Pacific Rubiales Energy has announced that it has received approval from the Quifa Association Executive Committee to increase production on a portion of the Quifa North block located in Colombia.
The company received the approval through its 100%-owned affiliate Meta Petroleum Corp, which is the operator of the Quifa Association Contract for the 38,000 acre Quifa North block, set to be renamed as Cajua Field.
Lying 20km north of Rubiales field, Cajua Field is located approximately 30km northeast of Quifa SW field, which produces at a rate of over 173 Mbbl/d and 48 Mbbl/d respectively.
Pacific Rubiales Energy owns 41.8% gross working interest in Rubiales field and 60% gross working interest in both Quifa SW and Cajua, as well as operating all three, while Ecopetrol owns the remainder of the working interest.
Pacific Rubiales Energy chief executive officer Ronald Pantin said that the approval will see the company start the development and increase production to a target level of 10 Mbbl/d by the end of this year, and an expected plateau rate of 15 Mbbl/d (total gross field production).
"Current exploration activity in the Quifa North block will shift to almost 240,000 gross acres remaining in the block where the Company has significant certified undeveloped 2P reserves and resources in additional to undrilled prospects and leads," said Pantin.
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By GlobalDataThe company stated that it has sufficient capacity at its existing Quifa SW oil field facilities that will help it to handle the expected increase in Cajua field volumes.
