Monday, June 14, 2010

Colombia Rubiales Field To Yield 170,000 Barrels A Day Of Crude In 2011

BOGOTA (Dow Jones)--Colombia's Rubiales oil field is likely to produce 170,000 barrels of heavy crude a day, up from the 122,500 barrels a day it produces now, state-controlled oil company Ecopetrol SA (EC, ECOPETROL.BO) said Friday in a statement.

The field is operated by Ecopetrol's partner, Toronto-listed Pacific Rubiales Energy (PEGFF, PRE.T).

Ecopetrol gets 60% of the oil produced at the field after royalties are paid to the Colombian government. The state-controlled company finances 60% of the field's spending and 50% of the investment.

Ronald Pantin, Pacific Rubiales's chief executive, recently said he expects the field to produce 210,000 barrels a day by the end of this year.

The Colombian shares of Canadian-listed Pacific Rubiales Energy rose 1.73% to 42,220 pesos ($21.93).

-By Inti Landauro, Dow Jones Newswires; 57-310 867 65 42,

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