Los altos precios del petróleo y una producción cada vez mayor en uno de los campos “estrella” de Pacific Rubiales Energy tiene a la petrolera canadiense en una lucha “pacífica” con Ecopetrol. Un tribunal de arbitramento dirimirá el conflicto.
Por: Daniela Blandón Ramírez
No es el primer caso de ese estilo en Colombia y algún día tendría que pasar en las “grandes ligas”. Cuando el barril de crudo se ubica en niveles históricos y repunta la producción en los campos petroleros, comienzan a aparecer diferencias de interpretación en los contratos.
Y aunque la experiencia de Ecopetrol y Pacific viene de tiempo atrás, y fue informada al mercado en los reportes trimestrales, este caso promete ser uno de los más representativos, por ser el Bloque Quifa el segundo de mayor producción para la canadiense.
El conflicto tiene que ver con la diferencia de interpretación de una de las cláusulas del contrato de asociación Quifa, que le otorga a Ecopetrol una participación adicional en barriles, en escenarios de precios altos del crudo.
En septiembre de 2011, fue convocado a un tribunal de arbitramento para resolver la diferencia interpretativa -lo realmente novedoso es que el tribunal apenas está en proceso de constitución-.
Este tribunal tiene por objetivo determinar, apegándose al contrato, cuándo Ecopetrol merece más participación en la producción del Bloque Quifa (cuyo nivel promedio es de 40.000 barriles diarios).
El contrato de asociación Quifa inició el 22 de diciembre de 2003 y su vencimiento es el 21 de diciembre de 2031.Ecopetrol tiene una participación en la inversión del 30% y 40% en la producción.
Pacific Rubiales contribuye con el 70% de los gastos y tiene una participación en la producción del 60%. Sin embargo, el contrato tiene una cláusula por precios altos a favor de Ecopetrol.
La cláusula de la discordia
De acuerdo con el reporte operativo de Pacific Rubiales con corte al 31 de diciembre de 2011, la participación de la compañía en la producción antes de regalías del campo Quifa es de 60% y puede disminuir a favor de Ecopetrol si se disparan los precios del petróleo, aplicando una fórmula matemática.
El mismo informe señala que “sobre la base de la fórmula, la cuota de producción adicional de Ecopetrol asciende a 542.697 barriles, para el período comprendido entre abril tres y septiembre 30 de 2011”.
Según datos extraoficiales, se estima que Ecopetrol habría dejado de recibir unos 219.000 barriles entre marzo y septiembre, si fuera aplicada la fórmula que está reclamando.
Hace exactamente un año, JP Morgan tomó el caso como referencia para una reducción del precio objetivo de Pacific Rubiales, tras detectar que la canadiense podría perder participación en el Contrato Quifa.
De acuerdo con un análisis de la compañía financiera, la cláusula 14.9 del contrato, relacionada con la certificación de reservas, podría reducir el interés de trabajo de Pacific en este yacimiento del 60% al 45%, dándole un mayor beneficio a Ecopetrol.
Pacific Rubiales resalta en su informe operativo que “la participación adicional de Ecopetrol se genera cuando el precio del petróleo WTI es superior a un precio de referencia y después de que la producción bruta acumulada de petróleo para cada campo comercial llegue a los cinco millones de barriles”. Este nivel se alcanzó en el primer semestre de 2011.
Serán los árbitros, entonces, quienes definan quién tiene la razón, y determinará cuál es la verdadera participación de ambas empresas en el prolífico campo Quifa, que para Pacific representa el segundo en producción, después del campo Rubiales. ¿Qué pasará con la acción?
Un parte de tranquilidad dieron algunos analistas consultados por Dinero.com acerca del comportamiento que podría tener la acción de Pacific en la jornada bursátil de este miércoles.
Catalina Ricaurte, analista de acciones de Serfinco, no cree que pueda haber presión a la baja en la acción de ninguna de las dos compañías, teniendo en cuenta que el mercado ya tenía conocimiento del conflicto entre Ecopetrol y Pacific.
“Lo único que se ha dicho es que es un proceso que sigue en curso, por lo que se puede decir que no hay nada nuevo y no debe haber impacto en la acción”, afirmó.
Por su parte, Jairo Lastra, analista de Ultrabursátiles, expresó que si bien podría presentarse un leve descenso en la acción de Pacific Rubiales, sería un fenómeno de corto plazo.
“Podría haber presiones, más que todo para Pacific, porque es una acción más volátil y es muy probable que se dé el escenario en que tenga que reintegrar algunos barriles a Ecopetrol”, puntualizó.
No es la primera, ni la última
En líos de este tamaño se han visto involucradas empresas como Petrominerales y Gran Tierra Energy, pero no con Ecopetrol, sino con la Agencia Nacional de Hidrocarburos.
Por lo general, la diferencia de interpretación tiene que ver con que la producción acumulada de cinco millones de barriles corresponde, en muchos casos, a la producción del campo petrolero, y en otras, a la producción del contrato (que puede incluir varios campos).
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Anonymous
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RE: A dónde llegará la puja por los rendimientos del Bloque Quifa
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Los altos precios del petróleo y una producción cada vez mayor en uno de los campos “estrella” de Pacific Rubiales Energy tiene a la petrolera canadiense en una lucha “pacífica” con Ecopetrol. Un tribunal de arbitramento dirimirá el conflicto.
