Project Profile
Value: US$4.2 billion
Location: Between Casanare and Covenas
Length: 960 kilometres
Capacity: 450,000 barrels of oil per day
Start-up Year: December 2012
The OBC pipeline will be the largest of its kind in Colombia and will be developed in four phases that are expected to be finalised by December 2012. Pacific Rubiales has committed to participate in Phases 0 and 1, acquiring the right to access approximately 40,000 bbl/day of transportation capacity by the end of 2011.
Phase 0: 40,000 bbl/d (Banadia Uploading)
Phase 1: Araguaney - Banadia 120,000 bbl/d (40,000 bbl/d net for PRE)
Phase 2-3: Banadia - Coveñas 330,000 bbl/d (exit 2012)
Partners: PRE 33% - Ecopetrol 56% - Others (6) 11%
In November 2010, 225,800 shares were subscribed for a total of US$139.5 million, or 45% of the company, which are in addition to Ecopetrol\'s 55%. Also, the partners, including Ecopetrol, committed to contributing additional resources in an amount totaling US$700 million to be allocated to the construction of the initial phase of the pipeline between Araguaney and Banadia.
The process of attracting shareholders began in March 2010 when 58 companies were initially approached. On September 15, 2011 29 were extended invitations after expressing interest in participating in the project. At the close of the process, six confirmed their intent to invest and participate in the company.
Operators:
Ecopetrol SA: Operator with 55% interest
Pacific Rubiales: 32.88% interest
Petrominerales: 9.65% interest
Hocol S.A.: 0.96% interest
C&C Energia Ltd.: 0.50% interest
Rancho Hermoso S.A. (Canacol Energy Ltd): 0.50% interest
Vetra Exploracion & Produccion Colombia S.A.S.: 0.50% interest