and production type public traded as tsx pre bvc prec industry oil and gas founded 2009 headquarters toronto canada key people ronald pantin ceo revenue us 4.6 billion 2013 operating income us 1.1 billion 2013 net income us 430.4 million 2013 number of employees 2 506 website www.pacificrubiales.com pacific exploration and production is a canadian petroleum exploration and production company in the business of heavy crude oil and natural gas . its focus is on colombia and peru where it holds numerous properties including 38 blocks in the llanos sucre co lower magdalena and cesar valley rancheria upper and middle magdalena valley putumayo valley ucayali and maranon basins . in early 2010 it was the largest independent oil company operating in south america and in terms of private companies the fastest growing one in colombia . 1 in 2011 it was responsible for 41 % of the growth in oil production in colombia . in mid 2015 it changed its name from pacific rubiales to pacific exploration and production signalling the diminished importance of the rubiales field in the company s total assets and a broader focus in latin america . 2 3 contents 1 history 2 properties production 3 criticism 4 sales 5 references history edit the parent company s origins go back to 1985 to a tsx venture exchange listed company called agincourt explorations however the oldest part of the current company with operations in colombia is petro rubiales which began its business in 1982 . in 1995 agincourt explorations became agx resources corp. ; a mineral exploration company focused on brazil and canada . after agx acquired rubiales holdings in 2007 from petro rubiales it became known as petro rubiales energy corp. up until 2008 when it merged with vancouver based pacific stratus energy ltd. in a 2.5 billion causing a name change to pacific rubiales energy corp. less than two weeks after the merger the company delisted from the tsx venture exchange . 4 5 later in 2008 it acquired kappa energy a colombian exploration company with licenses to 747 000 acres 3 020 km2 of land which included parts of the lower middle and upper magdalena catatumbo and llanos basins . the transaction was valued at 168 million and increased pacific rubiales possible reserves by 24.2 million boe . kappa is now part of division kappa energy holdings . 6 on october 19 2011 it became engaged in oil drilling activity in northern guatemala . in january 2010 the company signed a 190 million deal with ocensa pipeline to use their pipeline and oil transport infrastructure to transport up to 160 million barrels of oil for a period of ten years . 7 in september 2010 the company followed through with its promise to focus more on developing assets already mature or low risk and less on exploration in high risk areas by divesting itself of fields within the buganviles oil and gas block of colombia . it sold a 29.5 % interest in visure and 25 % in tuqueque to a subsidiary of peruvian company petrodorado . though the deal gives petrodorado a near joint interest in the buganviles block 45 49.5 % pacific rubiales remains the controlling operator . 8 on february 1 2012 pacific rubiales energy became the first canadian company to receive approval from bm & f bovespa to issue brazilian depository receipts for trading on the brazilian stock exchange . in early 2015 as oil prices were declining alejandro betancourt l pez of derwick associates led a investment group to purchase a 20 % share of the company for 290 million . in april 2016 the company announced that it was filing for bankruptcy protection and would begin restructuring . 9 properties production edit as of december 2011 80 % of the company s 407 mboe 2p reserves are in oil with most of the other 20 % in natural gas 317 mboe are proved reserves . 2 on march 28 2011 gross reserves were at 357.39 million boe 87 % of which is net reserves . 10 by june 2011 net proved reserves were 350 million boe up 15 % or 40 million barrels in six months . 11 in september 2011 net reserves stood at 341.73 million boe slightly lower than the previous quarter due to a decline in heavy oil reserves . for the 2011 fiscal year 75.7 % of total field production of 165 446 bbls d came from the rubiales piriri field up 34 % on the year . quifa was second at 36 496 bbls d up 657 % . share after royalties averaged over 2011 ; 63 % came from rubiales piriri 54 802 bbls d up 29 % 22 % from quifa 19 181 b d up 629 % 12 % from la creciente 10 584 b d up 7 % after being up 34 % in 2010 . 12 13 as of september 30 2011 net reserves are 341.73 mboe up from 269 mboe in december 2010 . 14 in 2011 fields that pacific rubiales has a joint or majority interest in accounted for just under 20 % of colombia s oil output . 15 since october 2010 it also has a working interest in 2 other blocks in the pet n basin of guatemala shared with lamingo energy investment bvi ltd. chx guatemala limitada and compa a petrolera del atl ntico . 16 it shares joint ownership in many oil fields and exploration projects in colombia with ecopetrol and in peru with petrodorado . 17 its most valuable assets are the rubiales largest in colombia and piriri oil fields in central colombia which it operates through meta petroleum a division of subsidiary rubiales holdings limited rhl . rhl has been 100 % owned by pacific rubiales since 2007 when it purchased the remaining 25 % of outstanding shares . 18 through acquisitions pacific coal s.a. it plans to enter the coal and asphalite production market . 