Operations

Operations

Delivering Industry Leading Profitability

Diversified Portfolio with Running Room for Growth

Parex is focused on delivering safe, reliable production and exploration in Colombia. Learn more about our operations in the Llanos and Magdalena basins, and how we are progressing our strategy to grow production and become a multi-field operator.

VIM-1 (50% WI)
VIM-1

VIM-1 (50% WI)

Magdalena

operational
oil production gas production

Growing long-term liquids recovery through reinjecting gas

Onstream: 2021
Future Outlook: Gas cycling expected to be used as a template for future expansions in the VIM basin, Northern Llanos and Llanos Foothills
Arauca (50% WI)
arauca

Arauca & LLA-38 (50% WI)

Northern Llanos

operational
oil production
gas production

Delivered exploration success
at Arauca-8 

Onstream: 2024

Future Outlook: Assessing initial
performance results to determine future
exploration and development plans

Capachos (50% WI)
capachos

Capachos (50% WI)

Northern Llanos

operational
oil production
gas production

Leveraging multi-zone potential in an area that has superior reservoir quality and attractive royalty structure; building block for Arauca and LLA-38 development

Onstream: 2018

Future Outlook: Capture incremental growth for optimization and recomplete opportunities, as well as execute near-field exploration

Llanos Foothills
foothills

Llanos Foothills

operational
oil production gas production

Partnered with Ecopetrol S.A. to explore for new sources of domestic gas and liquids in world-class trend

Onstream: Initial drilling commenced in 2024
Future Outlook: With the high-potential part of the trend captured, vision is to be continuously drilling in the region
LLA-34 (55% WI)
LLA

LLA-34 (55% WI)

non-operational
oil production

Focused on pressure management and minimizing decline; replicating Cabrestero success

Onstream: 2012
Future Outlook: Applying waterflood injection and horizontal drilling to increase EOR and minimize decline rates
Cabrestero (100% WI)
Cabrestero

Cabrestero (100% WI)

Southern Llanos

operational
oil production

Focused on pressure management, minimizing decline and near-field exploration

Onstream: 2012
Future Outlook: Applying waterflood injection and a polymer injection pilot to increase EOR and minimize decline rates
LLA-122

LLA-122 (50% WI)

Arantes Well

LLA-38

LLA-122 (50% WI)

Berillo Oeste Well

VIM Icon
Growing long-term liquids recovery through reinjecting gas

Onstream: 2021

Future Outlook: Gas cycling expected to be used as a template for future expansions in the VIM basin, Northern Llanos and Llanos Foothills

Arauca Icon

Delivered exploration success at Arauca-8 with further growth planned

Onstream: First production in 2024

Future Outlook: Continued growth
from delineation, near-field exploration
and infrastructure expansion

Capachos Icon

Leveraging multi-zone potential in an area that has superior reservoir quality and attractive royalty structure; building block for Arauca and LLA-38 development

Onstream: 2018

Future Outlook: Capture incremental growth for optimization and recomplete opportunities, as well as execute near-field exploration

Llanos Foothills Icon

Partnered with Ecopetrol S.A. to explore and exploit the highpotential Foothills trend

Onstream: Initial drilling commenced in 2024

Future Outlook: With the high-potential part of the trend captured, vision is to be continuously drilling in the region

LLA Icon

Focused on pressure management and minimizing decline; replicating our Cabrestero success

Onstream: 2012

Future Outlook: Applying waterflood injection and horizontal wells for increased EUR and reduced decline rate


Cabrestero Icon

Focused on pressure management, minimizing decline and near-field exploration

Onstream: 2012

Future Outlook: Applying waterflood injection and horizontal wells for increased EUR and reduced decline rate


FY 2024 Guidance*

Production
54 - 60 Mboe/d

+5% absolute growth year-over-year

Capital Expenditures
US$390-430MM

*Based on most recent guidance (see January 15, 2024 news release)