Houston Chronicle


California oil major Chevron has entered into a deal to sell its natural gas assets in the South American nation of Colombia.

Chevron sells its natural gas assets in Colombia- oil and gas 360

Source: Houston Chronicle

In a statement released Tuesday afternoon, Chevron confirmed the sale of its stake in a joint venture with Colombia’s state-run oil company Ecopetrol.

Under the deal, Chevron is selling its 43 percent share of the Guajira Association Contract to the Ecopetrol subsidiary Hocol.

Financial terms of the deal were not disclosed but the deal remains pending approval from federal regulators in Colombia.

The joint venture included a stake in offshore natural gas fields in the Caribbean Sea as well as the onshore Ballena natural gas field and a processing plant in the province of La Guajira.

While evaluating other opportunities for exploration and production opportunities in the region, Chevron will continue to own more than 500 Texaco gas stations in Colombia and a sizeable share of the South American nation’s gasoline, diesel, jet fuel and lubricants markets.

Headquartered in California with a large presence in Houston, Chevron employs more than 48,600 people around the world.

The company reported a $14.8 billion profit on $166.3 billion of revenue in 2018.


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