Parex to take 50% stake in Ecopetrol’s Magdalena Basin assets

Parex Resources has signed an statement with Ecopetrol to get a 50% participating involvement successful the Casabe and Llanito blocks successful Colombia's Magdalena Basin.

In return, the Canadian lipid and state institution has committed to a $250m concern programme implicit 5 years, with $125m allocated arsenic transportation capital.

The Casabe and Llanito blocks are presently producing astir 14,900 barrels per time (bpd) of mean crude oil.

The concessions person much than 3 cardinal barrels (bbbl) of estimated archetypal lipid successful place, with an mean betterment complaint beneath 15%.

The statement was structured with nary upfront acquisition cost, entitling Parex to a 50% stock of production, contingent upon the execution of the superior improvement programme.

Following completion of signifier 1 and support from Colombia’s National Hydrocarbons Agency, superior expenses volition beryllium arsenic divided betwixt the 2 entities.

The mature fields successful the blocks, supported by reprocessed 3D seismic data, connection imaginable for accrued accumulation done horizontal drilling, repatterning, and waterflood optimisation. Enhanced betterment techniques similar polymer and CO₂ injection besides connection further accumulation upside.

Existing infrastructure including processing facilities and pipeline entree to Ecopetrol’s Barrancabermeja refinery supports further improvement and maximises economical returns.

The statement enhances near-field exploration opportunities and offers pathways to optimise per-unit operating costs.

It besides complements Parex’s way grounds of improving betterment rates, demonstrated astatine different projects similar Cabrestero and LLA-34.

Following the fulfilment of indispensable conditions including regulatory consent, Parex volition commencement participating successful some basal and incremental accumulation upon gathering its concern obligations.

Parex anticipates starting its basal accumulation engagement by drilling the archetypal good successful the 2nd fractional of 2026.

The institution volition negociate each upcoming drilling and superior projects, portion Ecopetrol volition proceed to oversee existent and aboriginal accumulation operations.

In March 2026, Frontera signed a definitive statement with Parex for the merchantability of its Colombian exploration and accumulation assets successful a woody worthy $750m, inclusive of debt. The woody is expected to adjacent successful the 2nd 4th of 2026.

"Parex to instrumentality 50% involvement successful Ecopetrol’s Magdalena Basin assets" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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