) | Oct. 31, 2018USD ($) | |
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | $ 437,419,000 | $ 447,002,000 | |||
Current borrowings | 17,281,000 | 17,975,000 | |||
Non-current portion of non-current borrowings | 420,138,000 | 429,027,000 | |||
Notes [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | [1] | 427,812,000 | 426,993,000 | ||
Banco Santander [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | $ 9,607,000 | 20,006,000 | R$ 77640000 | $ 20,000,000 | |
Banco de Credito e Inversiones [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | [2] | $ 3,000 | |||
[1] | During September 2017, the Company successfully placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States Securities Act.The Notes carry a coupon of 6.50% per annum. Final maturity of the Notes will be September 21, 2024. The Notes are secured with a guarantee granted by GeoPark Colombia S.L.U. and GeoPark Chile S.p.A.. The debt issuance cost for this transaction amounted to US$ 6,683,000 (debt issuance effective rate: 6.90%). The indenture governing the Notes due 2024 includes incurrence test covenants that provide, among other things, that during the two-years period between September 22, 2019 and September 21, 2021, the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.25 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company’s capacity to incur additional indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments, restricted payments and others. As of the date of these Consolidated Financial Statements, the Company is in compliance of all the indenture’s provisions and covenants. | ||||
[2] | During October 2018, GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited- Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25% per annum. “CDI” (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2018BRL (R$) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Feb. 29, 2016USD ($) | |
Disclosure Of Borrowings [Line Items] | ||||||||
Notional amount | $ 350,000,000 | $ 425,000,000 | ||||||
Borrowings, maturity | September 21, 2024 | |||||||
Payments for debt issue costs | $ 0 | $ 0 | $ 6,683,000 | |||||
Line of credit facilities, remaining borrowing capacity | $ 168,175,000 | |||||||
Debt issuance effective rate | 6.90% | |||||||
Borrowings | $ 437,419,000 | $ 447,002,000 | ||||||
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 | 2.25 | |||||||
Notes [Member] | ||||||||
Disclosure Of Borrowings [Line Items] | ||||||||
Borrowings, interest rate | 6.50% | |||||||
Notional amount | $ 425,000,000 | |||||||
Payments for debt issue costs | $ 6,683,000 | |||||||
Banco Santander [Member] | ||||||||
Disclosure Of Borrowings [Line Items] | ||||||||
Notional amount | R$ 77640000 | $ 20,000,000 | ||||||
Borrowings, interest rate basis | Interbank certificate of deposit | |||||||
Banco Santander [Member] | Floating interest rate [member] | ||||||||
Disclosure Of Borrowings [Line Items] | ||||||||
Adjustment to base rate | 2.25% | 2.25% | ||||||
Banco de Credito e Inversiones [Member] | ||||||||
Disclosure Of Borrowings [Line Items] | ||||||||
Borrowings, interest rate | 4.14% | |||||||
Notional amount | $ 186,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 13,462 | $ 0 | |
Lease Liabilities | |||
Current | 7,442 | 0 | |
Non-current | 5,801 | 0 | |
Total lease liabilities | 13,243 | 14,610 | |
Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 8,785 | ||
Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 4,677 | ||
IFRS 16 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 13,462 | $ 14,610 | $ 14,610 |
Lease Liabilities | |||
Current | 7,967 | ||
Non-current | 6,643 | ||
Total lease liabilities | 14,610 | ||
IFRS 16 | Production facilities and machinery [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 9,398 | ||
IFRS 16 | Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | $ 5,212 |
Leases - Statement of Income (D
Leases - Statement of Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciation charge of Right of use assets | $ (3,644) |
Unwinding of long-term liabilities (included in Financial results) | (419) |
Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) | (13,463) |
Expenses related to low-value leases (include in Administrative expenses) | (314) |
Production facilities and machinery [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciation charge of Right of use assets | (1,834) |
Buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciation charge of Right of use assets | $ (1,810) |
Provisions and other long-ter_3
Provisions and other long-term liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | $ 42,577 | $ 46,284 |
Addition to provision | 17,433 | 1,501 |
Recovery of abandonment costs | (5,916) | |
Acquisitions | 9,738 | |
Exchange difference | 309 | 1,777 |
Foreign currency translation | (334) | (1,648) |
Amortization | (429) | (1,005) |
Unwinding of discount | 3,650 | 3,423 |
Unused amounts reversed | (2,093) | |
Amounts used during the year | (1,144) | (874) |
Liabilities associated with assets held for sale | (8,610) | |
Other provisions at end of period | 62,062 | 42,577 |
Provision for decommissioning, restoration and rehabilitation costs [member] | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 40,317 | 38,075 |
Addition to provision | 13,299 | 462 |
Recovery of abandonment costs | (4,817) | |
Acquisitions | 9,738 | |
Exchange difference | 375 | 1,823 |
Foreign currency translation | (334) | (1,648) |
Amortization | 0 | 0 |
Unwinding of discount | 3,573 | 3,250 |
Amounts used during the year | (1,117) | (750) |
Liabilities associated with assets held for sale | (5,816) | |
Other provisions at end of period | 56,113 | 40,317 |
Provision For Deferred Income [member] | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 447 | 1,452 |
Addition to provision | 2,267 | 0 |
Exchange difference | (18) | |
Foreign currency translation | 0 | 0 |
Amortization | (429) | (1,005) |
Unwinding of discount | 0 | |
Other provisions at end of period | 2,267 | 447 |
Miscellaneous other provisions [member] | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 1,813 | 6,757 |
Addition to provision | 1,867 | 1,039 |
Recovery of abandonment costs | (1,099) | |
Exchange difference | (48) | (46) |
Foreign currency translation | 0 | 0 |
Amortization | 0 | 0 |
Unwinding of discount | 77 | 173 |
Unused amounts reversed | (2,093) | |
Amounts used during the year | (27) | (124) |
Liabilities associated with assets held for sale | (2,794) | |
Other provisions at end of period | $ 3,682 | $ 1,813 |
Trade and other payables (Sched
Trade and other payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Trade and other payables [Abstract] | ||
V.A.T | $ 6,718 | $ 852 |
Trade payables | 83,991 | 69,142 |
Payables to LGI | 15,000 | 29,509 |
Customer advance payments | 6,300 | |
Other short-term advance payments | 0 | 9,000 |
Staff costs to be paid | 13,219 | 12,049 |
Royalties to be paid | 6,294 | 6,238 |
Taxes and other debts to be paid | 6,795 | 4,670 |
To be paid to co-venturers | 4,803 | 8,449 |
Total trade and other payables | 136,820 | 146,209 |
Current | 131,345 | 131,420 |
Non current | $ 5,475 | $ 14,789 |
Trade and other payables (Narra
Trade and other payables (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Trade and other payables [Abstract] | ||
Average credit period Expressed As Creditor Days | 94 days | 83 days |
Share-based payment (Schedule o
Share-based payment (Schedule of Share-based Payment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 4,863,646 | ||
Number of share options granted in share-based payment arrangement | 459,331 | ||
Number of share options forfeited in share-based payment arrangement | (297,579) | ||
Number of share options exercised in share-based payment arrangement | (3,002,458) | ||
Number of share options outstanding in share-based payment arrangement | 2,022,940 | 4,863,646 | |
Expense from share-based payment transactions with employees | $ | $ 2,717 | $ 5,446 | $ 4,075 |
Shares granted to Non-Executive Director [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 0 | ||
Number of share options granted in share-based payment arrangement | 29,220 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | (29,220) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 500 | $ 450 | 454 |
VCP 2019 [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 | 378,053 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 378,053 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 951 | $ 0 | 0 |
Executive Directors' Bonus [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 104,439 | ||
Number of share options granted in share-based payment arrangement | 52,058 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 156,497 | 104,439 | |
Expense from share-based payment transactions with employees | $ | $ 800 | $ 600 | 0 |
VCP 2016 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 2,976,781 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | (1,488,391) | ||
Number of share options outstanding in share-based payment arrangement | 1,488,390 | 2,976,781 | |
Expense from share-based payment transactions with employees | $ | $ 0 | $ 1,868 | 1,868 |
Stock awards for service contracts [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 0 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 0 | $ 0 | 50 |
