Colombia’s state-owned energy company Ecopetrol and Canadian independent Parex Resources have signed five new agreements to conduct E&P activities in Colombia’s Putumayo and Piedemonte basins, the companies announced on Wednesday.
In the Putumayo basin, Parex will acquire a 50% working interest in the Orito, Area Sur, Occidente and Nororiente blocks and assume full operatorship. The company has budgeted approximately USD 175 million towards new development wells and the implementation of secondary recovery programmes on existing ones, starting in Q2 2025.
In the Piedemonte basin, Parex will acquire a 50% interest in and operate the Farallones Block in the Llanos Foothills, with exploratory drilling expected to begin in 2026. The agreement extends Parex’s footprint in what it considers to be one of the highest-ranking prospects in the area.
“The agreements announced today align with Parex’s strategy and add significant, lower-risk development and exploitation inventory, while consolidating our position in the Llanos Foothills, where world-class exploration potential exists,” said Imad Mohsen, president and CEO of Parex.
Parex is budgeting a capital expenditure programme of around USD 350 million in the Putumayo basin, and up to USD 60 million in the Farallones Block.
Source: By theenergyyear.com