Pacific Rubiales Energy has provided an operational update on its production activities, and guidance on its capital spending plan for 2011.
As of 31 December 2010, the company’s gross production capacity stood at 220,000 barrels of oil equivalent per day (boepd), with a net production of 84,000boepd, a 75% increase in relation to the net exit production of 2009 boepd of 48,000boepd.
The company´s exploration portfolio currently covers 6,725,673 hectares or 16,619,501 acres.
Pacific further expanded its portfolio in 2010 by adding two blocks in the Republic of Guatemala and six in the Llanos-Putumayo basins in Colombia.
The company’s fully funded capital budget for 2011 is estimated to be $1.12bn with an estimated gross exit production of 265,000boepd or 112,000boepd net.
During 2010, the company drilled 42 producing wells and 17 exploration/appraisal wells at the Quifa field.
This, together with the completion of the Central Processing Facility (CPF) at Quifa, allowed for the field’s production to reach its target of 30,000bopd by the end of 2010.
For 2011, the company has budgeted $340m for exploration activities while it has planned to invest $438m in production facilities, mainly at Quifa and Rubiales.
The expansion of production capacity in all of the fields calls for an investment of $139m in development drilling.