Year Of Issuance 2018 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 200,000 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | (68,670) | ||
Number of share options exercised in share-based payment arrangement | (131,330) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 200,000 | |
Expense from share-based payment transactions with employees | $ | $ 416 | $ 1,662 | 0 |
Year of issuance 2016 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,582,426 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | (228,909) | ||
Number of share options exercised in share-based payment arrangement | (1,353,517) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 1,582,426 | |
Expense from share-based payment transactions with employees | $ | $ 50 | $ 866 | 865 |
Year of issuance 2014 [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 0 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 0 | |
Expense from share-based payment transactions with employees | $ | $ 0 | $ 0 | 838 |
Issuance [Member] | |||
Disclosure Of Share-based Payment [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,782,426 | ||
Number of share options granted in share-based payment arrangement | 0 | ||
Number of share options forfeited in share-based payment arrangement | (297,579) | ||
Number of share options exercised in share-based payment arrangement | (1,484,847) | ||
Number of share options outstanding in share-based payment arrangement | 0 | 1,782,426 | |
Expense from share-based payment transactions with employees | $ | $ 466 | $ 2,528 | $ 1,703 |
Share-based payment (Narrative)
Share-based payment (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019USD ($) | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2016bbl$ / shares | |
Disclosure Of Share-based Payment [Line Items] | ||||
Number of instruments granted in share-based payment arrangement | 800,000 | 200,000 | 1,619,105 | |
Description of vesting requirements for share-based payment arrangement, share price threshold | $ / shares | $ 3 | |||
Number of shares issued | 59,167,584 | 60,483,447 | ||
Description of maximum term of options granted for share-based payment arrangement | 10-year | |||
Value Creation Plan [Member] | ||||
Disclosure Of Share-based Payment [Line Items] | ||||
Maximum awards payable in variable number of shares in share-based payment arrangement | 3,024,172 | |||
Stock market price | $ / shares | $ 19.42 | |||
Share based compensation arrangement shares vesting percentage | 50.00% | |||
Value Creation Plan [Member] | Director | ||||
Disclosure Of Share-based Payment [Line Items] | ||||
Percentage of shares under share based compensation | 20.00% | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Interests in Joint operations [Line Items] | |||
PP and E | $ 567,788 | $ 557,170 | $ 517,403 |
Total Assets | 852,132 | 862,660 | |
Total Liabilities | (719,247) | (719,639) | |
Revenue | $ 628,907 | $ 601,161 | $ 330,122 |
Llanos 34 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 45.00% | 45.00% | 45.00% |
PP and E | $ 208,156 | $ 174,895 | $ 131,193 |
Other Assets | 3,128 | 3,133 | 4,563 |
Total Assets | 211,284 | 178,028 | 135,756 |
Total Liabilities | (6,267) | (2,296) | (5,847) |
Net Assets/ (Liabilities) | 205,017 | 175,732 | 129,909 |
Revenue | 513,378 | 469,404 | 259,815 |
Operating profit (loss) | $ 398,953 | $ 347,772 | $ 163,917 |
Llanos 32 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 12.50% | 12.50% | 12.50% |
PP and E | $ 1,136 | $ 2,011 | $ 835 |
Other Assets | 0 | 0 | 209 |
Total Assets | 1,136 | 2,011 | 1,044 |
Total Liabilities | (519) | (449) | (492) |
Net Assets/ (Liabilities) | 617 | 1,562 | 552 |
Revenue | 6,053 | 5,764 | 1,784 |
Operating profit (loss) | $ 2,791 | $ 623 | $ (319) |
Llanos 86 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | ||
PP and E | $ 21 | ||
Other Assets | 0 | ||
Total Assets | 21 | ||
Total Liabilities | 0 | ||
Net Assets/ (Liabilities) | 21 | ||
Revenue | 0 | ||
Operating profit (loss) | $ 0 | ||
Llanos 87 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | ||
PP and E | $ 40 | ||
Other Assets | 0 | ||
Total Assets | 40 | ||
Total Liabilities | 0 | ||
Net Assets/ (Liabilities) | 40 | ||
Revenue | 0 | ||
Operating profit (loss) | $ 0 | ||
Llanos 104 Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | ||
PP and E | $ 26 | ||
Other Assets | 0 | ||
Total Assets | 26 | ||
Total Liabilities | 0 | ||
Net Assets/ (Liabilities) | 26 | ||
Revenue | 0 | ||
Operating profit (loss) | $ 0 | ||
YamuCarupana Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 89.50% | ||
PP and E | $ 4,741 | ||
Other Assets | 1 | ||
Total Assets | 4,742 | ||
Total Liabilities | (2,993) | ||
Net Assets/ (Liabilities) | 1,749 | ||
Revenue | 3,072 | ||
Operating profit (loss) | $ (2,721) | ||
Tranquilo Block (Chile) [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | 50.00% | |
PP and E | $ 0 | $ 0 | |
Other Assets | 55 | 55 | |
Total Assets | 55 | 55 | |
Total Liabilities | (428) | (432) | |
Net Assets/ (Liabilities) | (373) | (377) | |
Revenue | 0 | 0 | |
Operating profit (loss) | $ (46) | $ (48) | |
Flamenco Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | 50.00% | 50.00% |
PP and E | $ 4,623 | $ 4,803 | $ 9,893 |
Other Assets | 0 | 0 | 0 |
Total Assets | 4,623 | 4,803 | 9,893 |
Total Liabilities | (1,382) | (1,173) | (1,223) |
Net Assets/ (Liabilities) | 3,241 | 3,630 | 8,670 |
Revenue | 0 | 263 | 879 |
Operating profit (loss) | $ (313) | $ (5,647) | $ (1,422) |
Campanario Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | 50.00% | 50.00% |
PP and E | $ 16,445 | $ 16,477 | $ 17,347 |
Other Assets | 0 | 0 | 0 |
Total Assets | 16,445 | 16,477 | 17,347 |
Total Liabilities | (331) | (278) | (233) |
Net Assets/ (Liabilities) | 16,114 | 16,199 | 17,114 |
Revenue | 0 | 40 | 0 |
Operating profit (loss) | $ (156) | $ (1,008) | $ (150) |
Isla Norte Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 60.00% | 60.00% | 60.00% |
PP and E | $ 8,896 | $ 8,920 | $ 9,553 |
Other Assets | 0 | 0 | 0 |
Total Assets | 8,896 | 8,920 | 9,553 |
Total Liabilities | (101) | (72) | (60) |
Net Assets/ (Liabilities) | 8,795 | 8,848 | 9,493 |
Revenue | 0 | 7 | 0 |
Operating profit (loss) | $ (189) | $ (778) | $ (161) |
Manati field [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 10.00% | 10.00% | 10.00% |
PP and E | $ 18,537 | $ 25,741 | $ 44,167 |
Other Assets | 18,066 | 6,364 | 19,126 |
Total Assets | 36,603 | 32,105 | 63,293 |
Total Liabilities | (15,980) | (839) | (11,444) |
Net Assets/ (Liabilities) | 20,623 | 31,266 | 51,849 |
Revenue | 22,376 | 30,053 | 34,238 |
Operating profit (loss) | $ 9,263 | $ 17,963 | $ 12,731 |
POT-T-747 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70.00% | 70.00% | 70.00% |
PP and E | $ 0 | $ 202 | $ 849 |
Other Assets | 0 | 0 | 358 |
Total Assets | 202 | 1,207 | |
Total Liabilities | 0 | 0 | (1,091) |
Net Assets/ (Liabilities) | 202 | 116 | |
Revenue | 0 | 0 | 0 |
Operating profit (loss) | $ (1,516) | $ 0 | $ 0 |
RECT128 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70.00% | 70.00% | |
PP and E | $ 3,886 | $ 1,398 | |
Other Assets | 919 | 0 | |
Total Assets | 4,805 | 1,398 | |
Total Liabilities | (143) | (648) | |
Net Assets/ (Liabilities) | 4,662 | 750 | |
Revenue | 674 | 0 | |
Operating profit (loss) | $ 57 | $ 0 | |
POT T 785 [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 70.00% | ||
PP and E | $ 125 | ||
Other Assets | 0 | ||
Total Assets | 125 | ||
Total Liabilities | 0 | ||
Net Assets/ (Liabilities) | 125 | ||
Revenue | 0 | ||
Operating profit (loss) | $ 0 | ||
CN-V Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | 50.00% | 50.00% |
PP and E | $ 0 | $ 8,577 | $ 6,819 |
Other Assets | 274 | 328 | 347 |
Total Assets | 274 | 8,905 | 7,166 |
Total Liabilities | (237) | (577) | (984) |
Net Assets/ (Liabilities) | 37 | 8,328 | 6,182 |
Revenue | 0 | 0 | 70 |
Operating profit (loss) | $ (15,451) | $ (922) | $ (1,163) |
Puelen Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18.00% | 18.00% | 18.00% |
PP and E | $ 0 | $ 1,881 | $ 1,318 |
Other Assets | 47 | 13 | 72 |
Total Assets | 47 | 1,894 | 1,390 |
Total Liabilities | (41) | (246) | (232) |
Net Assets/ (Liabilities) | 6 | 1,648 | 1,158 |
Revenue | 0 | 0 | 0 |
Operating profit (loss) | $ (1,959) | $ (159) | $ (546) |
Sierra del Nevado Block [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 18.00% | 18.00% | 18.00% |
PP and E | $ 0 | $ 995 | $ 568 |
Other Assets | 63 | 10 | 169 |
Total Assets | 63 | 1,005 | 737 |
Total Liabilities | (79) | (91) | (837) |
Net Assets/ (Liabilities) | (16) | 914 | (100) |
Revenue | 0 | 0 | 0 |
Operating profit (loss) | $ (1,705) | $ (134) | $ (474) |
Morona [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 75.00% | 75.00% | |
PP and E | $ 8,921 | $ 6,446 | |
Other Assets | 6,862 | 0 | |
Total Assets | 15,783 | 6,446 | |
Total Liabilities | (10,161) | (7,016) | |
Net Assets/ (Liabilities) | 5,622 | (570) | |
Revenue | 0 | 0 | |
Operating profit (loss) | $ (4,976) | $ 0 | |
Espejo [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | ||
PP and E | $ 199 | ||
Other Assets | 321 | ||
Total Assets | 520 | ||
Total Liabilities | (610) | ||
Net Assets/ (Liabilities) | (90) | ||
Revenue | 0 | ||
Operating profit (loss) | $ (272) | ||
Perico [Member] | |||
Disclosure Of Interests in Joint operations [Line Items] | |||
Interest | 50.00% | ||
PP and E | $ 304 | ||
