Occidental Petroleum Corp., Houston, signed an agreement to sell its assets onshore Colombia to The Carlyle Group for about $825 million, with $700 million up front and the remainder payable subject to certain production and commodity price targets.
The transaction, which is expected to close in fourth quarter 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena, and Putumayo basins. Occidental will retain a presence in the country with offshore Colombian exploration blocks.
Occidental has announced over $2 billion of divestitures in 2020 that are expected to close by yearend and continues to advance additional asset sales (OGJ Online, Aug. 19, 2020).
