Canadian oil company Pacific Rubiales is to spend $1.2 billion in Colombia in 2012 and expects production to grow by between 15% and 35%.
In a statement, Colombia’s largest private oil produce announced that the capital spending principally focus on expanding production at the flagship Rubiales/Piriri and Quifa SW oil fields.
In the Rubiales/Piriri fields, the company plans to drill 160 development wells. A development well is drilled in proven territory to complete a pattern of production.
In the Quifa oil field there are plans for 120 development wells. In the Sabanero area there are to be eight development wells and 12 exploration and appraisal wells.
Colombia will remain the focus of the company’s activities, although it also operates in Guatemala and Peru.