3rd UPDATE:BP Sells $1.9 Billion Colombian Assets To Ecopetrol,Talisman
03 Agosto 2010 - 4:54PM
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.
BP is looking to divest about $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 has got a "very, very good" price for the assets, said NCB
Stockbrokers analyst Peter Hutton.
The value of the deal is a surprising $32 a barrel for the
resources involved, although, "this implied price will be inflated
by inclusion of Cusiana gas processing facility and pipelines which
needs to be stripped out," he said. This compares with $19.44 per
barrel of proved reserves for BP's Apache deal, he said.
This deal bodes well for BP's reported plans to sell its
Argentine unit Pan American Energy, said Hutton. "Neither of these
are distressed asset sales," he added.
BP is in talks with Argentina's Bridas Corp. to sell its 60%
stake in Pan American for around $9 billion, a person familiar with
the talks told Dow Jones Newswires last month.
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.
"I am really pleased with this deal," said Ecopetrol's Chief
Executive Javier Gutierrez. "It fits into our strategic plan
perfectly, bringing new reserves, production and potential areas
for our exploratory portfolio," he said.
"These are tremendous assets that our team knows well. They are
attractively priced, with excellent running room and we are
partnering with the preeminent oil and gas company in Colombia,"
said Talisman President and Chief Executive John Manzoni. Talisman
is already partnered with Ecopetrol in several oil licenses in
Colombia and Peru.
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.
Most of the producing assets are mature. BP discovered the oil
and gas reserves in the Casanare province in the early 1990s.
Output there peaked in 1999, when it averaged 434,000 barrels a
day. BP licenses in the eastern Casanare province are scheduled to
expire between 2016 and 2020.
The deal is expensive, but, "there is a lot of upside in the
probable reserves, exploration projects," said Rupert Stebbings, a
stock analyst at the Colombian unit of Celfin brokerage.
At 1409 GMT BP shares were down 0.3%, or 1 penny, at 412p.
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317;
james.herron@dowjones.com (Edward Welsch in Calgary and Inti
Landauro in Bogota contributed to this article.)
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