August 14, 2015 / 11:05 AM / 4 years ago

Pacific Rubiales to change name ahead of Rubiales contract loss

General view of the Pacific Rubiales building as the "La Sabana" tourist train is pictured in the foreground in Bogota March 8, 2015. REUTERS/Jose Miguel Gomez

(Reuters) - Canada’s Pacific Rubiales Energy Corp PRE.TO said it is changing its corporate name to Pacific Exploration and Production Corp, as the company is set to lose its main Rubiales fields in Colombia next year.

Colombia’s state-run oil company Ecopetrol ECO.CN said in March it would not extend its contract with Pacific Rubiales to operate the country’s highest-producing oilfield.

Rubiales is the single most valuable asset of the Canadian company whose total output is around 150,000 barrels per day, primarily from projects in Colombia.

Under the contract, set to expire in the first half of 2016, Ecopetrol has rights to 60 percent of the production at the Campo Rubiales oilfield, while Pacific has the remaining 40 percent.

Pacific Rubiales, which also operates in Peru, Guatemala and Brazil, said the new name is effective immediately and that its shares will continue to trade under the same ticker.

Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila

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