(World Oil) — Parex Resources has completed its acquisition of the Colombian exploration and production assets of Frontera Energy, establishing the company as the largest independent oil and gas producer focused on Colombia.
The transaction adds approximately 37,000 boed of production and expands Parex’s acreage position to more than 7.9 million acres, significantly increasing the company’s scale and reserve base across the country.
Parex said the acquisition supports its previously announced second-half 2026 production guidance of 82,000 to 91,000 boed and provides additional opportunities to improve operational performance through enhanced oil recovery, horizontal and multilateral drilling, and advanced seismic imaging technologies.
“This is a significant milestone for Parex and marks the successful completion of a highly strategic transaction,” said Imad Mohsen, President and Chief Executive Officer of Parex Resources. “The addition of Frontera E&P’s upstream business to our high-quality portfolio establishes Parex as the largest independent, Colombia-focused upstream company, with greater scale, enhanced capital efficiency, and a more resilient platform for long-term growth.”
The acquisition includes a portfolio of producing assets that Parex said are characterized by low decline rates and strong cash flow generation. The company also expects to capture operational synergies through portfolio integration and optimization.
“We are approaching this integration with a clear focus on safety, operational continuity and people,” said Daniel Ferreiro, President and Country Manager of Parex Resources. “The experience and expertise of the employees joining Parex, together with the strength of our existing team, will be instrumental in realizing the full value of this transaction.”
Parex said the transaction strengthens its position in Colombia’s upstream sector while providing additional flexibility to allocate capital across a larger portfolio of development and exploration opportunities.
