Ecopetrol and Parex Resources have signed a series of agreements to strengthen their joint collaboration for the development of new hydrocarbon exploration and production activities in Colombia.
The new vision of Ecopetrol and Parex Resources
The first four agreements are focused on the Putumayo Basin in southern Colombia, where development and exploration activities will be carried out in several regions such as Orito, Valle del Guamuez, San Miguel and Puerto Asís. In total, approximately US$350 million will be allocated to these projects, with the aim of increasing crude oil volumes from existing fields and exploring new prospective resources.
In addition to exploration, investments in this region include the creation of infrastructure that allows for sustainable and safe development, which will benefit local communities with drinking water projects and support for productive micro-enterprises.
On the other hand, in the Piedemonte basin , a project will be carried out with the Farallones block, located in the departments of Cundinamarca and Boyacá. In this case, Parex Resources will join as a partner and future operator, with a first step towards the drilling of an exploratory well in search of gas and light crude oil. The estimated investment in this initial phase amounts to 60 million dollars, and more investments are planned in future phases to continue with the exploration and production.
Both agreements are notable for their focus on corporate social responsibility, and will allocate more than 10 million dollars over the next three years to support local microenterprises, improve basic services in communities and promote the production of goods and services in the regions involved.
The Putumayo basin agreements are awaiting approval by the Superintendency of Industry and Commerce, while the Farallones project requires approval by the National Hydrocarbons Agency ( ANH ). Once approved, activities will begin that will mark the next chapter in the search for new hydrocarbon reserves in Colombia.
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Source and photos: Ecopetrol
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