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Pacific Rubiales May Get Environment Permit by October

Colombia may decide by October or early November whether to grant an environmental license to Pacific Rubiales Energy Corp. (PRE), which operates the nation’s largest oil field.

The decision on exploration and production at the CPE-6 block in eastern Colombia is pending additional information, which the company expects to submit next week, said Luz Helena Sarmiento, director of the National Environmental Licensing Authority, in an interview today in Bogota.

Pacific Rubiales expected an environmental license for the block as soon as August, Chief Executive Officer Ronald Pantin said Aug. 10.

Shares (PREC) of Pacific Rubiales slid 6.1 percent to 44,780 pesos at the close in Bogota. Shares of Talisman Energy Inc. (TLM), which also owns part of the CPE-6 block, slid 1.5 percent to C$14.35 in Toronto.

The regulator is also awaiting additional information for a water permit for Rubiales, Colombia’s top oil field, Sarmiento said. Pacific Rubiales operates the Rubiales field, in which state-run Ecopetrol SA (ECOPETL) also holds a stake.

To contact the reporter on this story: Heather Walsh in Bogota at hlwalsh@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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