Canadian-based Parex Resources Inc. has announced a halt to its oil extraction operations in Capachos, located in the Arauca department of Colombia. The action is a response to increasing social protests and growing threat from armed groups within the region. This decision signals intensifying issues concerning security and social unrest, which could potentially impact Colombia's oil industry.
1. Canadian-based Parex Resources Inc. has stopped its oil extraction operations in Capachos, Colombia.
2. The action was taken in response to escalating social protests and threats from unidentified armed groups in the region.
3. The suspension of the activities signifies rising issues related to security and social unrest in Colombia.
4. Parex believes the safety of its workers is critical, hence the halting of operations until a peaceful resolution is achieved.
5. The protests and threats pose a great risk to Parex's operations and investments, potentially impacting the entire oil industry in Colombia.
In 2019, Parex Resources Inc. produced an average of 52,200 barrels of oil per day from its operations in Colombia.
The Colombia-based oil company, Parex Resources Inc., has temporarily halted all of its activities in Capachos, Arauca department, following social unrest and threats by unidentified armed groups. The company believes the safety of its workers is paramount and the suspension will remain in effect until a peaceful resolution is reached. The protests and threats have not only created a hostile working environment but also pose a significant risk to the company's operations and investments.