BOGOTA Feb 6 Canadian oil producer Pacific
Rubiales Energy Corp said on Thursday it expects to
pump between 15 percent to 25 percent more oil in Colombia in
2014, with output boosted by the acquisition last year of former
rival Petrominerales Ltd.
Pacific Rubiales is Colombia's biggest corporate oil
producer, accounting for roughly a tenth of national output in a
sector dominated by the state-owned Ecopetrol.
Colombia's national crude output rose 6.6 percent in 2013 to
an average 944,000 barrels per day (bpd), according to the
Pacific Rubiales on Sept. 30 announced the purchase of the
Toronto- and Bogota-listed Petrominerales for C$1.6 billion
($1.45 billion), giving it access to lighter crudes to dilute
its heavier output.
Pacific Rubiales said in a statement on Thursday it hopes to
produce between 148,000 and 162,000 bpd in 2014, up from an
average 127,000 barrels of oil equivalent in 2013, a measure
that includes gas output.
Those figures also include production from assets elsewhere
in Latin America though about 95 percent of the company's output
comes from Colombia.
Its oil and gas production rose 9 percent in 2013 from the
previous year, excluding production from Petrominerales that
followed their merger.
Pacific Rubiales said its five-year plan made provision for
the return of the Rubiales field to the government when that
concession expires in 2016. It currently accounts for more than
half the company's production.
Other projects coming online by then will compensate, but
the company did not estimate by how much.
Oil is the now Colombia's most valuable export commodity
despite sabotage by leftist guerrillas on the energy industry's
infrastructure, with the frequency of bomb attacks on pipelines
appearing to intensify late last year.