Pacific Exploration & Production
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| Public | |
| Traded as | : PEN |
| Industry | Oil and Gas |
| Founded | 2009 |
| Headquarters | Toronto, Canada |
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Key people
|
Ronald Pantin, (CEO) |
| Revenue |
 US$ 4.6 billion (2013)
|
|
US$ 1.1 billion (2013)
|
|
 US$ 430.4 million (2013)
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Number of employees
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2,506 |
| Website | www |
Pacific Exploration and Production is a Canadian 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, Sucre-Co Lower Magdalena and Cesar Valley, Rancheria, Upper and Middle Magdalena Valley, Putumayo Valley, Ucayali and Maranon basins.
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. In 2011 it was responsible for 41% of the growth in oil production in Colombia. In mid-2015 it changed its name from Pacific Rubiales to Pacific Exploration and Production, signalling the diminished importance of the Rubiales field in the company's total assets and a broader focus in Latin America.
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 focused on Brazil and Canada. After AGX acquired Rubiales Holdings in 2007 from Petro Rubiales it became known as Petro Rubiales Energy Corp. up 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. 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. 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.
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Wikipedia