Pacific Rubiales Energy

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Pacific Rubiales Energy Corp.
Type Public
Traded as TSX: PRE FWB: 3PY1
Founded (1985)
Headquarters Toronto, Canada
Key people Sefafino Iacono co-chair
Miguel de la Campa co-chair
Ronald Pantin CEO
Revenue US$1.6615 bil (2010)Increase160%[1]
Net income IncreaseUS$217.606 mil (2010)
Total assets US$3.855 bil (Dec'10)Increase37%[1]
Employees 1,285 (March 2011)
Divisions Pacific Stratus Energy Ltd (founded 1986)
Kappa Energy Hldgs (2006)
Meta Petroleum (2002)
Website www.pacificrubiales.com

Pacific Rubiales Energy (PRE) TSX: PRE FWB: 3PY1 is a petroleum exploration and production company in the business of heavy crude oil and natural gas. Its focus is on Colombia and Peru where it holds numerous properties including 38 blocks in the Llanos, Lower Magdalena and Cesar Valley, Rancheria, Upper and Middle Magdalena Valley, Putumayo, Ucayali and Maranon basins. Since October 2010 it also has a working interest in 2 other blocks in the Petén Basin of Guatemala (shared with lamingo Energy Investment (BVI) Ltd., Chx Guatemala Limitada, and Compañía Petrolera del Atlántico).[2] It shares joint ownership in many oil fields and exploration projects in Colombia with Ecopetrol and in Peru with Petrodorado.[3] Its most valuable assets are the rubiales (largest in Colombia) and piriri oil fields in central Colombia which it operates through meta petroleum, a division of subsidiary Rubiales Holdings Limited (RHL). RHL has been 100% owned by pacific rubiales since 2007 when it purchased the remaining 25% of outstanding shares.[4] Through acquisitions (Pacific Coal S.A.) it plans to enter the coal and asphalite production market.[5] Victories over Marxist rebels by the government of Colombia have made it easier for companies like Pacific Rubiales and Ecopetrol to expand operations in the country.[5]

The company has experienced a steady rise in production over the last couple years. Average total production in the first quarter of 2011 was 196,272 boe/d 34% more than the year before; after royalties production was up 51% to about 80,000 boe/d, production increases came from the same source as in 2010 (Rubiales, Quifa) in addition to new production from La Creciente (9,700 boe/d).[6] In early 2010 total gross daily production (not including royalties based on output levels and crude oil prices) was around 130,000 boe/d compared to about 83,000 boe/d in 2009. For the 2010 year total net production was 56,974 boe/d, 67% higher than in 2009; Most of the increase came from growth at the rubiales heavy oil field.[7][8][1] Although revenue was 173% higher in the first half of 2010 than in the first half of 2009 net income continued to be weighed down by depreciation, ammortization and foreign exchange losses (though the company rebounded from a $65.9 million net loss in the first half of 2009).[9] In 2009 about 8.6 million barrels of oil it produced was exported while 1.6 million barrels of oil was used domestically in Colombia.[10] In the first three months of 2011 the company sold 26% more oil than in the corresponding period in 2009 (7.447 million boe or about 83,000 boe/d).

In 2010 it sponsored the Pacific Rubiales Bogotá Open.

  • In early 2010 it was the largest independent oil company operating in South America and in terms of private companies the fastest growing one in Colombia.[11]
  • The intangible assets held by the company are Colombian pipeline system usage rights.[9]

History

The parent company's origins go back to 1985 to a tsx venture exchange listed company called Agincourt Explorations, however the oldest part of the current company with operations in Colombia is Petro Rubiales which began its business in 1982. In 1995 Agincourt Explorations became AGX Resources Corp.; a mineral exploration company focussed on Brazil and Canada. After AGX acquired rubiales holdings in 2007 from Petro Rubiales it was known as Petro Rubiales Energy Corp. until 2008 when it merged with Vancouver based Pacific Stratus Energy Ltd. in a $2.5 billion causing a name change to Pacific Rubiales Energy Corp. Less than two weeks after the merger the company delisted from the tsx venture exchange.[12] [13] Later in 2008 it acquired Kappa Energy, a Colombian exploration company with licenses to 747,000 acres (3,020 km2) of land which included parts of the lower, middle, and upper Magdalena, Catatumbo, and Llanos basins. The transaction was valued at $168 million and increased pacific rubiales' possible reserves by 24.2 million boe. Kappa is now part of division Kappa Energy Holdings.[14] On October 19, 2011 it became engaged in oil drilling activity in northern Guatemala.

