Pacific Rubiales: STAR tests in Colombia successful to boost oil output
BOGOTA, July 15 (Reuters) - Canadian oil company Pacific Rubiales said on Tuesday that pilot tests of its STAR technology to extract heavy crude more efficiently - which will be evaluated by its Colombian partner, Ecopetrol, in deciding whether to use the technology - have been successful.
The announcement comes just hours before Pacific Rubiales is scheduled to meet with representatives from state-owned Ecopetrol to discuss whether the Colombian company will use the technology.
STAR, which stands for Synchronized Thermal Additional Recovery, is designed to increase the recovery of crude by heating the oil inside the well.
The technology is considered secondary because it seeks to recover oil that primary extraction is unable to bring out from the wells.
Ecopetrol's board will meet late on Tuesday to decide if it will use STAR at the Quifa oil field in Meta province which is owned by the two companies.
"Given tests over the last 18 months, Pacific concludes that the STAR technology pilot project has successfully met the objectives for which it was designed," the company said in a statement posted on the financial regulator's website.
The recovery rate through Oct. 31 last year came in between 27.6 percent and 29.1 percent, the company said.
Earlier on Tuesday, Pacific shares fell 5.15 percent to 33,500 pesos ($18) in Bogota trading on rumors that Ecopetrol will reject the technology, analysts said. ($1 = 1,865 Colombian pesos) (Reporting by Nelson Bocanegra; Writing by Helen Murphy; editing by Matthew Lewis)
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