GeoPark is selling non-core assets in Colombia and Brazil for aggregate consideration of $20 million. (Source: Shutterstock.com)
Latin American oil and gas producer GeoPark Ltd. is selling non-core assets in Colombia and Brazil. The company will also consider future sales in Ecuador.
Bogota, Colombia-based GeoPark will offload interests in the non-operated Llanos 32 Block in Colombia and Manati gas field in Brazil, the company announced March 31.
GeoPark will sell the assets for an aggregate total consideration of $20 million, net of $12 million of decommissioning and retirement liabilities associated with the Manati field.
Combined, the assets had aggregate net proved reserves of 2.9 MMboe (60% oil, 40% natural gas) as of year-end 2024.
Production from the assets averaged 712 boe/d last year. Next year, the assets are expected to average 1,500 boe/d.
The company said it is also “evaluating strategic options for its assets in Ecuador.”
GeoPark is monetizing non-core assets and undertaking cost-cutting initiatives “to better position the company for profitable, dependable and sustainable long-term growth,” the company said.
Cost-cutting efforts include reducing GeoPark’s own workforce, as well as shedding consultants, contractors and other administrative costs.
GeoPark aims to save between $5 million and $7 million per year on operating expenses and G&A overhead.
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