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Petrobras Announces Asset Sale in Colombia

Source: www.gulfoilandgas.com 9/13/2013, Location: South America

Petrobras announces that its Board of Directors, in a meeting held, approved the sale of 100% of shares issued by Petrobras Colombia Limited (PEC) to Perenco for US$ 380 million.

Petrobras Colombia assets which are part of the transaction include interests in 11 onshore exploration and production blocks with net average production of 6,530 boed (barrels of oil equivalent per day) besides the Colombia and Alto Magdalena oil pipelines, with a carry capacity of 14,950 bpd (barrels per day) and 9,180 bpd, respectively.

The conclusion of the transaction is subject to certain conditions precedent, including the approval by Colombia’s National Hydrocarbons Agency – ANH.

Petrobras will keep its presence in Colombia through offshore exploratory blocks, distribution, in addition to 1 onshore exploratory asset.

These transactions represent another important step in Petrobras’ Divestment Program (Prodesin) outlined in the 2013-2017 Business and Management Plan.

Perenco Colombia Limited is a subsidiary of international oil group, Perenco. The company has operated in Colombia’s Llanos Basin since 1993, from where current gross production is 18,500 barrels of oil per day. Operations have focused on developing isolated fields spread over 9,000km˛ and integrating them into a single operation.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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