History

 

These are the most significant milestones in the history of Pacific Exploration & Production Corp., since it was established:

2016

Pacific E&P Completes Restructuring Transaction

Pacific E&P sells its working interest in Karoon

Pacific E&P reverts the Rubiales Field

2015

Pacific E&P acquires the remaining 50% working interest in the CPE-6 block

Pacific E&P listed in the DJSI for the third consecutive year

Pacific Rubiales becomes Pacific Exploration & Production

Pacific E&P is awarded the operation of Peru´s largest field

2014

Exploratory success rate of 77%

Two new light oil discoveries in Guatiquia and Canaguaro blocks in Colombia

613 Million Barrels of 2P Net Reserves

Canadian Dealmakers Award

``The Sustainability Yearbook 2014`` Feature

Oil discovery in Los Angeles well in Peru

2013

Pacific E&P earns Energy Efficiency Certification

Los Llanos Electrical Power Line

Admission to Dow Jones Sustainability Index

Acquisition of Petrominerales

Patent approval for STAR technology in Colombia

2012

Acquisition of C&C Energia Ltd.

Participation in Karoon (Brazil)

Investment in Pacific Infrastructure

On August 13, Pacific E&P announced a total investment of US$50 million in Pacific Infrastructure, which at that time was developing a new terminal and port for oil and other products (Puerto Bahia) in Cartagena, Colombia, as well as a new oil pipeline to connect Cartagena with the port of Coveñas.

Acquisition of PetroMagdalena

On July 27, Pacific E&P completed the acquisition of PetroMagdalena Energy Corp. In connection with the acquisition, the Company acquired interests in the Cubiro, Mecaya and Topoyaco blocks in Colombia.

Stake in Peru

On April 27, Pacific E&P announced the acquisition of a 49% interest in Block Z-1 in offshore Peru.

Robust asset portfolio

On February 23, Pacific E&P reported an increase of 52% in net reserves during 2011, reaching 407 million barrels. This was due to a high level of exploration success, which reached 83%.
2011

Record-breaking pumping

In November, the PF2 unloading yard in Guaduas and the Guaduas–La Dorada pipeline reached a monthly oil pumpingrecord with 1,001,319 barrels transported.

Participation in Peru

On October 12, Pacific E&P acquired a 50% share in the Block 116 exploration contract located in northeastern Peru, with an area of 6,600 square kilometers.

Record in La Creciente

On September 8, record production was achieved in the La Creciente Field: 70,721 million cubic feet per day of gas, the highest level of production reached in this field’s history.

Production milestone

In April 2011, Rubiales and Quifa Fields reached a combined production level of 200,000 barrels of oil per day.
2010

Exceptional reserves

Total proven and probable reserves of crude oil equivalent were 322.42 million gross barrels (before royalties).

Financial growth

In 2010, Pacific E&P had significant growth in its financial results, increasing from a net loss of US$125.8 million in 2009 to a net profit of US$217.6 million in 2010; revenue increased 160% by the end of the year (US$1.7 billion), and EBITDA for the Company was US$922.9 million, an increase of more than 210% from 2009.

Strengthening of infrastructure

The increase in production in 2010 was also achieved as a result of the expansion of production facilities and infrastructure in La Creciente and from an improvement in operational safety.

75% increase in net production

Pacific E&P’s net production grew 75% with an increase of 61,683 barrels of crude per day, reaching an average of 144,307 barrels of crude per day by the end of the year. Rubiales and Quifa fields had the most significant contributions to the production growth.

Participation in the Bicentenario Pipeline

In November of 2010, Pacific E&P acquired a 32.88% share in Colombia’s Bicentenario pipeline, which was subsequently reduced to a 27.6% interest in 2014.
2009

Los Llanos Pipeline in Colombia

In 2009, construction of the Los Llanos pipeline (ODL) was completed, and operations began in September. With this milestone, Pacific E&P (holding a 35% share in ODL) became an engine for growth in oil production and infrastructure development in Colombia.

With a length of 235 kilometres and a diameter of 24 inches, the pipeline connected the Rubiales oilfield with the OCENSA pipeline and made it possible to increase production and reduce the cost of crude transport.

86% exploration success rate

Out of 22 wells drilled in 2009, 19 were successful (86%), which is unprecedented in terms of exploration success and exceeds industry standards.

Increase in reserves

Proven and probable reserves increased by 34.3% for the Rubiales-Piriri, Quifa, La Creciente, Guaduas, Rio Ceibas, Abanico and Puli blocks in Colombia. By the end of the year, there was a cumulative total of 280.6 million barrels of oil equivalent after royalties.

Production record in Rubiales and La Creciente fields

By the end of the year and ahead of schedule, Pacific E&P reached two important goals: the Rubiales oilfield delivered a production of 100,000 barrels of oil per day and the La Creciente field achieved record gas production of 61.8 million cubic feet per day.
2008

Increased crude production

The acquisition and development of various assets enabled production to rise by 36,571 barrels of oil equivalent per day (boe/d), and proven and probable net reserves were at 210 MMbbl.

Beginning of production in La Creciente

Operations at the La Creciente block commenced, and the company reached 35 million cubic feet in gas production per day.

Pacific Exploration & Production Corp. is born (Former Pacific Rubiales Energy Corp.)

On January 23, 2008, Pacific E&P was created from the merger between Pacific Stratus Energy and Petro Rubiales Energy. Both companies had strengths in complementary areas:  Petro Rubiales in heavy crude oil, and Pacific Stratus Energy in natural gas.