Pacific Rubiales targets 15-30% growth in 2013

In Colombia's hands: Pacific Rubiales predicts further permit delays

AFP/Scanpix

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Bill Lehane

 08 January 2013 14:50 GMT

Canada’s Pacific Rubiales has targeted 15% to 30% growth in production in the coming year, although it also warned approval delays in Colombia would likely continue to dog its development.

The explorer said it now expected its 2012 average production to come in at the low end of its guidance levels at around 99 million barrels of oil equivalent (boe).

Chief executive Ronald Pantin put this performance down to largely flat production in the first eight months of the year “caused by unexpected permit delays in Colombia”.

Pantin admitted it was "likely that 2013 production growth for Pacific Rubiales and other companies in Colombia will continue to be affected by the pace of environmental permitting approval”.

At the same time, he said the company’s…

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