In January 2010 the company signed a $190 million deal with Ocensa pipeline to use their pipeline and oil transport infrastructure to transport up to 160 million barrels of oil for a period of ten years.[15]

  • In September 2010 the company followed through with its promise to focus more on developing assets already mature or low risk and less on exploration in high risk areas by divesting itself of fields within the Buganviles oil and gas block of Colombia. It sold a 29.5% interest in Visure and 25% in Tuqueque to a subsidiary of Peruvian company Petrodorado. Though the deal gives Petrodorado a near joint interest in the Buganviles block (45-49.5%) Pacific Rubiales remains the controlling operator.[16]

Properties/Production

As of March 31, 2011 the company had reserves of 357.39 million boe (87% of that is net reserves).[6]

Colombia -properties jointly owned with Ecopetrol

  • Rubiales, Piriri fields - covers 72,839 acres (294.77 km2) of land 148 km from Puerto Gaitan. Oil was first discovered there in 1982 but production didn't begin until 1988 when the rubiales risk participation contract was signed. Operations are conducted through subsidiary Meta Petroleum. The rubiales oil field which has become the largest in Colombia was neglected before being acquired by Pacific Rubiales.[5]

- production is at 122,500 b/d, reserves are at 397.4 million barrels that includes those considered proven-possible. the data is independently verified.[17][18]

  • Llanos basin (reserves estimated to be over 4.5 billion barrels for the whole basin)[8] - quifa field (ownership at 60%)

Peru - Exploration and development projects are jointly owned with Petrodorado

  • Ucayali Basin, Maranon Basin[19]

Guatemala -In the Petén Basin, southeast of major oil fields in southern Mexico. Has the option to raise its share to 55% by investing as much as US $25.875 million in exploration and drilling.[2]

22x20px IGBC companies of Colombia

References

  1. ↑ 1.0 1.1 1.2 "Pacific Rubiales Energy 2010 Financial Results". 2011. http://www.pacificrubiales.com/pacific.php?scp=4&scc=4&ctn=250.
  2. ↑ 2.0 2.1 "Pacific Rubiales farms into two blocks in Guatemala - announces exploration success in the Guama Block, Colombia". 2010-10-19. http://www.energy-pedia.com/article.aspx?articleid=142552.
  3. ↑ "Ecopetrol gives approval for Pacific Rubiales to expand Rubiales field in Colombia". 2010-06-15. http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b3656800.
  4. ↑ "Petro Rubiales Energy Corp. completes acquisition of remaining 25 % interest in rubiales holdings limited". Reuters. 2001-12-04. http://in.reuters.com/finance/stocks/keyDevelopments?symbol=PRE.TO&pn=3.
  5. ↑ 5.0 5.1 5.2 "Pacific Rubiales Branches Out Into Refining, Coal". 2010-11-08. http://online.wsj.com/article/BT-CO-20101108-717598.html.[dead link]
  6. ↑ 6.0 6.1 "2011 First Quarter Management Discussion and Analysis". May 19, 2011. http://www.pacificrubiales.com/images/stories/pacificrubiales/archivos/repots/2011/financial%20reports/q1/Pacific%20Rubiales%20Energy%20Corp,%20Management%20Discussion%20and%20Analysis.pdf.
  7. ↑ "pacific rubiales production and reserves". http://www.oilvoice.com/Production-Reserves/Pacific_Rubiales/a9b3d71d.aspx. Retrieved 2010-06-30.
  8. ↑ 8.0 8.1 Kimball, Jack (2010-06-21). "Colombia to auction 200 oil exploration blocks". Reuters. http://www.reuters.com/article/idUSN2124596220100621.
  9. ↑ 9.0 9.1 "consolidated financial results 2q2010". 2010-08-11. http://www.pacificrubiales.com/Archivos/financial_report_2Q_2010/english/IFS.pdf.
  10. ↑ "Pacific Rubiales Energy 2009 fiscal year financial report". 2010. http://www.pacificrubiales.com.co/pacific.php?scp=4&scc=4&ctn=151.
  11. ↑ "Pacific Rubiales: Strong Colombia Growth". Latin Business Chronicle. 2010-07-04. http://www.latinbusinesschronicle.com/app/article.aspx?id=4266.
  12. ↑ "Pacific Rubiales Energy Corp. stock listings". http://infoventure.tsx.com/TSXVenture/TSXVentureHttpController?GetPage=CompanySummary&PO_ID=11378&HC_FLAG1=on. Retrieved 2010-06-30.
  13. ↑ "Pacific Stratus Energy Ltd. and Petro Rubiales Energy Corp. Complete $2.5 Billion Merger". 2008-05-01. http://www.lexpert.ca/Magazine/deal.aspx?id=4000.
  14. ↑ "pacific rubiales closes acquisition of kappa energy". 2008. http://www.scandoil.com/movie-bm2/news/pacific-rubiales-closes-kappa-energy-acquisition.shtml.
  15. ↑ "pacific rubiales ocensa deal". Reuters. January 2010. http://uk.reuters.com/article/idUKSGE6060HN20100107.
  16. ↑ "Pacific Rubiales Energy strikes farm in agreement with Petrodorado Energy". 2010-09-03. http://www.oilweek.com/news.asp?ID=29694.
  17. ↑ "Ecopetrol Gives Go-Ahead to Rubiales Expansion". 2010-06-14. http://www.rigzone.com/news/article.asp?a_id=94703.
  18. ↑ "Ecopetrol gives approval for Pacific Rubiales to expand Rubiales field in Colombia". 2010-06-15. http://www.journalpioneer.com/index.cfm?pid=1632&cpcat=business&stry=3656800.
  19. ↑ "Petrodorado, Pacific Rubiales sign agreement for two Peru blocks". 2010-02-03. http://www.andina.com.pe/ingles/Noticia.aspx?id=Q1ZRSJnAfvw=.


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