Colombia is one of six Latin American countries that have the most significant energy resources for the future. Listed on the Toronto and Colombian stock exchanges,
Pacific Rubiales is Colombia’s largest independent oil and gas exploration and production company.
It has 100% ownership of Pacific Stratus and Meta Petroleum Ltd., two important local oil and gas companies that operate and hold interests in the Rubiales and Piriri oil fields in the Llanos Basin, as well as the La Creciente natural gas field in the northern part of the country.
Pacific Rubiales hasn’t always been this large and successful. According to company CEO Ronald Pantin, this is “a company that three years ago started with an initial capital of $280 million and today has $10 billion; we are talking about outstanding growth.”
“Speaking of lands to be explored, today we have almost the same amount as Ecopetrol [the state-owned company], that is, 14 million acres in 35 blocks in Colombia,” he adds. “With this success rate we have had and with the extrapolated experience from Venezuela, I think this company’s fate is to have huge growth.”
Pacific Rubiales is participating in various projects to transport crude oil, including the Bicentenary Oil Pipeline, which it is developing in collaboration with Ecopetrol. While this line leads to an outbound port on Colombia’s Caribbean coast, Mr. Pantin forecasts the need to also build a pipeline to the Pacific coast, to better fulfill the demands of the rapidly growing Asian markets.
The company is also responsible for the greatest natural gas inland discovery in Colombia. “We are planning for huge growth, especially in relation to exports to the Caribbean and Central America, which may place Colombia as the main energy provider in these regions,” says Mr. Pantin.
Although oil and gas comprises Pacific Rubiales’ key activity, the company is also active in gold, coal, and asphaltite mining, as well as renewable and alternative energies.
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