Other Assets | 61 | ||
Total Assets | 365 | ||
Total Liabilities | (541) | ||
Net Assets/ (Liabilities) | (176) | ||
Revenue | 0 | ||
Operating profit (loss) | $ (176) |
Commitments (Schedule of Royalt
Commitments (Schedule of Royalty Commitments) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 (Schedule of Future
Commitments (Schedule of Future Aggregate Minimum Lease Payments Under non-cancellable Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Commitments [Line Items] | ||
Minimum Lease Payments Payable Under Noncancellable Operating Lease IFRS16 | $ 69,938 | $ 40,750 |
Falling due within 1 year[member] | ||
Disclosure Of Commitments [Line Items] | ||
Minimum Lease Payments Payable Under Noncancellable Operating Lease IFRS16 | 47,450 | 32,180 |
Falling due within 1 - 3 years[member] | ||
Disclosure Of Commitments [Line Items] | ||
Minimum Lease Payments Payable Under Noncancellable Operating Lease IFRS16 | 18,032 | 5,777 |
Falling due within 3 - 5 years[members] | ||
Disclosure Of Commitments [Line Items] | ||
Minimum Lease Payments Payable Under Noncancellable Operating Lease IFRS16 | 2,500 | 2,793 |
Falling due over 5 years[member] | ||
Disclosure Of Commitments [Line Items] | ||
Minimum Lease Payments Payable Under Noncancellable Operating Lease IFRS16 | $ 1,956 | $ 0 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) | Oct. 30, 2021USD ($)item | May 22, 2019USD ($)item | Nov. 12, 2019USD ($)item | Dec. 31, 2019USD ($)itembbl | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure Of Commitments [Line Items] | ||||||
Royalty Expense | $ 64,576,000 | $ 71,836,000 | $ 28,697,000 | |||
Minimum Operating Lease Payments IAS17 | 12,485,000 | 46,195,000 | ||||
Royalty maximum production benchmark | item | 15 | |||||
Royalty benchmark percentage of total calculation | 75.00% | |||||
Accumulated production of fields benchmark minimum | bbl | 5,000,000 | |||||
Property, Plant and Equipment [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Recognised operating lease as assets | 38,229,000 | 34,160,000 | ||||
Espejo and Perico Blocks [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 29,757,000 | |||||
Number of exploratory wells. | item | 4 | |||||
Capital commitments | $ 29,757,000 | |||||
Espejo Blocks [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Working interest percentage | 50.00% | |||||
Flamenco Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 2,100,000 | |||||
Investment Assumption Percentage | 100.00% | |||||
Number of exploratory wells. | item | 1 | |||||
Capital commitments | $ 2,100,000 | |||||
Campanario Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 5.00% | |||||
Capital commitments | $ 4,758,000 | |||||
Number of exploratory wells. | item | 3 | |||||
Capital commitments | $ 4,758,000 | |||||
Isla Norte Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 2,855,000 | |||||
Number of exploratory wells. | item | 2 | |||||
Capital commitments | $ 2,855,000 | |||||
RECT128 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 1,300,000 | |||||
Capital commitments | 1,300,000 | |||||
REC-T-58 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 140,000 | |||||
Capital commitments | 140,000 | |||||
REC-T-67 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 140,000 | |||||
Capital commitments | 140,000 | |||||
REC-T-77 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 140,000 | |||||
Capital commitments | 140,000 | |||||
POT-T-834 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 140,000 | |||||
Capital commitments | $ 140,000 | |||||
Espejo and Perico Blocks [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Working interest percentage | 50.00% | |||||
Perico Blocks [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 12,109,000 | |||||
Number of exploratory wells. | item | 4 | |||||
Capital commitments | $ 12,109,000 | |||||
Pott785Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | 90,000 | |||||
Capital commitments | 90,000 | |||||
VIM 3 Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 22,290,800 | |||||
Number of exploratory wells. | item | 1 | |||||
Capital commitments | $ 22,290,800 | |||||
Los Parlamentos Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 6,000,000 | |||||
Working interest percentage | 50.00% | |||||
Number of exploratory wells. | item | 2 | |||||
Capital commitments | $ 6,000,000 | |||||
Llanos 104 Block (Colombia) [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 7,873,000 | |||||
Number of exploratory wells. | item | 1 | |||||
Capital commitments | $ 7,873,000 | |||||
Llanos 123 Block (Colombia) [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 6,334,000 | |||||
Number of exploratory wells. | item | 2 | |||||
Capital commitments | $ 6,334,000 | |||||
Llanos 124 Block (Colombia) [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 9,375,000 | |||||
Number of exploratory wells. | item | 3 | |||||
Capital commitments | $ 9,375,000 | |||||
Llanos 86 Block (Colombia) [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 8,860,000 | |||||
Number of exploratory wells. | item | 1 | |||||
Capital commitments | $ 8,860,000 | |||||
Llanos 87 Block (Colombia) [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 12,290,000 | |||||
Working interest percentage | 50.00% | |||||
Number of exploratory wells. | item | 4 | |||||
Capital commitments | $ 12,290,000 | |||||
Espejo Blocks [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Capital commitments | $ 17,648,000 | |||||
Number of exploratory wells. | item | 4 | |||||
Capital commitments | $ 17,648,000 | |||||
Winchester Stock Purchase Agreement [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 4.00% | |||||
Royalty Expense | $ 24,700,000 | 20,551,000 | 11,369,000 | |||
Payments For Royalty | $ 18,200,000 | $ 19,128,000 | $ 9,981,000 | |||
Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Gas [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 7.50% | |||||
Provinces of Mendoza [Member] | Crude Oil [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 15.00% | |||||
Colombian National Hydrocarbons Agency [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Additional Economic Right Percentage | 1.00% | |||||
Chilean Government [Member] | Crude Oil [Member] | Fell Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 5.00% | |||||
Chilean Government [Member] | Gas [Member] | Fell Block [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 3.00% | |||||
Minimum | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Lease term (in years) | 1 year | |||||
Minimum | Colombian Government [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 6.00% | |||||
Minimum | Winchester Stock Purchase Agreement [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Estimated Total Royalty Commitments | $ 200,000,000 | |||||
Minimum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 5.00% | |||||
Maximum | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Lease term (in years) | 7 years | |||||
Maximum | Colombian Government [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 8.00% | |||||
Maximum | Winchester Stock Purchase Agreement [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Estimated Total Royalty Commitments | $ 210,000,000 | |||||
Maximum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member] | ||||||
Disclosure Of Commitments [Line Items] | ||||||
Royalties Percentage | 10.00% |
Related parties (Schedule of Co
Related parties (Schedule of Controlling Interests) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 28, 2018 |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 59,167,584 | 60,483,447 | |
Percentage of voting equity interests acquired | 100.00% | 20.00% | |
James F. Park [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 8,278,251 | ||
Percentage of voting equity interests acquired | 13.99% | ||
Gerald O'Shaughnessy [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 7,309,002 | ||
Percentage of voting equity interests acquired | 12.35% | ||
Compass Group LLC [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 4,733,824 | ||
Percentage of voting equity interests acquired | 8.00% | ||
Renaissance technologies holding corp [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 4,509,096 | ||
Percentage of voting equity interests acquired | 7.62% | ||
Manchester Financial Group, LP [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 4,246,296 | ||
Percentage of voting equity interests acquired | 7.18% | ||
Juan Cristobal Pavez [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 2,974,960 | ||
Percentage of voting equity interests acquired | 5.03% | ||
Other shareholders [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 27,116,155 | ||
Percentage of voting equity interests acquired | 45.83% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Related parties [Line Items] | |||
Finance costs | $ 41,070 | $ 39,321 | $ 53,511 |
Administrative expenses | 60,818 | 52,074 | 42,054 |
Geological and geophysical expenses | 18,593 | 13,951 | $ 7,694 |
Amounts payable, related party transactions | (15,000) | (29,509) | |
Description of nature of related party relationship | Joint Operations | ||
Entities with joint control or significant influence over entity [member] | |||
Disclosure Of Related parties [Line Items] | |||
Amounts payable, related party transactions | (4,803) | (8,449) | $ (10,015) |
