Parex grows footprint in Colombia’s Magdalena Basin

BOGOTá, May 5, 2026 – Parex Resources has agreed to acquire a 50% participating stake in Ecopetrol’s oil assets in Colombia’s Magdalena Basin under a five-year USD 250-million investment programme, Parex announced on Monday.

The agreement covers the Casabe and Llanito blocks and carries no upfront acquisition cost, with USD 125 million allocated as carry capital. The assets currently produce approximately 14,900 bpd of medium crude oil and are estimated to hold more than 3 billion barrels of oil in place.

Parex will gain a 50% share of production once it carries out the capital development programme, subject to approval from Colombia’s National Hydrocarbons Agency. After phase one is completed, capital expenses will be split equally between Parex and Ecopetrol.

The mature fields are supported by reprocessed 3D seismic data and offer scope for higher output through horizontal drilling, repatterning, waterflood optimisation, polymer injection and carbon dioxide injection. Existing processing facilities and pipeline access to Ecopetrol’s Barrancabermeja refinery are expected to support further development.

Parex expects to begin base production participation by drilling the first well in the second half of 2026. The company will manage future drilling and capital projects, while Ecopetrol will continue to oversee current and future production operations.

Parex Resources is a Calgary-headquartered independent oil and gas E&P company focused on conventional production in Colombia. Ecopetrol is Colombia’s integrated oil and gas company with activities across exploration, production, transportation, refining and commercialisation.

Photo courtesy of Parex Resources

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