Colombia's Pacific Rubiales to sell Petrominerales crude via tenders

Reuters

HOUSTON, Oct 1 (Reuters) - Colombia's Pacific Rubiales will offer more Colombian crude on the open market byDecember after it takes over the production of Petrominerales,the Canadian oil company it is buying, two sources withknowledge of the deal said.

Pacific Rubiales, Colombia's largest private oil producer,currently offers four to six tenders of Vasconia and Castillacrude cargoes on the open market, which account for as many as4.5 million barrels per month.

The oil is frequently picked up by U.S. refiners and bigtrading companies.

"Petrominerales is currently producing some 24,000 barrelsper day (bpd) of crude oil, including medium and light crudes.Around 15,000 bpd will be used for blending Vasconia crude," asenior source at Pacific Rubiales told Reuters.

"When the purchase finishes, Pacific will manage all thePetrominerales exports. That will take place in December, ifeverything goes fine," the source added.

Petrominerales currently sells all of its crudedomestically to Colombia's state-run Ecopetrol, thesecond source said.

Pacific Rubiales will pay $1.55 billion for Petrominerales'assets in Colombia and Peru.

The company, which will use the medium and lightPetrominerales crudes to mix with its heavy crudes, said thedeal will bring it synergies worth $160 million a year.

Pacific Rubiales extracts around 210,000 bpd of crude, orabout a fifth of the 944,000 bpd Colombia produced this year.The Andean nation is aiming for average output of 1.1 millionbpd by the end of the year, with the help of foreign companies.

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