The Branch will be managed by Mr. Jose Luis Acevedo, who has more than 16 years of experience in the South American oil and gas sector. Prior to joining the group, Mr. Acevedo was the General Manager of Avante Colombia coordinating operations in association with the National oil company (Ecopetrol). He previously worked for Metapetroleum in Colombia as operations manager and for Petrobell in Ecuador in a similar capacity. Mr. Acevedo worked for 12 years in PDVSA (Venezuelan national oil company) in various technical roles in reservoir engineering, drilling engineering and project evaluation. He has a degree in Civil Engineering from Rafael Urdaneta University and a Magister in Petroleum Engineering from Universidad Maria Baralt/CIED PDVSA.
To further aid the Company's progress towards identifying value enhancing projects Pan Andean has partnered with AGN Exploration Petroleum Consultants, a highly respected Colombian firm that provides integrated E&P consulting services with over 30 years of local E&P experience. AGN and Pan Andean will work together to evaluate and develop exploration and production opportunities in the region.
The Board of Pan Andean believes that Colombia has an attractive environment for exploration and development. Over 9 bn barrel of oil and 21 Tcf of gas have been discovered in world class basins. The country produces more than half a million barrels of oil per day, has an excellent oil and gas infrastructure and has been a net oil exporter since the mid 1980's. Impressive annual economic growth for the past few years, combined with significant reforms, and improvements in the security situation, now make the country one of the most attractive exploration and development plays in the region. Foreign investment is strong, particularly in natural resources, oil and gas legislation is modern and transparent, with royalties ranging from 5% to 25% depending on production volumes, and effective corporate income tax rate of around 35%.
Managing Director, David Horgan, said:
"After considerable study, we are delighted to have made this move into Colombia. Colombia is a proven world class hydrocarbons province, with excellent infrastructure and a modern operating environment.
"Our highly experienced local team, led by Jose with the assistance AGN, is currently evaluating a number of potential projects, all of which could add considerable value to our portfolio. We look forward updating the market on our progress in due course." Pan Andean was founded in 1988 as an oil & gas exploration and production company with a focus in South America. The group has assets in Bolivia, and Peru and important working interests and minority holdings in the United States in the Gulf of Mexico (offshore) and Texas (onshore).
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