GeoPark Ltd.’s plans to buy Repsol SA’s oil and gas assets in Colombia are off after Repsol’s partners exercised their rights to acquire the assets instead. (Source: Shutterstock, GeoPark)
GeoPark Ltd.’s plans to buy Repsol SA’s oil and gas assets in Colombia are off after Repsol’s partners exercised their rights to acquire the assets instead.
Ecopetrol, Colombia’s largest oil company, exercised its right in December to buy Repsol’s 45% stake in the CPO-9 block in Colombia.
Following in Ecopetrol’s footsteps, an independent producer and Repsol’s partner in SierraCol Energy Arauca LLC exercised its preemptive rights to acquire 25% of Repsol’s interest in SierraCol, GeoPark said Jan. 14.
The acquisition would have incorporated assets in the Llanos Basin, where GeoPark is an established operator. The purchase price was $530 million.
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