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Pacific Rubiales hasn’t been approached by potential suitor

ANDREW WILLIS

TORONTO, Canada (Bloomberg) -- Pacific Rubiales hasn’t been approached by a potential buyer, CEO Ronald Pantin said on May 13.

The appointment of a strategic adviser is limited to the future of the company’s midstream assets, Pantin said during an investor event in New York.

“We have not been approached by anyone,” the CEO said. “We have these guys for Pacific Midstream.”

Pacific Rubiales is seeking to raise as much as $1.4 bn in asset sales to trim debt built up through at least 10 acquisitions of other companies and oil block stakes in the past two years, Pantin said in a Jan. 28 interview. His latest comments come after people familiar with the matter told Bloomberg in March that the Bogota based company had hired Bank of America to review its strategic options.

The company plans to sell shares in infrastructure assets next year, Pantin said. That’s after it accepted an offer for a 38% stake in its Pacific Midstream investment vehicle, which includes pipeline and energy transmission assets, at the start of the year.

Pantin said Mexico probably represents the “best short term opportunity,” the company has.

“We have been in Mexico for two years now, not only looking at regulations, laws, possible contracts, but also reservoir levels.”

Pacific expects to be among the first companies to sign contracts in Mexico and is open to a JV with Pemex.

Chevron on May 12 became the first major international oil producer to unveil partnership plans with state-run Pemex since Mexico signed landmark legislation to reopen its doors to foreign producers.

05/14/2014

 

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