Discoveries, Acquisitions Boost Pacific Rubiales Oil Resources 45%


BOGOTA, Aug 19 (Reuters) - Toronto-listed oil producer Pacific Rubiales said on Tuesday its oil resources estimate from exploration blocks had risen 45 percent to 6.2 billion barrels of oil equivalent by the end of March versus its 2012 estimate.

The independent estimate carried out by Petrotech Engineering was a best-case figure from 36 exploration sites spanning Colombia, where most of its production originates, as well as Peru, Brazil, Guyana, Guatemala and Papua New Guinea.

The company's best-case contingent resources rose 62 percent to 272 million of barrels of oil equivalent (MMboe) from 168 MMboe in 2012, it said in a regulatory filing.

Forty percent of the total prospective resource opportunities are in Peru, 25 percent in Colombia, 21 percent in Guyana and 12 percent in Brazil, with one percent each in Papua New Guinea and Guatemala.

Resources refer to early estimates of available oil based on preliminary studies but are not added to a producer's reserves which are calculated by more elaborate research and only include quantities that are expected to be profitable to recover.

(Reporting by Nelson Bocanegra; Writing by Peter Murphy; Editing by Chizu Nomiyama)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Senior Client / Program Manager
Expertise: Geologist|Reservoir Engineering
Location: Seattle, WA
Senior Sales Representative - Oil and Gas
Expertise: Corrosion Engineering|Petroleum Engineering|Sales
Location: Harvey, LA
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours