CALGARY - Parex Resources Inc . (TSX:PXT), a leading independent oil and gas company in Colombia, has reported disruptions to its operations in the Northern Llanos region due to social protests that began on January 22, 2024. Despite the disturbances, the company has chosen not to adjust its production guidance for the fiscal year 2024, which estimates an average output of 54,000 to 60,000 barrels of oil equivalent per day (boe/d).
The protests have led to a temporary shutdown of Parex's operations at the Capachos and Arauca blocks. The company's average production between January 1 and February 11 was approximately 53,200 boe/d, with current production levels estimated at around 50,000 boe/d. This figure includes light and medium crude oil, heavy crude oil, and conventional natural gas.
Parex is actively engaging with stakeholders and the Colombian national government to resolve the situation and resume operations. The company has implemented security protocols in response to the protests and is working through established engagement processes to seek a resolution that benefits all parties involved.
In addition to addressing the operational challenges posed by the social protests, Parex has announced that it will release its financial and operating results for the fourth quarter of 2023 and the full fiscal year 2023, along with its independent reserves assessment as of December 31, 2023, after markets close on February 29, 2024. A conference call and video webcast to discuss these results are scheduled for March 1, 2024.
Parex, headquartered in Calgary, Canada, with operations based in Bogotá, Colombia, is part of the S&P/TSX Composite ESG Index and focuses on sustainable, conventional production. The company's steadfast approach to maintaining its production guidance, despite the operational challenges, reflects its contingency planning and resilience in the face of social unrest.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.