Toronto-Based Pacific Rubiales to Boost Oil, Gas Output in 2014

Pacific Rubiales Energy Corp, the largest private oil producer in Colombia, said it is targeting 15-20 percent growth in production in 2014, Reuters reported on December 18. .

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.

Copyright: Reuters, 2013