Colombian, Canadian oil companies buy BP subsidiary

Two oil companies, Colombia's Ecopetrol and Canada's Talisman, have struck a deal worth about 1.8 billion U.S. dollars with BP to buy its subsidiary in Colombia, Ecopetrol said Tuesday.

In an e-mailed statement, Ecopetrol said the purchase would enable the two companies to acquire reserves of some 94 million barrels of oil from BP, whose daily production in Colombia is close to 24,000 barrels in 2010.

Ecopetrol and Talisman will also obtain shares of BP's five hydrocarbon companies in Colombia and its gasworks that produces over 5.66 million cubic meters of gas per day.

Ecopetrol president Javier Gutierrez said he was very "pleased" with the transaction, as it would bring new production and reserves to both oil companies.

Source:Xinhua