Tuesday, May 28, 2024

Logo Central America Link

Pacific Rubiales misses recovery goal in Colombia

Friday, January 24, 2014

Pacific Rubiales Energy's new oil-recovery technology in Colombia is falling short of government expectations, according to the comptroller’s office.

The situation could potentially jeopardizing the company’s ability to retain its biggest field.

Pacific, Latin American’s largest non-state-owned producer, is counting on the patented technology to help convince state-owned Ecopetrol to renew a license for operating the Rubiales oil field, Colombia’s biggest.

Source: Bloomberg