Parex Resources, Ecopetrol enter agreements to explore Llanos Foothills trend

Parex Resources (PARXF)) and its strategic partner Ecopetrol S.A. (EC) announce that they have entered into definitive agreements to consolidate their position along the Llanos Foothills trend in alignment with current Colombian government objectives to secure gas supply and support energy transition initiatives. Parex and Ecopetrol are now strategically positioned with eight blocks, along with the creation of a mutual area of interest, to capitalize on the approximately 500-kilometer geological trend and explore for new sources of domestic gas and liquids. This trend boasts world-class discoveries at both ends, which cumulatively have produced over 1.4 million barrels of oil, and roughly 4 trillion cubic feet of natural gas, with the middle of the trend largely unexplored. The agreements signify progress in Parex’s long-term gas strategy to pursue underexplored liquids-rich plays, which are within an area that has existing infrastructure that can be leveraged to accelerate exploration and development following new regulations that have been approved by the Colombian government.