Amounts receivable, related party transactions | $ 1,035 | $ 1,819 | $ 2,455 |
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 | $ 170 | $ 170 |
Description of nature of related party relationship | Non-Executive Director (a) | Non-Executive Director (a) | Non-Executive Director (a) |
Pedro Aylwin [Member] | |||
Disclosure Of Related parties [Line Items] | |||
Administrative expenses | $ 581 | $ 547 | $ 411 |
Description of nature of related party relationship | Executive Director (b) | Executive Director (b) | Executive Director (b) |
LG International Corp [Member] | |||
Disclosure Of Related parties [Line Items] | |||
Finance costs | $ 1,606 | $ 2,224 | |
Amounts payable, related party transactions | (31,184) | ||
Amounts receivable, related party transactions | $ 56 | ||
Description of nature of related party relationship | Partner | Partner |
Related parties (Narrative) (De
Related parties (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital held by him personally [Line Items] | |||
Number of shares outstanding | 59,200,000 | 60,500,000 | 60,600,000 |
Wages and salaries | $ 55,325,000 | $ 52,644,000 | $ 41,775,000 |
Pedro Aylwin [Member] | |||
Disclosure of classes of share capital held by him personally [Line Items] | |||
Wages and salaries | 390,000 | 417,000 | 271,000 |
Other long-term employee benefits | $ 191,000 | $ 130,000 | $ 140,000 |
Juan Cristobal Pavez [Member] | |||
Disclosure of classes of share capital held by him personally [Line Items] | |||
Number of shares outstanding | 97,156 |
Auditors Fees (Details)
Auditors Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Auditors Fees [Abstract] | |||
Audit fees | $ 763 | $ 797 | $ 726 |
Audit related fees | 510 | 137 | |
Tax services fees | 165 | 209 | 212 |
Non-audit services fees | 5 | 39 | |
Fees paid to auditors | $ 1,443 | $ 1,006 | $ 1,114 |
Business transactions (Summary
Business transactions (Summary of LG International Corporation Transaction) (Details) - LG International Corp [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Nov. 28, 2018 | |
Disclosure of detailed information about business combination [line items] | ||
Cash | $ 81,000,000 | |
Additional installments to be paid | 29,427,000 | |
Total consideration | 110,427,000 | $ 81,000,000 |
Equity attributable to non-controlling interest | 64,245,000 | |
Trade and other payables | 32,786,000 | |
Total identifiable net assets | 97,031,000 | |
Result of the transaction recognized in Equity | $ 13,396,000 |
Business transactions (Summar_2
Business transactions (Summary of Assets and Liabilities related to Sale of La Cuerva and Yamu Blocks) (Details) - USD ($) | 1 Months Ended | ||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Liabilities associated with assets held for sale | $ 0 | $ (10,274,000) | |
La Cuerva and Yamu blocks [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Advance Payment | $ 9,000,000 | ||
Final payment (including working capital adjustment) | 7,066,000 | ||
Total consideration | 16,066,000 | ||
Assets held for sale | 23,211,000 | ||
Liabilities associated with assets held for sale | (9,447,000) | ||
Other net current assets | 2,416,000 | ||
Total identifiable net assets | 16,180,000 | ||
Result of the transaction recognized in the Condensed Consolidated Statement of Income | $ (114,000) |
Business transactions (Summar_3
Business transactions (Summary of Consideration Paid in the Acquisition of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks) (Details) - Neuquen Basin [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 48,850 |
Total consideration | 48,850 |
Property, plant and equipment (including mineral interest) | 54,929 |
Inventories | 3,659 |
Provision for other long-term liabilities | (9,738) |
Total identifiable net assets | $ 48,850 |
Business transactions (Schedule
Business transactions (Schedule of Consolidated Revenue and Profit in the Acquisition of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Of Business transactions [Abstract] | |
Revenue | $ 612,401 |
Profit for the period | $ 102,873 |
Business transactions (Narrativ
Business transactions (Narrative) (Details) | Dec. 20, 2019USD ($)item | Jul. 11, 2019USD ($)item | May 22, 2019USD ($)item | Nov. 18, 2018installmentitem | Nov. 02, 2018USD ($) | Dec. 31, 2019USD ($)item | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)item | Mar. 27, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 28, 2018USD ($) | Mar. 31, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | 20.00% | ||||||||||||
LG International Corp [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
First Contingent Payment, Amount | $ 5,000,000 | ||||||||||||||
Contingent Consideration Installment, Amount Paid | 15,000,000 | ||||||||||||||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | $ 110,427,000 | $ 110,427,000 | $ 81,000,000 | ||||||||||||
Additional Contingent Payments, Number | item | 3 | ||||||||||||||
Contingent Consideration Installments, Number | installment | 2 | ||||||||||||||
GeoPark Chile S.A [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Percentage of voting equity interests acquired | 20.00% | ||||||||||||||
GeoPark TdF S.A [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Percentage of voting equity interests acquired | 14.00% | ||||||||||||||
Neuquen Basin [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Adjustment For Working Capital | $ 3,150,000 | ||||||||||||||
Security Deposits | $ 15,600,000 | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 36,400,000 | ||||||||||||||
Increase (decrease) in contingent consideration asset (liability) | $ 3,150,000 | ||||||||||||||
La Cuerva and Yamu blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Adjustment For Working Capital | $ 1,934,000 | ||||||||||||||
Disposal Group Classified As Held For Sale Advance Payments received | 9,000,000 | ||||||||||||||
Disposal Group Classified As Held For Sale Contingent Asset Subject To Condition | 2,000,000 | ||||||||||||||
Disposal Group Classified As Held For Sale Acquisition Date Total Consideration Recognised | $ 18,000,000 | ||||||||||||||
Later than one year [member] | LG International Corp [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Contingent Payment For Mile Stone | $ 5,000,000 | ||||||||||||||
Contingent Consideration Installment Amount | 15,000,000 | ||||||||||||||
Later than one year and not later than two years [member] | LG International Corp [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Contingent Payment For Mile Stone | 5,000,000 | ||||||||||||||
Contingent Consideration Installment Amount | 15,000,000 | ||||||||||||||
2022 | LG International Corp [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Contingent Payment For Mile Stone | $ 5,000,000 | ||||||||||||||
Los Parlamentos Exploratory Block [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 3 years | ||||||||||||||
Additional Funding Commitment In Each Year | $ 6,000,000 | ||||||||||||||
Proportion Of Entity Working Interest In Combined Operationship | 50.00% | ||||||||||||||
Proportion Of Combined Working Interest | 50.00% | ||||||||||||||
Number of Exploratory Wells | item | 1 | ||||||||||||||
Los Parlamentos Exploratory Block [Member] | La Cuerva and Yamu blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Disposal Group Classified As Held For Sale Percentage Of Working Interest sold | 100 | ||||||||||||||
Rec T58 Rec T67 Rec T77 And Pot T834 Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 5 years | ||||||||||||||
Working Interest Percentage In Property | 100.00% | ||||||||||||||
Capital commitments | $ 1,300,000 | ||||||||||||||
Llanos86 Llanos87 And Llanos104 Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 3 years | ||||||||||||||
Working Interest Percentage In Property | 50.00% | ||||||||||||||
Number of Exploratory Wells | item | 6 | ||||||||||||||
Capital commitments | $ 29,023,000 | ||||||||||||||
Llanos86 Llanos87 And Llanos104 Blocks [Member] | Ecopetrol [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Working Interest Percentage In Property | 100.00% | ||||||||||||||
Llanos94 Block [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 3 years | ||||||||||||||
Working Interest Percentage In Property | 50.00% | 50.00% | |||||||||||||
Number of Exploratory Wells | item | 3 | ||||||||||||||
Capital commitments | $ 10,150,000 | $ 10,150,000 | |||||||||||||
Llanos123 And Llanos124 Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 3 years | ||||||||||||||
Working Interest Percentage In Property | 50.00% | ||||||||||||||
Number of Exploratory Wells | item | 5 | ||||||||||||||
Capital commitments | $ 15,709,000 | ||||||||||||||
Llanos123 And Llanos124 Blocks [Member] | Ecopetrol [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Working Interest Percentage In Property | 100.00% | ||||||||||||||
Aguada Baguales El Porvenir And Puesto Touquet Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Profit Contributed To Acquired Business | $ 124,000 | ||||||||||||||
Working Capital Adjustment | $ 3,150,000 | ||||||||||||||
Revenue Attributable To Acquirer Since Acquisition | 35,879,000 | ||||||||||||||
Percentage of voting equity interests acquired | 100.00% | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 52,000,000 | ||||||||||||||
Deferred tax assets recognised as of acquisition date | $ 1,346,000 | ||||||||||||||
