Colombian oil company Hocol, a subsidiary of state-run Ecopetrol, said on Nov. 26 it had agreed to buy Chevron’s participation in two gas production fields in the Caribbean.
Ecopetrol already owns 57% of the Chuchupa and Ballena fields, while Hocol will take on the 43% that currently belongs to Chevron, Hocol said in a statement. Hocol will also take over operation of the fields.
The companies would not share the value of the sale, which is subject to approval by Colombian regulators, or the current production figures of the two camps.
Colombia had gas reserves equivalent to 9.8 years of consumption at the close of 2018, according to government figures.
Mexican Energy Minister Rocio Nahle said on Oct. 26 so-called farm-outs, or joint ventures, could be done with state oil firm Pemex if feasible projects are put forward.
Of the companies allowed to take part in the auction, 15 were previously authorized. French company Maurel & Prom was the only successful new company.
Per-acre prices varied widely between $15 an acre and $11,353 an acre.