Parex Resources is abandoning its 100%-owned Chirimoya exploration well in Colombia. (Source: Shutterstock)
With testing completed, Parex Resources Inc. announced its abandonment of its 100%-owned Chirimoya exploration well at VIM-431 in Colombia.
As previously announced, Parex reached the Chirimoya exploration wells’ target depth of approximately 17,500 ft. Following open hole evaluation and logging operations, the decision was made to case and test the well. All three prospective zones were evaluated and confirmed that the potential reservoirs had no economic hydrocarbons.
The Chirimoya exploration well was the first prospect in a three well, high-impact exploration program conducted this year. The Northern Llanos Arauca-8 well at Arauca and the Llanos Foothills Arantes-1 well at LLA-122 are expected to be spud in fourth quarter 2023. Parex has a 50% working interest in both wells.
Headquartered in Calgary, Canada, Parex is the largest independent oil and gas company in Colombia and operates out of an office in Bogotá, Colombia. The company will release its second quarter results for 2023 as well as provide an operational update post-market on Aug. 2.
Recommended Reading
As US Ethane Production Soars to Record High, Low Prices Expected
2024-10-29 - Tied to natural gas production, which has suffered from weak demand, ethane is also headed for bearish prices, according to an analyst.
What's Affecting Oil Prices This Week? (Nov. 18, 2024)
2024-11-18 - For the upcoming week, the price of Brent crude could test its support at $70 and if the price breaks below this level, the price of Brent could fall to $66.
Oil Set for Weekly Loss on Surplus Fears After OPEC+ Cut Extensions
2024-12-06 - The Organization of the Petroleum Exporting Countries and its allies on Dec. 5 pushed back the start of oil output rises by three months until April.
Oil Rises 1% as Investors Digest US Election Fallout
2024-11-07 - Oil prices rose nearly 1% on Nov. 7 following the U.S. election results and as Hurricane Rafael rolls into the Gulf of Mexico.
OPEC Cuts 2024, 2025 Global Oil Demand Growth View Again
2024-10-14 - The weaker outlook highlights the dilemma faced by OPEC+, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.