Pacific Rubiales buys Maurel & Prom Colombia oil block
Bnamericas Published: Tuesday, September 10, 2013
French oil exploration and production firm Maurel & Prom's Colombian subsidiary sold its 100% interest in oil block Sabanero to Pacific Rubiales' (TSX: PRE) subsidiary Meta Petroleum Corporation, the former said in a press release. As compensation Pacific Rubiales is cancelling Maurel & Prom's US$94mn debt (corresponding to previous financing Pacific Rubiales provided for the Sabanero block's development) and providing a US$10mn cash settlement. Earlier this year Pacific Rubiales revealed investment plans including US$555mn to develop the Quifa, Cajua, Rubiales and Sabanero fields along with its Oleoductio Bicentenario pipeline and CPE-6 oil block. The contract for Pacific Rubiales' main production asset, the Rubiales field, is set to expire in 2016. Sabanero, which saw its first oil sales last year, could help make up for the expected production loss.
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