The largest independent oil producer and explorer in Colombia is Canadian domiciled Pacific Rubiales (OTC:PEGFF). It is also the second largest oil producer by proven reserves and daily production after Colombian government controlled Ecopetrol (NYSE:EC). Like its peers, its share price has failed to perform on the back of investors becoming more risk averse and avoiding investments in what are perceived to be high-risk operating environments. Pacific Rubiales has also been affected by the gyrations of the Colombian peso, which has fallen in value because of a strengthening U.S. dollar and ongoing Colombian government policy aimed at reducing its value.
There has also been growing speculation that Pacific Rubiales will lose the license for
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