CORRECTED-Pacific Rubiales targets oil and gas output growth of 15-20 pct

Wed Dec 18, 2013 7:39am EST
 
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(Corrects company's name in paragraph 5 to Pacific Rubiales from Petro Rubiales)

Dec 18 (Reuters) - Pacific Rubiales Energy Corp, the largest private oil producer in Colombia, said it is targeting 15-20 percent growth in production in 2014.

The Toronto-based company also estimated spending $2.5 billion on exploration and development activities next year, up 47 percent from its 2013 planned budget.

It attributed the increase to a rise in total development drilling and exploration activity and expenditures on the newly acquired Canadian oil company Petrominerales Ltd

The company targets an average net production of about 148,000-162,000 barrels of oil equivalent per day (boe/d).

Pacific Rubiales estimates to achieve net production of 128,000 to 130,000 boe/d this year, above the high end of its guidance of 15-30 percent growth over 2012 levels. (Reporting by Ashutosh Pandey in Bangalore; Editing by Joyjeet Das)