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Colombia's Pacific Rubiales takes oil stake in Brazil

Wednesday, September 19, 2012


In another sign of Colombia's fast emergence as a major player in South American energy markets, Pacific Rubiales Energy has taken a stake in exploration blocks offshore Brazil for up to $250 million.

Oil production in Colombia has grown at more than 6 percent a year since a low point in 2003. The upturn has also been assisted by policies encouraging foreign investment in the industry.

"With these new assets, Pacific Rubiales will increase its presence in South America and enter into one of the most prolific oil-rich hydrocarbon basins in the western hemisphere," Chief Executive Ronald Pantin said.

Source: Fox Business