Yesterday, the Colombian Superintendency of Industry and Commerce (SIC) issued Resolution 12785 of 2020 authorizing the sale of Chevron’s (NYSE: CVX) stake in the Chuchupa and Ballena oil fields in La Guajira, Colombia to the subsidiary of Ecopetrol (NYSE: EC) Hocol. The fields are currently owned 43% by Chevron and 57% by Ecopetrol, and operational responsibility will now shift from Chevron to Ecopetrol.
âThis is an important step in achieving our strategy to strengthen the business and in our intention to be one of the leading gas companies in northern Colombia. For Hocol, this transaction represents the growth of its offshore operating capacities and the sources of income from a gas production asset. We remain committed to continuing to generate value for the country and for the environments in which we operate, as well as to contribute to the gas supply of northern Colombia, âsaid Rafael GuzmÃ¡n, President and CEO of Hocol.
âWe received this news with joy and we are aware that we are in the midst of a health emergency affecting all Colombians. We have acted with the utmost responsibility, rigorously applying the protocols necessary to protect the health of our workers, contractors and communities in the area of ââinfluence, and we ratify our commitment to the development of La Guajira.
Chevron said in a statement that it will continue to assess new growth opportunities in Colombia. The company, through its Texaco unit, continues to maintain a significant downstream presence in Colombia with more than 500 Texaco service stations and a wide range of Chevron, Ursa, Havoline, Delo & Texaco lubricants, fuels and additives. in the automotive, trucking, aviation and industrial sectors.
Image courtesy of Hocol
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