Imad Mohsen, presidente de Parex. Imagen: ParexValora Analitik spoke exclusively with Parex Resources’ global CEO, Imad Mohsen, about the company’s commitment to Colombia and its plans to become the country’s largest private oil and gas producer, excluding state-owned Ecopetrol.To achieve that goal, the Canadian company is pursuing the acquisition of Frontera Energy’s upstream assets in Colombia in a deal valued at $525 million. If completed, Parex would reach approximately a 10% share of the Colombian market.In this conversation, Mohsen explains why he remains confident in Colombia, addresses speculation about a potential move into Venezuela, and shares his view on Canada’s oil and gas industry.You are making major investments in Colombia. Why, given the regulatory challenges in the sector? Everything is relative. I know that in Colombia some people complain that the Petro government is more anti-gas than previous governments. But if I compare the stability of the fiscal regime, respect for the rule of law, respect for contracts, free movement of capital, and Colombia’s OECD membership with other countries in the region, it is very different.In Ecuador, for example, everything changes with every election. In Argentina, things are good until they are not. And in Venezuela, right now they have a gun to their head—what happens when that changes?Colombia is not based on a single political party. You have institutions. Even when the current government has taken decisions that are not favorable to the industry, it has respected existing contracts.The policy is also clear: no new exploration areas,but maximize what you already have without increasing environmental impact. For us, that works. Parex has one of the largest acreage positions among private companies in Colombia—three to four times larger than most, excluding Ecopetrol.Our strategy is to use technology to increase recovery from existing fields and maximize returns. We are also focusing on gas, because the country needs gas. We have a strong partnership with Ecopetrol in the Piedemonte and are exploring opportunities in the VIM area.So, our strategy does not go against what the government wants. Whether the right wins or the left wins, we are comfortable.Parex. Imagen: Web Parex You tend to compare Colombia A versus Colombia B versus Colombia C, and that can be disappointing. But from a global perspective, Colombia is one of the cleanest countries I have worked in in oil and gas outside the OECD.If you go to other regions—Africa, the Gulf, or parts of South America—the level of corruption can be very detrimental. Colombia is clean. The public sector wants what is best for the country.And that is very important for us. The subsurface geology is excellent and well understood, we have a strong land position, and we have built a solid track record with communities.We do what we promise—whether it is building roads, providing water, or supporting local infrastructure—and that gives us strong acceptance in the regions where we operate. That is a key differentiator for us.We understand the geology, the people, the politics, and the fiscal regime works for us. So why go somewhere else?—That’s interesting. Many focus on the problems, yet you remain confident. The problem for many companies is that they do not have new land and have already exhausted opportunities in their existing areas. Then the government said it would not issue new exploration licenses, so they are struggling.We were fortunate. Even before the elections, we expanded our acreage from about 1.3 million to nearly 6 million acres. We secured 18 blocks in the last bid round.We also have partnerships with Ecopetrol, including projects in Putumayo and Piedemonte.Between these two sources, we have enough opportunities for the next 20 years. We do not need new land. We built our position before the policy changes, so the current situation affects us much less.— What do you think of Colombia’s tax system? The tax system is progressive. When oil prices rise, we pay more—through mechanisms such as surtaxes. When prices fall, we pay less.I like that. It makes it easier to invest because if prices are high, we still make more money even after paying higher taxes. If prices are low, the system protects us.Also, taxes in Colombia are lower than in countries like Argentina and Ecuador.Precio del petróleo caería con fuerza en 2026: se encienden alarmas para Ecopetrol y finanzas públicas de Colombia. Imagen: Freepik—Do you think that system works for both the country and companies? Absolutely. Countries like Norway or the Netherlands have similar systems. Colombia’s is one of the best I have worked with because of that progressive structure.—Are you investing in Colombia as a way to move into Venezuela? No. I am doing this to invest more in Colombia. I am not looking at Venezuela.Companies like Chevron, Repsol, Total, or Shell are in a strong position there. They have scale and political backing.Companies of our size would only succeed under very specific conditions. If you follow the traditional path—exploration, drilling, development—it takes years to recover the investment. And you are taking a risk on political stability.We do not have a competitive advantage there. So we prefer to invest where we do.Venezuela frente a Colombia. FOTO- Collage Valora Analitik—Do you see Colombia as more attractive than Venezuela? Yes. Venezuela is like rolling the dice. You can make money, but you can also lose it—or be nationalized. Another important point is that we reinvest our capital in Colombia, which gives us tax benefits such as depreciation. If we move that capital elsewhere, we would pay more taxes and take on more risk.—What is the outlook for Canada’s oil and gas industry? Canada is very well positioned. It has large reserves, strong technology, and is considered a safe place to invest.The main limitation is infrastructure. They have not built enough export pipelines due to environmental restrictions.That limits how much they can export. But once those pipelines are built, there is significant growth potential.—Could exports shift toward markets like China and India? Only if the necessary pipelines are built. Oil production is concentrated in regions like Alberta and Saskatchewan, and it needs to reach the coast.That requires major infrastructure, which has been delayed due to environmental and access constraints.—Is Canada likely to pivot toward Asia or other markets? The issue is not demand—it is internal coordination between provinces and environmental opposition. If pipelines are developed, there will be strong demand from Asia, Europe, and other regions.Are you optimistic?Yes, but it will take time—likely between five and ten years, depending on how quickly permits are granted and infrastructure is built—