Pacific Rubiales Energy budgets $1.12 billion for Colombia, Peru and Guatemala

Pacific Rubiales Energy Corp., Toronto, set a $1.12 billion capital budget for 2011 in Colombia, including $340 million for exploration and $438 million in production facilities.

The exploration budget includes funds for Colombia, Peru, and Guatemala. The production spending will go mainly to Quifa and Rubiales fields in Colombia.

The company holds 16.6 million acres in Colombia, second only to Ecopetrol.

Original source: Oil & Gas Journal