Drilling for more in Latin America: Ecopetrol buys Hocol assets.
related stories
Ecopetrol signs deal for Hocol unit
Colombia’s Ecopetrol has signed a definitive agreement with Maurel & Prom which will see it buy the French company's Hocol unit.
The value of the deal is estimated at $742 million. However, the final price will be adjusted by up to $115 million after Ecopetrol audits the Huron field and other Hocol assets.
M&P will retain Hocol’s assets in Venezeula and Peru, as well as four exploration licences in Colombia - Muisca, Sabanero and SN9. It will also retain 50% of Hocol’s rights in the Tangara permit.