Bloomberg article puts the spotlight on Colombia's light oil producers.

Bloomberg article puts the spotlight on Colombia's light oil producers.

Aug. 9 (Bloomberg) -- Pacific Rubiales Energy Corp., Latin America’s most valuable non-state crude producer, said buying a light crude producer in Colombia would help reduce transport costs for the mostly heavy oil producer.

Increasing low-density crude output would reduce purchases of diluents needed to transport heavier oils by pipeline, Chief Financial Officer Carlos Perez said today by telephone.

While the Bogota-based company isn’t actively pursuing any specific acquisitions, it doesn’t rule out selling bonds next year to finance an opportunity should it arise, Perez said. Petrominerales Ltd.’s declining Colombian production diminishes the Calgary-based company’s appeal as a target, he said.

“Any interest could be in a company producing light oil,” said Perez. “We have been looking at Petrominerales for years but the problem is the declining rate they have.”

Source: Rubiales Would Consider Buying Light Oil Producer, CFO Says

Related: Petroamerica coverage