Parex Targets Colombian Asset Purchases to Double Output
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Parex Resources Inc., the Canadian oil producer operating in Latin America, is focusing its growth efforts on Colombia as it aims to double production in the next five years.
Chief Executive Officer Wayne Foo is planning more land and asset acquisitions to boost the company’s output to as much as 50,000 barrels a day, he said in an interview at Parex’s headquarters in Calgary yesterday. Colombia’s stable government and well-understood oil resources make it a better investment than other countries in the region such as Argentina, Foo said.