How a group of former PDVSA executives are creating success across the border.
BY JOHN OTIS AND
BOGOTA – In the space of three years, Pacific Rubiales Energy has been transformed from an upstart to the fastest-growing private oil company in Colombia.
It stands out in other ways as well: The company is listed on the Toronto and Bogota stock exchanges, has its headquarters in Colombia and is run by veterans of Venezuela’s state oil giant PDVSA.
While PDVSA is suffering from mismanagement and production declines, Pacific Rubiales is setting new records. It has gone from 15,000 barrels per day in 2007 to 140,000 barrels per day, an almost ten-fold increase.
”We are now producing about 20 percent of Colombia’s oil,” says Pacific Rubiales CEO Ronald Pantin. “We have surpassed BP and Occidental to become the largest oil producer in Colombia after state-run Ecopetrol and are the largest independent oil company in South America. By the end of next year, we hope to be producing 300,000 barrels per day.”
Revenues have jumped from $83.5 million in 2007 to ...
Keywords: Ecopetrol, Exxon, Kappa Energy Holdings, Litos, Maraven, Orinoco, Pacific Stratus, PDVSA, Peru, Petro Rubiales, Raymond James, Venezuela