Colombia’s Ecopetrol eyes stake purchase in US player

Colombia

BOGOTá, July 19, 2024 – Colombia’s Ecopetrol is considering a stake purchase in shale oil player CrownRock from Occidental Petroleum, the state-owned company said on Friday.

In December, Occidental announced a  USD 12-billion deal to acquire CrownRock. On Thursday and Friday, Occidental released statements indicating it is near closing the deal. Closure is now expected next month.

The US company committed to selling USD 4.5 billion-6 billion of assets within 18 months of closure.

While Colombia does not have shale operations, Ecopetrol does have assets in the USA’s Permian Basin via subsidiary Ecopetrol Permian.

While it holds shale assets in both Texas and Utah, CrownRock is primarily focused on the Permian Basin.

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