Chevron Sells Colombia Upstream Operations To Ecopetrol Subsidiary Hocol

US based petroleum supergiant Chevron-Texaco (NYSE: CVX) and Colombia’s state controlled Ecopetrol (NYSE: EC, BVC: ECO) Subsidiary Hocol have announced the inking of a deal for Hocol to acquire Chevron’s 43% stake and operational responsibility in the Asociación Guajira project, including interests in the Chuchupa subsea gas field in the Caribbean, the onshore tierra Ballena gas field, and the Ballena gas processing operation in Colombia’s La Guajira department. The deal is subject to Colombia’s Superintendencia de Industria y Comercio (SIC) regulatory agency.

“We are committed to continue generating value for the country and in the sectors we operate, such as by contributing to the supply of gas for the north coast of Colombia,” said Hocol president & CEO Rafael Guzmán. Neither company provided pricing information specific to the deal.

Chevron said in a statement that it will continue evaluating new opportunities for growth in Colombia. The company, through its Texaco unit continues to hold a significant downstream presence in Colombia with over 500 Texaco service stations and a broad line of Chevron, Ursa, Havoline, Delo & Texaco lubricants, fuels and additives in the auto, trucking, aviation, and industrial sectors.

Photo credit: Chevron