The Superintendencia de Industria y Comercio is analyzing a request for business integration between Ecopetrol and Parex Resources Colombia to assess its impact on market competition.
The agency announced it is examining a two-phase collaboration agreement. Under this, Parex could access hydrocarbon production from fields in the Convenio de Explotación de Hidrocarburos in the Área de Operación Directa Magdalena Medio, signed in August 2009. Any interested party may submit information for the analysis within the next 10 days after the announcement. The review takes place as Parex acquires exploration and production assets from Frontera Energy in Colombia for 500 million dollars, which would consolidate it as the largest independent oil and gas producer focused on the local market.