Llanos 32 Block [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Working Interest Percentage In Non Operated Property | 12.50% | 12.50% | |||||||||||||
Working Interest Percentage In Property | 25.00% | 25.00% | |||||||||||||
Espejo and Perico Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Phase 1 Exploration period | 4 years | ||||||||||||||
Number of Exploratory Wells | item | 4 | ||||||||||||||
Capital commitments | $ 29,757,000 | ||||||||||||||
Espejo Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Working Interest Percentage In Property | 50.00% | ||||||||||||||
Perico Blocks [Member] | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Working Interest Percentage In Non Operated Property | 50.00% |
Impairment test on Property, _3
Impairment test on Property, plant and equipment (Schedule of Oil Price Scenarios Used in Impairment Testing) (Details) | Dec. 31, 2019$ / bbl |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Estimation regarding price percentage for low price scenario | 15.00% |
Estimation regarding price percentage for middle price scenario | 60.00% |
Estimation regarding price percentage for high price scenario | 25.00% |
2020 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Low price (15%) | 66 |
Middle price (60%) | 66 |
High price (25%) | 66 |
Weighted market price used for the impairment test | 66 |
2021 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Low price (15%) | 51.8 |
Middle price (60%) | 69 |
High price (25%) | 75.9 |
Weighted market price used for the impairment test | 68.1 |
2022 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Low price (15%) | 53.7 |
Middle price (60%) | 71.6 |
High price (25%) | 78.8 |
Weighted market price used for the impairment test | 70.7 |
Over 2023 | |
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |
Low price (15%) | 54.8 |
Middle price (60%) | 73.1 |
High price (25%) | 80.4 |
Weighted market price used for the impairment test | 72.2 |
Impairment test on Property, _4
Impairment test on Property, plant and equipment (Schedule of Amounts of Impairment Loss Reversed (Recognized)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | ||||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||||||
impairment loss reversed (recognized) | $ (7,559) | $ 4,982 | $ 0 | $ (149,574) | |||
Colombia [Member] | |||||||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||||||
impairment loss reversed (recognized) | 0 | 11,531 | [1] | 0 | [1] | ||
Chile [Member] | |||||||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||||||
impairment loss reversed (recognized) | 0 | (6,549) | 0 | ||||
Argentina [Member] | |||||||
Disclosure Of Impairment test on Property, plant and equipment [Line Items] | |||||||
impairment loss reversed (recognized) | [2] | $ (7,559) | $ 0 | $ 0 | |||
[1] | Reversal of impairment losses due to increases in estimated market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu Blocks (see Note 36.2). | ||||||
[2] | Recognition of impairment loss due to the termination of the sales agreement for the TdF’s blocks, with no renovation in place as of the date of these consolidated financial statements. |
Impairment test on Property, _5
Impairment test on Property, plant and equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Disclosure Of Impairment test on Property, plant and equipment [Abstract] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | $ 7,559 | $ (4,982) | $ 0 | $ 149,574 |
Impairment loss for low price scenario | 3,974 | |||
Impairment loss for high price scenario | $ 3,254 |
Subsequent events - Business tr
Subsequent events - Business transactions (Schedule of Acquisition of Amerisur Resources Plc) (Details) | Jan. 16, 2020USD ($)item | Jan. 16, 2020GBP (£) | Jan. 16, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 28, 2018 |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of voting equity interests acquired | 100.00% | 20.00% | |||
LG International Corp [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Cash and cash equivalents | $ 81,000,000 | ||||
Trade and other payables | $ (32,786,000) | ||||
Acquisition [member] | Amerisur Resources Plc [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | |||
Cash | £ 241,682,496 | $ 314,163,077 | |||
Total consideration | 314,163,000 | ||||
Cash and cash equivalents | 36,633,000 | ||||
Trade and other receivables | 47,238,000 | ||||
Property, plant and equipment (including mineral interest) | 289,532,000 | ||||
Other assets | 25,585,000 | ||||
Provision for other long-term liabilities | (6,640,000) | ||||
Deferred income tax liability | (19,111,000) | ||||
Lease liabilites | (18,821,000) | ||||
Trade and other payables | (40,253,000) | ||||
Total identifiable net assets | $ 314,163,000 | ||||
Acquisition transaction cost | $ 5,758,000 | ||||
Acquisition [member] | Amerisur Resources Plc [Member] | Putumayo Basin Block [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of exploration blocks | item | 12 | ||||
Acquisition [member] | Amerisur Resources Plc [Member] | Llanos Basin [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of exploration blocks | item | 1 | ||||
Acquisition [member] | Colombia [Member] | Amerisur Resources Plc [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of exploration blocks | item | 13 |
Subsequent events - Business _2
Subsequent events - Business transactions (Schedule of Notes issuance) (Details) | Feb. 10, 2020shares | Jan. 17, 2020USD ($) | Nov. 06, 2019shares | Dec. 20, 2018 | Dec. 20, 2018shares | Mar. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019 | Sep. 30, 2017USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Notional amount | $ 350,000,000 | $ 425,000,000 | |||||||
Percentage of number of shares repurchase | 10.00% | ||||||||
Maximum shares can buyback | shares | 6,063,000 | ||||||||
Cash dividend per share | shares | 0.0413 | ||||||||
Buyback program [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Percentage of number of shares repurchase | 10.00% | ||||||||
Maximum shares can buyback | shares | 5,930,000 | ||||||||
Stock Distribution [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Cash dividend per share | shares | 0.004 | ||||||||
Coronavirus And Oil Price Crisis [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Adjusted Capital Expenditures Program, Percent | (60.00%) | ||||||||
2027 Notes [Member] | Issuance of Notes [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Notional amount | $ 350,000,000 | ||||||||
Percentage of price of borrowings | 99.285% | ||||||||
Borrowings, interest rate | 5.50% | ||||||||
Yield | 5.625% | ||||||||
Maximum | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Ratio Of Net Debt To Adjusted EBITDA | 3.25 | ||||||||
Maximum | Before Corona virus And Oil Price Crisis [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Capital commitments | $ 200,000,000 | ||||||||
Maximum | Coronavirus And Oil Price Crisis [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Capital commitments | 80,000,000 | ||||||||
Maximum | 2027 Notes [Member] | Issuance of Notes [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Ratio Of Net Debt To Adjusted EBITDA | 3.25 | ||||||||
Minimum | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Ratio Of Adjusted EBITDA To Interest | 2.25 | ||||||||
Minimum | Before Corona virus And Oil Price Crisis [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Capital commitments | 180,000,000 | ||||||||
Minimum | Coronavirus And Oil Price Crisis [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Capital commitments | $ 70,000,000 | ||||||||
Minimum | 2027 Notes [Member] | Issuance of Notes [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Ratio Of Adjusted EBITDA To Interest | 2.5 |
Subsequent events - Business _3
Subsequent events - Business transactions (Coronavirus and Oil Price Crisis) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020itemUSD ($) | Sep. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Oil And Gas Average Sale Price Decline Percentage | 55.00% | |
Oil And Gas Estimated Production Produced Percentage | 33.00% | |
Put and call | Minimum | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Minimum Average price (per barrel) | item | 10 | |
Three way collar | Maximum | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Minimum Average price (per barrel) | $ | 55 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | $ 0 | $ 54,541 | $ 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 54,541 | 0 |
Exploration | 39,826 | 54,332 | 54,330 |
Development | 111,089 | 76,208 | 74,950 |
Total costs incurred | 150,915 | 130,540 | 129,280 |
Colombia [Member] | |||
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 22,008 | 34,242 | 37,017 |
Development | 68,818 | 65,174 | 49,268 |
Total costs incurred | 90,826 | 99,416 | 86,285 |
Chile [Member] | |||
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 8,483 | 6,221 | 3,283 |
Development | 2,611 | 3,033 | 10,231 |
Total costs incurred | 11,094 | 9,254 | 13,514 |
Brazil [Member] | |||
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 5,219 | 3,217 | 5,207 |
Development | 143 | (2,220) | 1,210 |
Total costs incurred | 5,362 | 997 | 6,417 |
Argentina [Member] | |||
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | 0 | 54,541 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 54,541 | 0 |
