Ecopetrol signs $250 million Parex deal as profits jump 96%

Ecopetrol and Parex Resources finalized a collaboration agreement on July 30, 2026 that commits Parex to invest US$250 million over five years to accelerate development of the Casabe, Casabe Sur, Peñas Blancas and Llanito fields in Colombia’s Magdalena Medio region. The plan includes enhanced oil recovery, water‑injection optimization, new development wells and exploratory activities aimed at boosting production and supporting local community development.

In the same period, Ecopetrol reported a more than 96 % increase in second‑quarter 2026 net profit, reaching 5.67 trillion Colombian pesos, driven by higher international Brent prices and improved refining margins. The earnings surge follows the departure of former president Ricardo Roa and the appointment of Luis Felipe Henao as the new president of the state oil company, with the government taking formal control on August 7, 2026.