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Pacific Rubiales targets oil and gas output growth of 15-20 pct

Wednesday, 18 Dec 2013 | 6:39 AM ET

Dec 18 (Reuters) - Pacific Rubiales Energy Corp, the largest private oil producer in Colombia, said it is targeting 15-20 percent growth in production in 2014.

The Toronto-based company also estimated spending $2.5 billion on exploration and development activities next year, up 47 percent from its 2013 planned budget.

It attributed the increase to a rise in total development drilling and exploration activity and expenditures on the newly acquired Canadian oil company Petrominerales Ltd

The company targets an average net production of about 148,000-162,000 barrels of oil equivalent per day (boe/d).

Petro Rubiales estimates to achieve net production of 128,000 to 130,000 boe/d this year, above the high end of its guidance of 15-30 percent growth over 2012 levels.