Exploration | 4,116 | 9,383 | 8,080 |
Development | 25,109 | 1,836 | 167 |
Total costs incurred | 29,225 | 11,219 | 8,247 |
Peru [Member] | |||
Costs incurred, acquisition of properties [Line Items] | |||
Acquisition of properties, Proved | 0 | 0 | 0 |
Acquisition of properties, Unproved | 0 | 0 | 0 |
Total property acquisition | 0 | 0 | 0 |
Exploration | 0 | 1,269 | 743 |
Development | 14,408 | 8,385 | 14,074 |
Total costs incurred | $ 14,408 | $ 9,654 | $ 14,817 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | $ 172,507 | $ 172,094 | $ 157,396 |
Proved properties, Mineral interest and wells | 830,937 | 717,510 | 776,504 |
Proved properties, Other uncompleted projects | 32,712 | 38,130 | 23,916 |
Unproved properties | 48,036 | 59,992 | 64,368 |
Gross capitalised costs | 1,084,192 | 987,726 | 1,022,184 |
Accumulated depreciation | (562,853) | (463,062) | (527,766) |
Total net capitalised costs | 521,339 | 524,664 | 494,418 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 79,999 | 83,023 | 69,906 |
Proved properties, Mineral interest and wells | 282,973 | 189,514 | 291,050 |
Proved properties, Other uncompleted projects | 19,754 | 24,061 | 11,290 |
Unproved properties | 567 | 1,676 | 4,106 |
Gross capitalised costs | 383,293 | 298,274 | 376,352 |
Accumulated depreciation | (172,207) | (122,479) | (228,793) |
Total net capitalised costs | 211,086 | 175,795 | 147,559 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 84,069 | 81,459 | 80,611 |
Proved properties, Mineral interest and wells | 402,392 | 400,338 | 397,031 |
Proved properties, Other uncompleted projects | 11,984 | 12,233 | 12,508 |
Unproved properties | 45,681 | 41,162 | 49,702 |
Gross capitalised costs | 544,126 | 535,192 | 539,852 |
Accumulated depreciation | (313,379) | (281,062) | (253,764) |
Total net capitalised costs | 230,747 | 254,130 | 286,088 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 4,615 | 5,154 | 6,036 |
Proved properties, Mineral interest and wells | 64,179 | 63,574 | 77,264 |
Proved properties, Other uncompleted projects | 209 | 70 | |
Unproved properties | 1,788 | 7,073 | 7,585 |
Gross capitalised costs | 70,791 | 75,801 | 90,955 |
Accumulated depreciation | (46,370) | (43,158) | (39,509) |
Total net capitalised costs | 24,421 | 32,643 | 51,446 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved properties, Equipment, camps and other facilities | 3,824 | 2,458 | 843 |
Proved properties, Mineral interest and wells | 81,393 | 64,084 | 11,159 |
Proved properties, Other uncompleted projects | 765 | 1,836 | 48 |
Unproved properties | 10,081 | 2,975 | |
Gross capitalised costs | 85,982 | 78,459 | 15,025 |
Accumulated depreciation | (30,897) | (16,363) | (5,700) |
Total net capitalised costs | $ 55,085 | $ 62,096 | $ 9,325 |
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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | $ 628,907,000 | $ 601,161,000 | $ 330,122,000 |
Production costs, excluding depreciation | |||
Operating costs | 104,388,000 | 102,424,000 | 70,290,000 |
Royalties | 64,576,000 | 71,836,000 | 28,697,000 |
Total production costs | 168,964,000 | 174,260,000 | 98,987,000 |
Exploration expenses | 31,146,000 | 35,931,000 | 9,952,000 |
Accretion expense | 3,650,000 | 3,423,000 | 2,779,000 |
Impairment loss | (7,559,000) | 0 | |
Impairment loss reversal for non-financial assets | (7,559,000) | 4,982,000 | |
Depreciation, depletion and amortization | 99,984,000 | 90,088,000 | 72,093,000 |
Results of operations before income tax | 317,604,000 | 302,441,000 | 146,311,000 |
Income tax benefit (expense) | (109,904,000) | (117,666,000) | (61,507,000) |
Results of oil and gas operations | 207,700,000 | 184,775,000 | 84,804,000 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 538,917,000 | 497,870,000 | 263,076,000 |
Production costs, excluding depreciation | |||
Operating costs | (60,545,000) | 55,823,000 | 42,677,000 |
Royalties | (56,399,000) | 62,710,000 | 24,236,000 |
Total production costs | (116,944,000) | 118,533,000 | 66,913,000 |
Exploration expenses | (10,921,000) | 23,953,000 | 3,856,000 |
Accretion expense | (813,000) | 892,000 | 855,000 |
Reversal of impairment loss | 11,531,000 | ||
Impairment loss reversal for non-financial assets | 0 | ||
Depreciation, depletion and amortization | (44,906,000) | 41,850,000 | 38,721,000 |
Results of operations before income tax | 365,333,000 | 324,173,000 | 152,731,000 |
Income tax benefit (expense) | (120,585,000) | (119,944,000) | (61,161,000) |
Results of oil and gas operations | 244,748,000 | 204,229,000 | 91,570,000 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 32,336,000 | 37,359,000 | 32,738,000 |
Production costs, excluding depreciation | |||
Operating costs | (18,608,000) | 20,426,000 | 19,685,000 |
Royalties | (1,181,000) | 1,473,000 | 1,314,000 |
Total production costs | (19,789,000) | 21,899,000 | 20,999,000 |
Exploration expenses | (126,000) | 6,855,000 | 1,404,000 |
Accretion expense | (1,283,000) | 1,105,000 | 994,000 |
Impairment loss | (6,549,000) | ||
Impairment loss reversal for non-financial assets | 0 | ||
Depreciation, depletion and amortization | (34,344,000) | 27,298,000 | 22,705,000 |
Results of operations before income tax | (23,206,000) | (26,347,000) | (13,364,000) |
Income tax benefit (expense) | 3,481,000 | 3,952,000 | 2,005,000 |
Results of oil and gas operations | (19,725,000) | (22,395,000) | (11,359,000) |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 23,049,000 | 30,053,000 | 34,238,000 |
Production costs, excluding depreciation | |||
Operating costs | (4,098,000) | 5,965,000 | 7,603,000 |
Royalties | (1,855,000) | 2,820,000 | 3,134,000 |
Total production costs | (5,953,000) | 8,785,000 | 10,737,000 |
Exploration expenses | (6,152,000) | 2,846,000 | 3,985,000 |
Accretion expense | (832,000) | 918,000 | 930,000 |
Impairment loss reversal for non-financial assets | 0 | ||
Depreciation, depletion and amortization | (6,200,000) | 10,278,000 | 10,659,000 |
Results of operations before income tax | 3,912,000 | 7,226,000 | 7,927,000 |
Income tax benefit (expense) | (1,330,000) | (2,457,000) | (2,695,000) |
Results of oil and gas operations | 2,582,000 | 4,769,000 | 5,232,000 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Revenue | 34,605,000 | 35,879,000 | 70,000 |
Production costs, excluding depreciation | |||
Operating costs | (21,137,000) | 20,210,000 | 325,000 |
Royalties | (5,141,000) | 4,833,000 | 13,000 |
Total production costs | (26,278,000) | 25,043,000 | 338,000 |
Exploration expenses | (13,947,000) | 2,277,000 | 707,000 |
Accretion expense | (722,000) | 508,000 | 0 |
Impairment loss reversal for non-financial assets | (7,559,000) | 0 | |
Depreciation, depletion and amortization | (14,534,000) | 10,662,000 | 8,000 |
Results of operations before income tax | (28,435,000) | (2,611,000) | (983,000) |
Income tax benefit (expense) | 8,530,000 | 783,000 | 344,000 |
Results of oil and gas operations | $ (19,905,000) | $ (1,828,000) | $ (639,000) |
Supplemental information on o_6
Supplemental information on oil and gas activities (Schedule of Reserve Quantity Information) (Details) | Dec. 31, 2019MBblsMMcf | Dec. 31, 2018MBblsMMcf | Dec. 31, 2017MBblsMMcf | Dec. 31, 2016MBblsMMcf |
Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 42,001 | 35,135 | 31,399 | |
Undeveloped reserves for properties, net | 74,601 | 64,971 | 57,036 | |
Proved developed and undeveloped reserves for properties, net | 116,602 | 100,106 | 88,435 | 62,632 |
Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 37,382 | 37,253 | 32,509 | |
Undeveloped reserves for properties, net | MMcf | 6,863 | 12,356 | 11,329 | |
Proved developed and undeveloped reserves for properties, net | MMcf | 44,245 | 49,609 | 43,838 | 65,825 |
Colombia [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 39,397 | 32,326 | 21,101 | |
Undeveloped reserves for properties, net | 51,212 | 42,449 | 44,398 | |
Proved developed and undeveloped reserves for properties, net | 90,609 | 74,775 | 65,499 | 37,340 |
Colombia [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 2,319 | 1,763 | 0 | |
Undeveloped reserves for properties, net | MMcf | 0 | 359 | 0 | |
Proved developed and undeveloped reserves for properties, net | MMcf | 2,319 | 2,122 | 0 | 0 |
Chile [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 898 | 696 | 720 | |
Undeveloped reserves for properties, net | 2,809 | 2,622 | 3,423 | |
Proved developed and undeveloped reserves for properties, net | 3,707 | 3,318 | 4,143 | 6,599 |
Chile [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 14,406 | 11,944 | 8,688 | |
Undeveloped reserves for properties, net | MMcf | 6,413 | 8,823 | 11,329 | |
Proved developed and undeveloped reserves for properties, net | MMcf | 20,819 | 20,767 | 20,017 | 36,300 |
Brazil [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 48 | 55 | 76 | |
Proved developed and undeveloped reserves for properties, net | 48 | 55 | 76 | 72 |
Brazil [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 14,872 | 17,339 | 23,821 | |
Proved developed and undeveloped reserves for properties, net | MMcf | 14,872 | 17,339 | 23,821 | 29,525 |
Argentina [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 1,658 | 2,058 | 0 | |
Undeveloped reserves for properties, net | 1,370 | 1,440 | 0 | |
