What are the key terms of the $250 million deal between Ecopetrol and Parex Resources?

The $250 million deal involves Ecopetrol and Canada's Parex Resources jointly developing five oil fields, with Parex fully funding the investment over five years. The work includes enhanced recovery projects, optimization of water injection, and infill drilling. Parex will hold a 50% interest in production, while Ecopetrol retains ownership and operatorship of the fields.

Where are the five oil fields located that Ecopetrol and Parex Resources will jointly develop?

Four of the oil fields are located in the Yondo municipality in Antioquia province, and one is located in Barrancabermeja, in Santander province.

Colombia's Ecopetrol, Parex Ink $250 Million Deal to Jointly Develop Oil Fields

May 4, 2026

Ecopetrol and Canada's Parex Resources signed a $250 million agreement to jointly develop five oil fields in Colombia over five years. Parex will fund the investment and hold a 50% production interest while Ecopetrol retains operatorship.

reuters

2026-05-04

Colombia's Ecopetrol, Parex Ink $250 Million Deal to Jointly Develop Oil Fields

Colombia's Ecopetrol, Parex Ink $250 Million Deal to Jointly Develop Oil Fields

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