BOGOTA, March 13 (Reuters) - A Colombian arbitration tribunal on Wednesday ruled in favor of state-run oil company Ecopetrol in a dispute with Canada’s Pacific Rubiales over the revenues generated by an oil field run by the companies.
The ruling states that Pacific Rubiales must pay 100 percent of windfall revenues from the Quifa oil field to Ecopetrol from the time in which the field’s total output exceeded 5 million barrels.
Pacific Rubiales wanted to pay Ecopetrol 60 percent of the revenues once the field’s production surpassed the 5 million-barrel mark in 2011.
The ruling means that Ecopetrol should receive a total of 300 billion pesos ($167 million) in additional revenues, said an Ecopetrol source who asked not to be named.
The tribunal’s decision will apply until the contract to run the field expires in 2031.