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Latino Daily News

Thursday December 20, 2012

Pacific Rubiales Reaches Daily Production Goal of 280,000 Barrels in Colombia

Pacific Rubiales Reaches Daily Production Goal of 280,000 Barrels in Colombia

Photo: OIl production in Colombia

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Canadian oil company Pacific Rubiales Energy said Wednesday it has reached its 2012 production target of 280,000-285,000 barrels of crude per day in Colombia despite licensing delays.

The oil company said in a statement that it also has achieved its goal of drilling 58 exploration wells in the Andean nation this year.

“I am thrilled by this year’s progress, in all aspects of the company. Despite a challenging first eight months of the year during which our production growth was constrained by environmental and development permit delays outside of our control, I am very pleased by our subsequent strong production growth,” CEO Ronald Pantin said.

The Canadian company’s operations in Colombia are concentrated in the Rubiales and Quifa fields, located in the central-eastern province of Meta.

The oil firm said it extracted an average of more than 200,000 barrels of crude per day from its Rubiales field this year.

Colombia is Latin America’s fourth-biggest oil producer after Venezuela, Mexico and Brazil.