BP Sells Colombian Oil Business For $1.9B

Law360, New York (August 3, 2010, 1:10 PM EDT) -- BP PLC has agreed to sell its Colombia-based oil and gas exploration and production business for $1.9 billion to a team of investors made up of Colombia's national oil company Ecopetrol SA and Canada's Talisman Energy Inc.

Under the terms of the deal announced Tuesday, Ecopetrol and Talisman will pay BP a cash deposit of $1.25 billion with the balance of payment due on completion of the sale. The deal, subject to regulatory and other customary approvals, is expected to be completed by the end of...
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