Colombia: Pacific Rubiales budgets $1.12 billion

Pacific Rubiales Energy Corp., Toronto, set a $1.12 billion capital budget for 2011 in Colombia, including $340 million for exploration and $438 million in production facilities.

By OGJ editors
HOUSTON, Jan. 10
– Pacific Rubiales Energy Corp., Toronto, set a $1.12 billion capital budget for 2011 in Colombia, including $340 million for exploration and $438 million in production facilities.

The exploration budget includes funds for Colombia, Peru, and Guatemala. The production spending will go mainly to Quifa and Rubiales fields in Colombia.

The company holds 16.6 million acres in Colombia, second only to Ecopetrol. It drilled more than 28 exploratory and appraisal wells in 2010.

The company’s production capacity at Dec. 31, 2010, was 220,000 b/d of oil equivalent gross, 84,000 boe/d net. Yearend 2011 capacity is forecast at 265,000 boe/d gross, 112,000 boe/d net.

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