Pacific E&P hands Rubiales field back

Colombia

TORONTO, June 30, 2016 – Pacific Exploration & Production has decided to let its Rubiales field in Colombia go, the company said in a press release on Thursday. Effective immediately, the move will see the field returned to Ecopetrol.

Discovered in 1981, Pacific E&P acquired the field in 2007. Eight years later, in March 2015, the company said it would not be extending its Rubiales and Pirirí contracts. During its time in the field, Pacific E&P raised its output from 14,547 bopd to a peak of 214,000 bopd in 2013, which at the time represented one-fifth of Colombia’s entire production, and drilled more than 1,000 wells. In total, more than USD 5.5 billion has been poured into operations at Rubiales.

For more news and features on Colombia, click here.

Read our latest insights on:

• Colombia

Previous

Additional Essar Oil stake to be offloaded

Next

ExxonMobil confirms Guyana discovery