Ecopetrol and Parex promote production in the Middle Magdalena region

Ecopetrol and Parex they launched a business collaboration agreement for the joint development of the Casabe, Casabe Sur, Peñas Blancas, and Llanito oil fields, located in the Middle Magdalena region. The alliance took effect on July 30th after all the conditions stipulated in the agreement signed on May 2nd, 2026, were met, including authorization from the Superintendency of Industry and Commerce (SIC).

It begins a US$250 million investment

With the agreement coming into effect, the planning and execution of its first phase began, supported by a US$250 million investment that will be fully assumed by Parex Resources over the next five years.

These resources will allow the acceleration of the development of four assets considered strategic for the country’s hydrocarbon production through the implementation of projects focused on increasing their operational efficiency and productive capacity.

Ecopetrol and Parex will strengthen oil production

The investment includes enhanced recovery initiatives, optimization of water injection, drilling of new development wells, and exploratory activities aimed at identifying additional growth opportunities in the Middle Magdalena region.

Likewise, during the next few months both companies will implement the agreed work program for this first stage. Parex is expected to begin operations in the fields before the end of the year, a condition that will allow its corresponding participation in the production of these assets.

Complement technical and financial capabilities

The agreement seeks to integrate the technical, operational and financial expertise of Ecopetrol and Parex to strengthen the sustainability of oil production and optimize the use of existing infrastructure.

In addition to the operational component, the alliance includes the development of social investment initiatives aimed at communities located in the area of ​​influence of the projects, promoting regional development opportunities and strengthening economic activity.

A boost for the Magdalena Medio region

With this agreement, Ecopetrol and Parex consolidate a strategy focused on the responsible development of hydrocarbon resources of the Middle Magdalena region. The planned investment will allow progress on projects that seek to maintain crude oil production, generate value for stakeholders, and support the economic growth of one of Colombia’s main oil-producing regions.

Ecopetrol and Parex they launched a business collaboration agreement for the joint development of the Casabe, Casabe Sur, Peñas Blancas, and Llanito oil fields, located in the Middle Magdalena region. The alliance took effect on July 30th after all the conditions stipulated in the agreement signed on May 2nd, 2026, were met, including authorization from the Superintendency of Industry and Commerce (SIC).

It begins a US$250 million investment

With the agreement coming into effect, the planning and execution of its first phase began, supported by a US$250 million investment that will be fully assumed by Parex Resources over the next five years.

These resources will allow the acceleration of the development of four assets considered strategic for the country’s hydrocarbon production through the implementation of projects focused on increasing their operational efficiency and productive capacity.

Ecopetrol and Parex will strengthen oil production

The investment includes enhanced recovery initiatives, optimization of water injection, drilling of new development wells, and exploratory activities aimed at identifying additional growth opportunities in the Middle Magdalena region.

Furthermore, over the next few months, both companies will implement the agreed-upon work program for this initial phase. Parex is expected to begin operations in the fields before the end of the year, which will allow it to participate in the production of these assets.

Complement technical and financial capabilities

The agreement seeks to integrate the technical, operational and financial expertise of Ecopetrol and Parex to strengthen the sustainability of oil production and optimize the use of existing infrastructure.

In addition to the operational component, the alliance includes the development of social investment initiatives aimed at communities located in the area of ​​influence of the projects, promoting regional development opportunities and strengthening economic activity.

A boost for the Middle Magdalena region

With this agreement, Ecopetrol and Parex are consolidating a strategy focused on the responsible development of hydrocarbon resources in the Middle Magdalena region. The planned investment will allow progress on projects aimed at maintaining crude oil production, generating value for stakeholders, and supporting the economic growth of one of Colombia’s main oil-producing regions.

Source: Ecopetrol

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