Colombia's Ecopetrol signs agreements with Parex Resources to develop oil, gas (updated)

Parex Resources

11/12/2024 16:34

(Adds more information on the deals in paragraphs 2-3, context
in paragraphs 4-5)
       CARTAGENA, Dec 11 (Reuters) - Colombia's majority
state-owned energy company Ecopetrol  ECO.CN  on Wednesday said
it has signed five agreements with Canada's Parex Resources
 PXT.TO  to strengthen the development of oil and gas production
in the Andean country.
    The initial four agreements, concerning projects planned for
Colombia's Putumayo and Narino provinces, will see investment of
some $350 million, where the companies hope to add incremental
volumes of crude to existing projects as well as prospective
resources in the surrounding areas. 
        In Cundinamarca province, a fifth deal slated to start
next year will see $60 million invested in developing an
exploratory well, aimed at eventually producing gas and light
crude, Ecopetrol said. 
  
        The government of leftist President Gustavo Petro has
made weaning Colombia off of its reliance on fossil fuels,
particularly oil and coal, in favor of greener energy
alternatives. 
  
        Earlier this month, Ecopetrol said it would invest up to
around $6.4 billion in its operations, mostly on producing
between 740,000 and 745,000 barrels of oil equivalent per day.
  
        
  
         
  
    
     

    

 (Reporting by Nelson Bocanegra
Writing by Oliver Griffin)
 ((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))