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Pacific Rubiales Energy

Title: Pacific Rubiales Energy
Category: Energy
Clicks: 2
Added on: Jun 16, 2012
PageRank:
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Pacific Rubiales Energy is a petroleum production and exploration company with a focus on natural gas and heavy crude oil. The company is listed on the Frankfurt Stock Exchange under the ticker symbol 3PY1 and on TSX under PRE. Its main competitors are Range Resources Corporation, HKN, Inc., and the Exxon Mobil Corporation.

The origins of Pacific Rubiales’s parent company go back to 1985 and to an entity called Agincourt Explorations. It became AGX Resources Corp in 1995, operating as a mineral exploration company with a focus on Brazil and Canada. In 2007, upon acquiring rubiales holdings, held by Petro Rubiales, the company was renamed Petro Rubiales Energy. After the merger with Pacific Stratus Energy in 2008, its name was changed to Pacific Rubiales Energy. It acquired the Colombian exploration company Kappa Energy in 2008.

Pacific Rubiales Energy has operations in Peru, Guatemala, and Colombia. The Rubiales field, comprising the Piriri and Rubiales Blocks in the Eastern Llanos Basin, is the major contributor to the company’s production portfolio. Upgrades made to the production facility include new electrical power stations and a field electricity network, flow lines, and new roads. Heavy oil is produced, and the company aims to maximize production. Pacific Rubiales also buys crude oil from eastern Llanos and exports oil blends.

Another oil field is the Moriche field where the company produces light oil. In addition, Pacific Rubiales Energy has interests in oil fields in the Upper Magdalena Valley Basin, including Puli, Abanico, Guaduas, and Rio Ceibas. The Rio Ceibas oil field belongs to the Caguan Block, and the company has 27 percent stake in it. Petrobras has 23 percent, and Ecopetrol has 50 percent. The Alabanico field is a natural gas field in which Pacific Rubiales has 25 percent interest. In Peru and Guatemala, the company is engaged mainly in exploration activities.

The Llanos Orientales Pipeline is a key facility used for the transportation of crude oil. Oil from the Rubiales and other fields in the area is transported to the Monterey Station, which connects to the national infrastructure for transportation of crude oil, transporting it to ports in the Caribbean.
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