- Ecopetrol (EC -3.2%) says it will take over operation of the Rubiales field, Colombia’s largest, from Pacific Exploration & Production (PEGFF -8.5%) at the end of their contract in mid-2016.
- EC had said in March that Pacific’s contract for the field would not be extended, but Pacific said at the time that it could make a new proposal to keep running the prospect; the field provides Pacific with more than a third of its production.
- Pacific, which was previously named Pacific Rubiales, changed its name earlier this year to reflect a broader Latin America focus.