BP sells Colombian unit to Ecopetrol, Talisman

08/09/2010
BP PLC agreed to sell its wholly owned BP Exploration Co. (Colombia) Ltd. (BPXC) for $1.9 billion to a consortium of Talisman Energy Inc. and Colombia's Ecopetrol SA. Subject to regulatory and other approvals, the sale is expected to be completed by yearend.BP PLC Chief Executive Tony Hayward noted the Colombian holdings contributed "significantly" to BP's global production over the years. The sale price includes a working capital adjustment of $145 million.The acquisition "fits into our strategic plan perfectly, bringing new reserves, production, and potential areas for our exploratory portfolio," said Ecopetrol Chief Executvie Javier Gutierrez. Ecopetrol will hold 51...
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