Geopark to acquire Repsol’s Colombia upstream assets for $530 million

BOGOTA, November 29, 2024 – Latin America-focused E&P player Geopark will acquire Repsol’s upstream oil and gas assets in Colombia for USD 530 million, the companies said on Friday.

Under the sale and purchase agreement, Geopark will acquire assets in the prolific Llanos Basin, one of Colombia’s most productive oil regions – an area where the company has established upstream operations.

The assets include 100% of Repsol Colombia O&G Limited, which owns a 45% non-operated working interest in the CPO-9 Block in Meta Department (operated by Ecopetrol with a 55% working interest), and Repsol’s 25% interest in SierraCol Energy Arauca (“Llanos Norte”) in the Arauca Department.

Repsol’s net production from the assets was 16,000 boepd as of September 2024.

The Spanish company is undertaking a programme of divestments, seeking to take in around EUR 4 billion to fund investments in renewable energy.

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