Por: Daniela Blandón Ramírez
No es el primer caso de ese estilo en Colombia y algún día tendría que pasar en las “grandes ligas”. Cuando el barril de crudo se ubica en niveles históricos y repunta la producción en los campos petroleros, comienzan a aparecer diferencias de interpretación en los contratos.
Y aunque la experiencia de Ecopetrol y Pacific viene de tiempo atrás, y fue informada al mercado en los reportes trimestrales, este caso promete ser uno de los más representativos, por ser el Bloque Quifa el segundo de mayor producción para la canadiense.
El conflicto tiene que ver con la diferencia de interpretación de una de las cláusulas del contrato de asociación Quifa, que le otorga a Ecopetrol una participación adicional en barriles, en escenarios de precios altos del crudo.
En septiembre de 2011, fue convocado a un tribunal de arbitramento para resolver la diferencia interpretativa -lo realmente novedoso es que el tribunal apenas está en proceso de constitución-.
Este tribunal tiene por objetivo determinar, apegándose al contrato, cuándo Ecopetrol merece más participación en la producción del Bloque Quifa (cuyo nivel promedio es de 40.000 barriles diarios).
El contrato de asociación Quifa inició el 22 de diciembre de 2003 y su vencimiento es el 21 de diciembre de 2031.Ecopetrol tiene una participación en la inversión del 30% y 40% en la producción.
Pacific Rubiales contribuye con el 70% de los gastos y tiene una participación en la producción del 60%. Sin embargo, el contrato tiene una cláusula por precios altos a favor de Ecopetrol.
La cláusula de la discordia
De acuerdo con el reporte operativo de Pacific Rubiales con corte al 31 de diciembre de 2011, la participación de la compañía en la producción antes de regalías del campo Quifa es de 60% y puede disminuir a favor de Ecopetrol si se disparan los precios del petróleo, aplicando una fórmula matemática.
El mismo informe señala que “sobre la base de la fórmula, la cuota de producción adicional de Ecopetrol asciende a 542.697 barriles, para el período comprendido entre abril tres y septiembre 30 de 2011”.
Según datos extraoficiales, se estima que Ecopetrol habría dejado de recibir unos 219.000 barriles entre marzo y septiembre, si fuera aplicada la fórmula que está reclamando.
Hace exactamente un año, JP Morgan tomó el caso como referencia para una reducción del precio objetivo de Pacific Rubiales, tras detectar que la canadiense podría perder participación en el Contrato Quifa.
De acuerdo con un análisis de la compañía financiera, la cláusula 14.9 del contrato, relacionada con la certificación de reservas, podría reducir el interés de trabajo de Pacific en este yacimiento del 60% al 45%, dándole un mayor beneficio a Ecopetrol.
Pacific Rubiales resalta en su informe operativo que “la participación adicional de Ecopetrol se genera cuando el precio del petróleo WTI es superior a un precio de referencia y después de que la producción bruta acumulada de petróleo para cada campo comercial llegue a los cinco millones de barriles”. Este nivel se alcanzó en el primer semestre de 2011.
Serán los árbitros, entonces, quienes definan quién tiene la razón, y determinará cuál es la verdadera participación de ambas empresas en el prolífico campo Quifa, que para Pacific representa el segundo en producción, después del campo Rubiales. ¿Qué pasará con la acción?
Un parte de tranquilidad dieron algunos analistas consultados por Dinero.com acerca del comportamiento que podría tener la acción de Pacific en la jornada bursátil de este miércoles.
Catalina Ricaurte, analista de acciones de Serfinco, no cree que pueda haber presión a la baja en la acción de ninguna de las dos compañías, teniendo en cuenta que el mercado ya tenía conocimiento del conflicto entre Ecopetrol y Pacific.
“Lo único que se ha dicho es que es un proceso que sigue en curso, por lo que se puede decir que no hay nada nuevo y no debe haber impacto en la acción”, afirmó.
Por su parte, Jairo Lastra, analista de Ultrabursátiles, expresó que si bien podría presentarse un leve descenso en la acción de Pacific Rubiales, sería un fenómeno de corto plazo.
“Podría haber presiones, más que todo para Pacific, porque es una acción más volátil y es muy probable que se dé el escenario en que tenga que reintegrar algunos barriles a Ecopetrol”, puntualizó.
No es la primera, ni la última
En líos de este tamaño se han visto involucradas empresas como Petrominerales y Gran Tierra Energy, pero no con Ecopetrol, sino con la Agencia Nacional de Hidrocarburos.
Por lo general, la diferencia de interpretación tiene que ver con que la producción acumulada de cinco millones de barriles corresponde, en muchos casos, a la producción del campo petrolero, y en otras, a la producción del contrato (que puede incluir varios campos).
Un parte de tranquilidad dieron algunos analistas consultados por Dinero.com acerca del comportamiento que podría tener la acción de Pacific en la jornada bursátil de este miércoles.
Catalina Ricaurte, analista de acciones de Serfinco, no cree que pueda haber presión a la baja en la acción de ninguna de las dos compañías, teniendo en cuenta que el mercado ya tenía conocimiento del conflicto entre Ecopetrol y Pacific.
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__________________
Anonymous
Date:
RE: A dónde llegará la puja por los rendimientos del Bloque Quifa
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