Parex Resources has made an offer of $500 million for the Colombian exploration and production assets of Frontera Energy, challenging a previous agreement between Frontera and GeoPark, according to information released Monday.
The bid represents a $125 million premium over GeoPark’s existing acquisition agreement of $375 million. “Our all-cash offer to acquire Frontera’s upstream business in Colombia provides immediate and superior value for Frontera and its shareholders,” Parex Chairman and CEO Imad Mohsen stated in a press release. “We seem forward to advancing discussions with Frontera’s Board and management team to finalize a transaction.”
As of November 2025, Frontera was the largest private player in Colombia’s oil sector, with an average production of 58,099 barrels per calendar day, according to data from Colombia’s National Hydrocarbons Agency (ANH). GeoPark followed closely behind, producing an average of 42,889 barrels per calendar day. Combined, the two companies account for approximately 12% of Colombia’s total oil production, averaging 91,884 barrels per day.
The acquisition of Frontera’s assets would establish the buyer as the leading private oil producer in Colombia. Sierracol currently holds the third-largest private production volume with 40,674 barrels per day. Gran Tierra produces an average of 27,928 barrels per day, and ONG Vidissh produces 21,540 barrels per day.
Parex Resources is currently the sixth-largest producer in Colombia, with an average production of 13,742 barrels per day. If successful in acquiring Frontera’s assets, Parex’s production would increase to over 71,000 barrels per day.
Both Frontera and Parex are Canadian companies. According to the Colombian Association of Petroleum, Energy and Related Technologies Engineers (Acipet), Colombia’s oil production between January and November 2025 reached 746,402 barrels per calendar day, a 3.6% annual decrease from the 774,180 barrels per calendar day produced in 2024.
GeoPark CEO Felipe Bayón previously stated that extensive discussions with Frontera had been ongoing for the past year, and that the acquisition would position GeoPark as the largest private operator in Colombia. He highlighted the potential for integrated field development in areas such as Quifa and the broader Llanos portfolio, enabling stable production, synergy capture, and efficient reinvestment. Bayón also emphasized the transaction’s contribution to reserve protection, sustained production, and increased investment in the regions where the companies operate.
Frontera’s portfolio includes 17 exploration and production blocks within Colombia, encompassing both production assets and exploration opportunities in the Lower Magdalena Valley and the Llanos Basin. The Llanos Basin assets include the Quifa field, as well as the CPE-6, Guatiquía, and Cubiro blocks.
