BP To Sell Colombian Assets For $1.9 Billion To Ecopetrol, Talisman
03 Agosto 2010 - 3:20PM
Dow Jones News
BP PLC (BP) said Tuesday it has agreed to sell its Colombian oil
and gas exploration and production business to Ecopetrol SA
(ECOPETROL.BO) and Talisman Energy Inc. (TLM.T) for $1.9
billion.
This is the latest deal as the company looks to divest $30
billion in assets over the next 18 months to raise money to cover
the cost of the Gulf of Mexico oil spill. BP has already struck a
$7 billion deal to sell assets in North America and Egypt to Apache
Corp. (APA).
"I am delighted with the price we have achieved for these
assets," said BP Chief Executive Tony Hayward, who will step down
on Oct. 1. "BP has been involved in Colombia for more than 20
years...but it now makes sense for the assets to go to owners more
willing than BP to invest in their future development."
BP posted a loss of $17.5 billion in its second quarter results
last week as the company took charges of just over $32 billion
related to the oil spill. Asset sales will help to cover
spill-related costs.
Ecopetrol, Colombia's national oil company, will buy 51% of the
business and Talisman 49%. They will pay BP a cash deposit of $1.25
billion and the balance when the deal passes regulatory approvals,
expected by the end of this year.
BP's Colombia business has interests in five producing fields,
four separate pipelines and two offshore exploration blocks, the
company said. Net proved reserves total some 60 million barrels of
oil equivalent and net production of approximately 25,000 boe a
day.
The agreement does not affect BP's Castrol lubricants business
and other downstream oil activities in Colombia.
Barclays Capital acted as sole advisor to BP on the
transaction.
At 1244 GMT BP shares were down 0.6%, or 2 pence, at 411p.
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
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