Bloomberg News

Pacific Rubiales Expects Colombia Field Permit This Week

June 26, 2012

Pacific Rubiales Energy Corp. (PRE), which operates Colombia’s largest oil field, expects to receive an environmental license to expand the development’s output as early as this week.

The license to increase water injection into wells at the onshore Rubiales field in eastern Colombia will enable output to reach 200,000 barrels a day, Chief Executive Officer Ronald Pantin told reporters in Santiago today. Production at the field was 172,455 barrels a day in the first quarter, the company said last month.

Colombia, South America’s third-largest crude supplier after Brazil and Venezuela, is speeding up the release of permits for oil producers, Orlando Cabrales, the nation’s oil regulator, said last week.

The company owns 40 percent of the Rubiales field and state-run Ecopetrol SA (ECOPETL) owns the rest.

Pacific Rubiales slid 0.4 percent to 36,860 pesos in Bogota at 9:50 a.m., paring a loss of as much as 1.2 percent earlier today.

Permits for the company’s CP-6 field in Colombia are due in July, Pantin said.

To contact the reporters on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net; Heather Walsh in Bogota at hlwalsh@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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