Lukoil Pulls Out Of Colombia With Sale Of Condor Stake

Law360, New York (December 13, 2012, 9:56 PM EST) -- Russian oil giant OAO Lukoil said Wednesday it would sell its majority stake in the Condor project, located in Colombia's most prospective basin, to the local branch of Canada's Omega Energy International SA, marking Lukoil's exit from a region where hydrocarbon production has recently taken off.

The purchase and sale agreement, which was signed at the end of October but not made public until now, gives Omega Energy Colombia 70 percent of the exploration and production rights to the Condor block of the Llanos oil and...
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