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Pacific Rubiales Targets Oil & Gas Output Growth of 15-20%

Source: Reuters 12/18/2013, Location: South America

Pacific Rubiales Energy Corp, the largest private oil producer in Colombia, said it is targeting 15-20 percent growth in production in 2014. The Toronto-based company also said spending on exploration and development activities would rise to $2.5 billion next year, from an estimated $2 billion in 2013.

It attributed the increase to a rise in total development drilling and exploration activity and expenditures on the newly acquired Canadian oil company Petrominerales Ltd.

Pacific Rubiales agreed to buy Petrominerales in September for C$1.6 billion to save costs and to increase its production and exploration assets. The company targets an average net production of about 148,000-162,000 barrels of oil equivalent per day (boe/d).

Pacific Rubiales estimates to achieve net production of 128,000 to 130,000 boe/d this year, above the high end of its guidance of 15-30 percent growth over 2012 levels. The oil producer said Colombia will remain the focal point of its 2014 spending plans with a budget of about $2.1 billion.

Colombia's oil sector has witnessed a boom in the last few years after a U.S.-backed military crackdown that vastly improved security and roughly halved the numbers of the main leftist rebel group, the FARC.

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