M&P to buy oil production in Latin America

Maurel & Prom, Paris, signed an agreement to acquire the Latin American oil and gas operations of Knightsbridge Investments, Bermuda, for $460 million.

June 22, 2005

By OGJ editors
HOUSTON, June 21 -- Maurel & Prom (M&P), Paris, signed an agreement to acquire the Latin American oil and gas operations of Knightsbridge Investments, Bermuda, for $460 million.

The transaction involves production of 30,000 b/d of oil, 80% in Colombia and 20% off Venezuela, and proved and probable oil reserves exceeding 176 million bbl, M&P said.