World

 

Español

 

Guyana


Trinidad
& Tobago

 






Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Occidental Petroleum sell oil assets
in Colombia to Carlyle Group

Jonathan Ernst/Reuters
Occidental Petroleum plans to sell its Colombia assets to The Carlyle Group.

By Patricia Garip /Argus

BOGOTA
Petroleumworld 10 02 2020

US independent Occidental Petroleum agreed to sell its Colombia onshore oil assets to the Carlyle Group for $825mn.

Carlyle will pay Occidental $700mn upfront and the balance once certain production and price targets are met.

The assets include 14 exploration and production blocks in the Llanos Norte, Middle Magdalena and Putumayo basins, with 33,000 b/d of net oil production. This includes the Caño Limón field near Colombia's volatile eastern border with Venezuela.

Upon announcing the planned acquisition, Carlyle named former BP chief executive Tony Hayward as executive chairman of its Colombia onshore business. Hayward headed up Colombia exploration for BP in the 1990s.

"Drawing on its local market knowledge and deep energy expertise, Carlyle will pursue a strategy of field life extension and operating efficiency, as well as building on Colombia Onshore's leading ESG [environmental, social and governance] initiatives. There is also the potential for the company to act as a platform for further growth in the region," Carlyle said.

Occidental will retain its exploration assets in Colombia's gas-prone offshore Caribbean frontier, which Occidental chief executive Vicki Hollub said have "enormous potential" and could determine Colombia's energy future.

Occidental has had a presence in Colombia for more than four decades, mainly in partnership with Colombian state-controlled Ecopetrol.

Occidental and Ecopetrol formed a shale joint venture last year in the Permian basin of Texas, a move seen as a path toward Colombia's development of its own unconventional resources .

umworld.com Copyright ©2020 Petroleumworld.

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2020, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.