New assets: Pacific Rubiales expands in Colombia
Pacific Rubiales bags assets in Colombia
Canadian player Pacific Rubiales Energy has bagged six new blocks in Colombia through its Colombian subsidiaries, Meta Petroleum and Pacific Stratus Energy Colombia.
The National Hydrocarbon Agency of Colombia (ANH), which organised this bidding, offered 43 blocks in five geological basins: Llanos Orientales (17), Sinu San Jacinto (10), Cesar Rancheria (6), Cordillera Oriental (6) and Guajira (4), with 39 companies participating.
The company won rights to two blocks by itself and rights to four blocks in consortium with other companies, but in all of the six blocks that were awarded, the company's subsidiaries will be the operator.
With the completion of the bidding process, Pacific Rubiales has become the second largest company in Colombia, measured by total acreage for exploration and production.
The exploration activities planned for these blocks must be completed within 36 months from the signature of the contracts.
The company expects that the first expenditures will occur in 2010.
Pacific Rubiales has already executed the bidding round minutes and the final signature of the contracts with the ANH is expected to take place by mid-January.