Parex Resources steps out of the shadows

Colombia-focused producer plans to accelerate upstream growth and is eyeing licensing rounds

Production shut-ins may have left many Colombian oil and gas operators unable to take advantage of the recent commodity price hike. But Calgary-based E&P Parex Resources is bullish about the country’s near-term prospects and is stumping up the cash. The operator expects to more than double its capex over the second half of the year as Colombia returns to greater stability and upstream developments pick up steam. Parex suffered a 4pc drop in production in Q2 on a quarter-on-quarter basis, mainly because of midstream disruptions caused by demonstrations, but conditions have since mostly settled.    “We looked at the opportunities and said we need to catch up for 2020… and that is wha