News Regions Hardcopy Market Data Careers Web- tv Events Subscribe Focus About Upstream Advertise

Hupecol sells Caracara stake for $920m

Colombian oil company Hupecol has sold its 70% stake in the Caracara Block to Madrid-based Cepsa for $920 million.

The planned acquisition falls under Cepsa's $1.8 billion, 2008-12 strategic plan to increase reserves and production.

Cepsa currently holds eight E&P contracts in Colombia, where company production reached 253,000 barrels last year.

The Caracara Block covers 47,200 hectares in the Los Llanos basin. OUtput from the block currently stands at more than 20,000 barrels per day.

Colombia's state oil company Ecopetrol holds a 30% stake in the block.

The 70% stake went for $920 million, according to a statement by Hupecol shareholder Houston American Energy

Houston American has a 1.6% stake in Hupecol Caracara and will receive its interest in the net proceeds of the sale after provision for Colombian taxes and after deduction of all fees and expenses of the sale, a BNamericas report said.

The purchase and sales agreement was signed in March with Hupecol.

Houston American also reported said hydrocarbons regulator ANH had awarded the La Cuerva contract to Hupecol.

The Colombian company will spend $8 million on seismic work and plans to spud two wells on the block.

e-mail this to a friend

e-mail this to a friend

FREE Daily newsletter print
most popular
search
subscriber login
recruitment

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Contracts Engineer ( Drilling and Construction)

Incumbent will have high involvement with other divisions, vendors and other customers to ensure compliance with standards and regulations. Changes to services, procedures...

Sheffield Offshore

Senior Level Exploration Staff

Our client is looking for highly motivated and highly skilled E&P professionals who can assist with increasing its export production capacity from 2.5 million bopd to...

Petro Staff

Instrumentation & Control Engineer

OMV Exploration & Production

Operations Readiness Coordinator (f/m)

OMV Exploration & Production

HSE Specialists (Drilling)

Sheffield Offshore

Operations Manager

Roc Oil Company

Lead Planning Engineer

Mentor IMC Group

Technical Manager

Sheffield Offshore

Senior Cost Engineer

Mentor IMC Group

Lead Process Engineer

Sheffield Offshore

Production Technologist

Roc Oil Company

Drilling Contracts Engineer

Sheffield Offshore

Schedule Engineer

Orion Group

Drilling Completions Engineer

Sheffield Offshore

click here for all positions
news from other nhst publications