Dec 18 Pacific Rubiales Energy Corp,
the largest private oil producer in Colombia, said it is
targeting 15-20 percent growth in production in 2014.
The Toronto-based company also said spending on exploration
and development activities would rise to $2.5 billion next year,
from an estimated $2 billion in 2013.
It attributed the increase to a rise in total development
drilling and exploration activity and expenditures on the newly
acquired Canadian oil company Petrominerales Ltd.
Pacific Rubiales agreed to buy Petrominerales in September
for C$1.6 billion to save costs and to increase its production
and exploration assets.
The company targets an average net production of about
148,000-162,000 barrels of oil equivalent per day (boe/d).
Pacific Rubiales estimates to achieve net production of
128,000 to 130,000 boe/d this year, above the high end of its
guidance of 15-30 percent growth over 2012 levels.
The oil producer said Colombia will remain the focal point
of its 2014 spending plans with a budget of about $2.1 billion.
Colombia's oil sector has witnessed a boom in the last few
years after a U.S.-backed military crackdown that vastly
improved security and roughly halved the numbers of the main
leftist rebel group, the FARC.
Pacific Rubiales's shares, which have fallen 10 percent
since the Petrominarel deal, closed at C$18.27 on the Toronto
Stock Exchange on Tuesday.