Pacific Rubiales makes heavy oil move

Making moves: Pacific Rubiales buys into Colombian heavy-oil block

Pacific Rubiales

related stories

Eoin O'Cinneide

 24 July 2012 13:31 GMT

Pacific Rubiales is making a heavy oil splash in Colombia as it takes a large interest in the Caguan-Putumayo basin.

The Latin America-focused explorer is also to take operatorship of the onshore Portofino exploration block for a total spend on two separate deals which could rise to around $70 million.

Pacific Rubiales is paying Petrolera Monterrico SA Sucursul Colombia $23.8 million in cash for a 40% stake in the block. It will also pay operator Canacol Energy $3.7 million to take over operatorship after the drilling of the next four wells.

The buyer also has to stump up $2.2 million in carry on Petrolera’s obligations and has agreed to finance other production facilities and activities on the block which could…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index