EXMAR Teams Up With Pacific Rubiales

Press Release
Tuesday, May 24, 2011

EXMAR has teamed up with Pacific Rubiales to build a small-scale LNG export project in northern Colombia. The Colombian-Canadian exploration and production player and EXMAR have begun front-end engineering and design for the scheme. Plans involve building a small liquefaction barge and a pipeline from the company’s La Creciente gas field to the Caribbean coast and shipping to the targeted markets. The project is targeting Caribbean and Central American markets.

Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil operator which operates the Rubiales and Piriri oil fields in the Llanos Basin in association with Ecopetrol, S.A., the Colombian national oil company. It also has 100% working interest in the La Creciente natural gas field in the Sucre Department in northern Colombia. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia as well as in other areas in Colombia and northern Peru. Pacific Rubiales has working interests in 40 blocks in Colombia, Peru and Guatemala. The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE and PREC, respectively.

EXMAR, headquartered in Antwerp, is a diversified and independent shipping group serving the international gas and oil industry. Apart from providing the ships for the transportation of these products, it also performs studies and undertakes the management of commercial, technical and administrative activities for the oil and gas industry. EXMAR strives to create shareholder value over the long term by balancing long- and short-term agreements to counteract volatility in the freight market, combined with providing services that are tailored to the needs of the customer. EXMAR is quoted on Euronext Brussels (EXM).

 

Source: EXMAR


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