Proved developed and undeveloped reserves for properties, net | 3,028 | 3,498 | 0 | 0 |
Argentina [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 5,785 | 6,207 | 0 | |
Undeveloped reserves for properties, net | MMcf | 450 | 3,174 | 0 | |
Proved developed and undeveloped reserves for properties, net | MMcf | 6,235 | 9,381 | 0 | 0 |
Peru [Member] | Oil And Condensates [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | 0 | 0 | 9,502 | |
Undeveloped reserves for properties, net | 19,210 | 18,460 | 9,215 | |
Proved developed and undeveloped reserves for properties, net | 19,210 | 18,460 | 18,717 | 18,621 |
Peru [Member] | Naturals gas [Member] | ||||
Disclosure Of Supplemental informations on oil and gas activities [Line Items] | ||||
Proved Reserves For Properties Net | MMcf | 0 | 0 | 0 | |
Undeveloped reserves for properties, net | MMcf | 0 | 0 | 0 |
Supplemental information on o_7
Supplemental information on oil and gas activities (Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas) (Details) | 12 Months Ended | ||
Dec. 31, 2019MBblsMMcf | Dec. 31, 2018MBblsMMcf | Dec. 31, 2017MBblsMMcf | |
Oil And Condensates [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 100,106 | 88,435 | 62,632 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 19,731 | 8,977 | 4,321 |
Extensions and discoveries | 8,107 | 8,880 | 29,047 |
Purchases of minerals in place | 3,968 | ||
Productions | (11,342) | (10,154) | (7,565) |
Proved reserves of oil, condensate and natural gas, net at the end | 116,602 | 100,106 | 88,435 |
Oil And Condensates [Member] | Colombia [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 74,775 | 65,499 | 37,340 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 18,341 | 9,826 | 6,315 |
Extensions and discoveries | 8,071 | 8,839 | 29,047 |
Purchases of minerals in place | 0 | ||
Productions | (10,578) | (9,389) | (7,203) |
Proved reserves of oil, condensate and natural gas, net at the end | 90,609 | 74,775 | 65,499 |
Oil And Condensates [Member] | Chile [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 3,318 | 4,143 | 6,599 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 541 | (586) | (2,109) |
Extensions and discoveries | 36 | 41 | 0 |
Purchases of minerals in place | 0 | ||
Productions | (188) | (280) | (347) |
Proved reserves of oil, condensate and natural gas, net at the end | 3,707 | 3,318 | 4,143 |
Oil And Condensates [Member] | Brazil [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 55 | 76 | 72 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 4 | (6) | 19 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of minerals in place | 0 | ||
Productions | (11) | (15) | (15) |
Proved reserves of oil, condensate and natural gas, net at the end | 48 | 55 | 76 |
Oil And Condensates [Member] | Argentina [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 3,498 | 0 | 0 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 95 | 0 | 0 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of minerals in place | 3,968 | ||
Productions | (565) | (470) | 0 |
Proved reserves of oil, condensate and natural gas, net at the end | 3,028 | 3,498 | 0 |
Oil And Condensates [Member] | Peru [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | 18,460 | 18,717 | 18,621 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | 750 | (257) | 96 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of minerals in place | 0 | ||
Productions | 0 | 0 | 0 |
Proved reserves of oil, condensate and natural gas, net at the end | 19,210 | 18,460 | 18,717 |
Naturals gas [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf | 49,609 | 43,838 | 65,825 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | MMcf | 475 | (135) | (13,666) |
Extensions and discoveries | MMcf | 5,681 | 6,031 | 1,187 |
Purchases of minerals in place | MMcf | 10,452 | ||
Productions | MMcf | (11,520) | (10,577) | (9,508) |
Proved reserves of oil, condensate and natural gas, net at the end | MMcf | 44,245 | 49,609 | 43,838 |
Naturals gas [Member] | Colombia [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf | 2,122 | 0 | 0 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | MMcf | 621 | 0 | 0 |
Extensions and discoveries | MMcf | 295 | 2,122 | 0 |
Purchases of minerals in place | MMcf | 0 | ||
Productions | MMcf | (719) | 0 | 0 |
Proved reserves of oil, condensate and natural gas, net at the end | MMcf | 2,319 | 2,122 | 0 |
Naturals gas [Member] | Chile [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf | 20,767 | 20,017 | 36,300 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | MMcf | (167) | 544 | (13,725) |
Extensions and discoveries | MMcf | 5,386 | 3,909 | 1,187 |
Purchases of minerals in place | MMcf | 0 | ||
Productions | MMcf | (5,167) | (3,703) | (3,745) |
Proved reserves of oil, condensate and natural gas, net at the end | MMcf | 20,819 | 20,767 | 20,017 |
Naturals gas [Member] | Brazil [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf | 17,339 | 23,821 | 29,525 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | MMcf | 1,812 | (679) | 59 |
Extensions and discoveries | MMcf | 0 | 0 | 0 |
Purchases of minerals in place | MMcf | 0 | ||
Productions | MMcf | (4,279) | (5,803) | (5,763) |
Proved reserves of oil, condensate and natural gas, net at the end | MMcf | 14,872 | 17,339 | 23,821 |
Naturals gas [Member] | Argentina [Member] | |||
Supplemental information on oil and gas activities [Line Items] | |||
Proved reserves of oil, condensate and natural gas, net at the beginning | MMcf | 9,381 | 0 | 0 |
Proved reserves of oil, condensate and natural gas, increase decrease attributable to [abstract] | |||
Revisions | MMcf | (1,791) | 0 | 0 |
Extensions and discoveries | MMcf | 0 | 0 | 0 |
Purchases of minerals in place | MMcf | 10,452 | ||
Productions | MMcf | (1,355) | (1,071) | 0 |
Proved reserves of oil, condensate and natural gas, net at the end | MMcf | 6,235 | 9,381 | 0 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | $ 6,146,610 | $ 6,108,748 | $ 3,924,732 | |
Future production costs | (1,928,321) | (1,804,615) | (1,185,960) | |
Future development costs | (642,373) | (598,610) | (488,548) | |
Future income taxes | (1,011,370) | (1,049,797) | (676,618) | |
Undiscounted future net cash flows | 2,564,546 | 2,655,726 | 1,573,606 | |
10% annual discount | (970,811) | (871,884) | (523,874) | |
Standardized measure of discounted future net cash flows | 1,593,735 | 1,783,842 | 1,049,732 | $ 409,402 |
Chile [Member] | ||||
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 294,202 | 317,437 | 284,711 | |
Future production costs | (104,688) | (156,724) | (131,788) | |
Future development costs | (35,420) | (39,360) | (57,690) | |
Future income taxes | (5,594) | (2,515) | (656) | |
Undiscounted future net cash flows | 148,500 | 118,838 | 94,577 | |
10% annual discount | (44,277) | (29,008) | (19,338) | |
Standardized measure of discounted future net cash flows | 104,223 | 89,830 | 75,239 | 35,455 |
Colombia [Member] | ||||
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 4,323,914 | 4,059,619 | 2,434,954 | |
Future production costs | (1,159,621) | (983,782) | (531,751) | |
Future development costs | (276,804) | (207,630) | (187,414) | |
Future income taxes | (858,700) | (848,519) | (558,226) | |
Undiscounted future net cash flows | 2,028,789 | 2,019,688 | 1,157,563 | |
10% annual discount | (715,217) | (640,625) | (343,561) | |
Standardized measure of discounted future net cash flows | 1,313,572 | 1,379,063 | 814,002 | 269,502 |
Brazil [Member] | ||||
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 86,191 | 102,104 | 157,527 | |
Future production costs | (32,608) | (49,255) | (56,311) | |
Future development costs | (2,166) | (3,752) | (7,524) | |
Future income taxes | (1,409) | (2,231) | (10,442) | |
Undiscounted future net cash flows | 50,008 | 46,866 | 83,250 | |
10% annual discount | (6,626) | (5,317) | (13,293) | |
Standardized measure of discounted future net cash flows | 43,382 | 41,549 | 69,957 | 73,516 |
Argentina [Member] | ||||
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 187,064 | 277,429 | 0 | |
Future production costs | (118,797) | (173,053) | 0 | |
Future development costs | (49,595) | (54,400) | 0 | |
Future income taxes | (2,251) | (6,610) | 0 | |
Undiscounted future net cash flows | 16,421 | 43,366 | 0 | |
10% annual discount | (5,080) | (8,499) | 0 | |
Standardized measure of discounted future net cash flows | 11,341 | 34,867 | 0 | 0 |
Peru [Member] | ||||
Supplemental information on oil and gas activities [Line Items] | ||||
Future cash inflows | 1,255,239 | 1,352,159 | 1,047,540 | |
Future production costs | (512,607) | (441,801) | (466,110) | |
Future development costs | (278,388) | (293,468) | (235,920) | |
Future income taxes | (143,416) | (189,922) | (107,294) | |
Undiscounted future net cash flows | 320,828 | 426,968 | 238,216 | |
10% annual discount | (199,611) | (188,435) | (147,682) | |
Standardized measure of discounted future net cash flows | $ 121,217 | $ 238,533 | $ 90,534 | $ 30,929 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | $ 1,783,842 | $ 1,049,732 | $ 409,402 |
Sales of hydrocarbon, net of production costs | (456,381) | (445,776) | (239,861) |
Net increase (decrease) in sales prices and production costs | (349,437) | 589,275 | 383,089 |
Changes in estimated future development costs related to oil and gas reserves | (464,050) | (10,034) | (46,315) |
