EFTA Document EFTA01367368

31 May 2015 Integrated Oil US Integrated Oils PillIlary Rinds In the near-term, we anticipate accelerated declines in mature fields as the chief risk for sustained production. Gross oil production from the Rubiales Field - one of the largest producing onshore oil fields in South America - is expected be roughly halved by mid 2016 from -200 mboe/d in 2013 at which point Pacific Rubiales' contract will not be renewed. In our view, longer-term production growth will suffer from a decline i