Ecopetrol beats Rubiales in Quifa arbitration

Colombia arbitration: Panel sides with Ecopetrol in dispute over Quifa revenues

A Colombian arbitration tribunal has sided with state-led Ecopetrol in a dispute with Canada's Pacific Rubiales over the revenues generated by an oilfield run by the companies, according to a report.

The ruling states that Pacific Rubiales must pay 100% of windfall revenues from the Quifa oil field to Ecopetrol from the time in which the field's total output exceeded 5 million barrels, Reuters reported.

Pacific Rubiales wanted to pay Ecopetrol 60% of the revenues once the field's production surpassed the 5 million-barrel mark in 2011.

The Canadian producer has spotlighted the area as one of its most productive fields and is working to bring enhanced recovery techniques to ramp up output.

The ruling means that Ecopetrol should receive a total…

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