Alejandro Betancourt has a growth plan for Pacific Exploration & Production Corp. The company formerly known as Pacific Rubiales is the largest independent oil producer of Latin America.
Alejandro Betancourt, left, and Pedro Trebbau in Caracas. Photographer: Vladimir Marcano/Bloomberg
Alejandro Betancourt, controls almost 20 percent of Pacific’s stock, and says growth for the Colombia-based company hinges on its ability to tap new resources and markets in Mexico and Venezuela. In the meantime, it needs to sell non-core assets.
Betancourt surprised analysts when he resisted a takeover by Alfa SAB and Harbour Energy Ltd. in June, leading them to abandon their bid. Now, as he moves to expand his influence with Pacific, Alejandro Betancourt could bring a boost for Pacific, and establish himself as a leading voice on energy in the region.
While Pacific declined to comment on Betancourt’s remarks, Chief Executive Officer Ronald Pantin said on Aug. 13 that his relationship with his biggest investors “is very good.” A day later, the company was renamed Pacific Exploration & Production Corp., which the company’s statement said reflected “a broader focus in Latin America.”