Deals
Petroamerica to Triple Output in Colombia on Suroco Deal
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Petroamerica Oil Corp., a Calgary-based oil producer focused on Colombia, plans to more than triple output in two to three years after buying Suroco Energy Inc., and is on the lookout for more acquisitions.
Petroamerica expects production to rise to 20,000 barrels a day, from about 6,500 barrels now, as the takeover gives the company access to the southern Putumayo Basin in Colombia, Chief Executive Officer Nelson Navarrete said in an interview from his Bogota office today. While seeking more acquisitions to increase production, the company is also open to takeover offers from potential suitors, he said.