19 colombia properties jointly owned with ecopetrol rubiales piriri fields covers 72 839 acres 294.77 km2 of land 148 km from puerto gaitan . oil was first discovered there in 1982 but production didn t begin until 1988 when the rubiales risk participation contract was signed . operations are conducted through subsidiary meta petroleum . the rubiales oil field which has become the largest in colombia was neglected before being acquired by pacific rubiales . 19 total field production as of september 2012 is 240 975 b d 116 285 b d of which is its share before royalties . at the end of 2011 reserves stood at 407 million barrels that includes those considered proven possible . 2 the data is independently verified . 20 21 first production from quifa north and sabanero happened in the last quarter of 2011 . rubiales had represented as much as 88 % of the company s 2p reserves in terms of net working interest but due to a tripling in reserves at quifa and the upgrading of resources at field cpe 6 by december 2011 rubiales only accounted for 29 % of reserves . 22 llanos basin reserves estimated to be over 4.5 billion barrels for the whole basin 23 quifa field ownership at 60 % the intangible assets held by the company are colombian pipeline system usage rights . 24 peru exploration and development projects are jointly owned with petrodorado ucayali basin maranon basin 25 production in peru began in 2012 average production during the september 2012 quarter was 2 845 bbl d 1 394 net . the output is attributable to a 49 % interest in block z1 . 26 guatemala in the pet n basin southeast of major oil fields in southern mexico . has the option to raise its share to 55 % by investing as much as us 25.875 million in exploration and drilling . 16 the company has experienced a steady rise in production over the last few years . average total field production in the third quarter of 2012 was 243 820 b d which is 24 684 b d higher than the previous period . ecopetrol s 50 % interest in the largest field and internal consumption cost the company roughly half that bringing its share down to 117 679 b d up 14 722 b d and 97 142 b d after royalties up 9 983 b d . for the first quarter of 2011 output was 196 272 boe d 34 % more than the year before ; after royalties production was up 51 % to about 80 000 boe d production increases came from the same sources as in 2010 rubiales quifa in addition to new production from la creciente to 9 700 boe d . 10 in early 2010 total gross daily production not including royalties based on output levels and crude oil prices was around 130 000 boe d compared to about 83 000 boe d in 2009 . in 2009 about 8.6 million barrels of oil it produced was exported while 1.6 million barrels of oil was used domestically in colombia . 27 in the first three months of 2011 the company sold 26 % more oil than in the corresponding period in 2010 7.447 million boe or about 83 000 boe d . because it is producing below a certain royalties threshold nearly all gross production before royalties coming from la creciente is kept after royalties . criticism edit pacific rubiales has been the focus of various controversies over the years ranging from allegations of collusion with paramilitary death squads suppression of labor rights manipulation of stock prices and production figures besides harassment of journalists through ad revenue pressure upon media companies to drop negative coverage . 28 29 30 regarding the first it has been alleged that paramilitary forces took some of that land by illegal means before transferring ownership over to kappa energy a company pacific rubiales acquired in 2008 total reserves associated with kappa energy represent only a fraction of pacific rubiales total . 31 the complaints go back to 2001 prosecution claims that the real owners of the land were forcefully displaced in response the defence is calling the land transfer agreements valid that the family s demands are always changing and is disputing the validity of their claims only one of them actually lived on the land . working conditions have also been criticised ; according to journalist alfred molano some workers live in tents of as many as twenty people . 1 2 . in 2012 the company came under criticism for beginning oil exploration activities on land inhabited by the mats s indigenous people of peru . 32 it was argued that the deforestation of hundreds of seismic testing lines and the drilling of test wells would threaten water sources depended upon by the tribe and that the activity would also risk exposing uncontacted tribes in the surrounding areas to disease . 33 later that year a colombian journalist covering protests against the company s operations died following police mistreatment . 34 35 36 sales edit 2012 during the third quarter of the year the company sold 89 045 b d of oil and 10 775 b d of natural gas for a total of 99 820 b d down from 101 533 at an average sales price of 95.13 up from 88.66 . the company purchases some of the oil that it sells . 37 2011 over the first nine months of the year the company transported 120 172 bpd of oil through various pipeline systems two thirds of which went through the ocensa pipeline and another 14 204 bpd via trucks . for the third quarter total field production was 219 136 bpd up 52 % . its share net of internal consumption after royalties was 87 159 bpd up 54.5 % 30 577 bpd of which came from new production rubiales and quifa up from 19 241 bpd from 1 754