Extensions and discoveries, less related costs | 200,157 | 284,256 | 49,574 |
Development costs incurred | 78,487 | 89,597 | 74,717 |
Revisions of previous quantity estimates | 439,973 | 244,046 | 605,764 |
Purchase of Minerals in place | 55,373 | ||
Net changes in income taxes | 77,779 | (245,263) | (256,597) |
Accretion Of Discounts | 283,365 | 172,636 | 69,959 |
Balance Ending | 1,593,735 | 1,783,842 | 1,049,732 |
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 89,830 | 75,239 | 35,455 |
Sales of hydrocarbon, net of production costs | (14,284) | (18,923) | (14,251) |
Net increase (decrease) in sales prices and production costs | 12,799 | 16,093 | 26,928 |
Changes in estimated future development costs related to oil and gas reserves | (22,163) | 413 | 79,078 |
Extensions and discoveries, less related costs | 17,300 | 12,323 | 0 |
Development costs incurred | 4,023 | 2,980 | 7,146 |
Revisions of previous quantity estimates | 9,508 | (4,517) | (69,594) |
Purchase of Minerals in place | 0 | 0 | |
Net changes in income taxes | (2,025) | (1,368) | 6,097 |
Accretion Of Discounts | 9,235 | 7,590 | 4,380 |
Balance Ending | 104,223 | 89,830 | 75,239 |
Brazil [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 41,549 | 69,957 | 73,516 |
Sales of hydrocarbon, net of production costs | (17,289) | (24,781) | (26,979) |
Net increase (decrease) in sales prices and production costs | 6,923 | (15,170) | (3,000) |
Changes in estimated future development costs related to oil and gas reserves | 1,165 | (1,426) | 8,385 |
Extensions and discoveries, less related costs | 0 | 0 | 0 |
Development costs incurred | 445 | 0 | 0 |
Revisions of previous quantity estimates | 5,482 | (1,879) | 603 |
Purchase of Minerals in place | 0 | 0 | |
Net changes in income taxes | 729 | 6,808 | 7,976 |
Accretion Of Discounts | 4,378 | 8,040 | 9,456 |
Balance Ending | 43,382 | 41,549 | 69,957 |
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 1,379,063 | 814,002 | 269,502 |
Sales of hydrocarbon, net of production costs | (411,528) | (380,829) | (198,631) |
Net increase (decrease) in sales prices and production costs | (299,642) | 397,064 | 289,199 |
Changes in estimated future development costs related to oil and gas reserves | (268,377) | (18,632) | (124,053) |
Extensions and discoveries, less related costs | 182,857 | 271,933 | 49,574 |
Development costs incurred | 69,694 | 85,880 | 67,571 |
Revisions of previous quantity estimates | 415,349 | 257,540 | 673,622 |
Purchase of Minerals in place | 0 | 0 | |
Net changes in income taxes | 23,398 | (185,118) | (258,842) |
Accretion Of Discounts | 222,758 | 137,223 | 46,060 |
Balance Ending | 1,313,572 | 1,379,063 | 814,002 |
Peru [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 238,533 | 90,534 | 30,929 |
Sales of hydrocarbon, net of production costs | 0 | 0 | 0 |
Net increase (decrease) in sales prices and production costs | (48,823) | 191,288 | 69,962 |
Changes in estimated future development costs related to oil and gas reserves | (175,248) | 9,611 | (9,725) |
Extensions and discoveries, less related costs | 0 | 0 | 0 |
Development costs incurred | 0 | 0 | 0 |
Revisions of previous quantity estimates | 11,992 | (7,098) | 1,133 |
Purchase of Minerals in place | 0 | 0 | |
Net changes in income taxes | 51,917 | (65,585) | (11,828) |
Accretion Of Discounts | 42,846 | 19,783 | 10,063 |
Balance Ending | 121,217 | 238,533 | 90,534 |
Argentina [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Balance Beginning | 34,867 | 0 | 0 |
Sales of hydrocarbon, net of production costs | (13,280) | (21,243) | 0 |
Net increase (decrease) in sales prices and production costs | (20,694) | 0 | 0 |
Changes in estimated future development costs related to oil and gas reserves | 573 | 0 | 0 |
Extensions and discoveries, less related costs | 0 | 0 | 0 |
Development costs incurred | 4,325 | 737 | 0 |
Revisions of previous quantity estimates | (2,358) | 0 | 0 |
Purchase of Minerals in place | 0 | 55,373 | |
Net changes in income taxes | 3,760 | 0 | 0 |
Accretion Of Discounts | 4,148 | 0 | 0 |
Balance Ending | $ 11,341 | $ 34,867 | $ 0 |
Supplemental information on _10
Supplemental information on oil and gas activities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMBblsBcf | Dec. 31, 2018USD ($)MMBblsBcf | Dec. 31, 2017USD ($)MMBblsBcf | |
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Impairment loss | $ | $ 7,559,000 | $ 0 | |
Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 12.3 | ||
Proved developed and undeveloped reserves, revisions | 19.7 | 4.3 | |
Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved developed and undeveloped reserves, revisions | Bcf | 0.5 | 0.1 | (13.7) |
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf | 0.7 | ||
Chile [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Impairment loss | $ | $ 6,549,000 | ||
Proved Developed And Undeveloped Reserves Increase | 0.4 | ||
Chile [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 0.3 | ||
Proved developed and undeveloped reserves, revisions | 0.3 | ||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | (2.4) | ||
Chile [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf | 2.2 | ||
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf | (2.4) | ||
Brazil [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf | 1.8 | ||
Colombia [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reversal of impairment loss | $ | $ 11,531,000 | ||
Colombia [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 6.3 | 15.4 | |
Proved developed and undeveloped reserves, revisions | 0.7 | ||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | (0.3) | ||
Proved Developed And Undeveloped Reserves Increase | 2.5 | ||
Colombia [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf | 0.6 | ||
Peru [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved developed and undeveloped reserves, revisions | 1 | ||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | 1.3 | ||
Argentina [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 0.4 | ||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | (0.3) | ||
Argentina [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf | 0.1 | ||
Proved Developed And Undeveloped Reserves Due To Lower Performance Than Expected Decrease | Bcf | (1.3) | ||
Proved Developed And Undeveloped Reserves Due To Lower Average Prices | Bcf | 0.5 | ||
Colombia and Chile [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved developed and undeveloped reserves, revisions | 9 | ||
Fell Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 100.00% | 100.00% | 98.00% |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 100.00% | 100.00% | 97.00% |
Fell Block [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | (0.8) | ||
Fell Block [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | Bcf | 0.8 | ||
Flamenco Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 2.00% | ||
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 3.00% | ||
Cuerva Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 1.50% | 1.00% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 2.00% | 2.00% | |
Llanos 32 [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 7.00% | 1.00% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 4.00% | ||
Llanos 34 Blocks [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 93.00% | 96.00% | 98.00% |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 96.00% | 97.00% | 97.00% |
Llanos 34 Blocks [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | (6.3) | ||
Llanos 34 Blocks [Member] | Colombia [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 3.8 | ||
Morona Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 100.00% | ||
Morona Block [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved developed and undeveloped reserves, revisions | 0.7 | ||
BCAM-40 Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 100.00% | ||
Fell Block in Chile [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | Bcf | (21.3) | ||
Proved Developed And Undeveloped Reserves Due to Better Performance Revisions | Bcf | 6.8 | ||
Fell Block in Chile [Member] | Oil and gas properties [Member] | Naturals gas [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | Bcf | (2) | ||
Proved Developed And Undeveloped Reserves from Impact of Higher Average Prices Revisions | Bcf | 2.5 | ||
Yamu Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 1.50% | 1.00% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 1.00% | 1.00% | |
Aguada Baguales Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 17.00% | 48.00% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 100.00% | 75.00% | |
Puesto Touquet Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 64.00% | 33.00% | |
El Porvenir Block [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Reserves, proportional interest of net proved developed reserve | 19.00% | 19.00% | |
Reserves Proportional Interest Of Net Proved Undeveloped Reserve | 25.00% | ||
Kiuaku Loij and Konawentru Field [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves From Existing Wells Revisions | 0.2 | ||
Argentina Challaco [Member] | Oil And Condensates [Member] | |||
Disclosure Of Supplemental information on oil and gas activities [Line Items] | |||
Proved Developed And Undeveloped Reserves from Change in Development Plan Revisions | (0.04) |