MercoPress. South Atlantic News Agency

BP sells Colombian operation to local and Canadian companies

Ecopetrol CEO Javier Gutierrez

Colombian state oil company Ecopetrol S.A. and Canadian firm Talisman have reached an agreement to buy the Colombia operation of BP Plc for 1.75 billion US dollars.

The deal for BP Exploration Company Colombia Limited includes all of the Britain-based multinational's assets in Colombia, Ecopetrol said in a statement.

Ecopetrol will have a 51% interest, with the remaining 49% going to Talisman.

BP Exploration Colombia which has an estimated 94 million barrels in reserves currently produces around 24,000 barrels per day.

'I am really pleased with this deal. It fits into our strategic plan perfectly, bringing new reserves, production and potential areas for our exploratory portfolio,' Ecopetrol CEO Javier Gutierrez said.

Ecopetrol, Latin America's fifth-largest oil company, accounts for 60% of Colombian production and also has a presence in Brazil, Peru and the US.

Talisman began operating in Colombia more than a decade ago and has stakes in 14 exploration and production blocks, two of them in partnership with Ecopetrol.