November 26, 2019 / 9:30 PM / 11 days ago

Ecopetrol subsidiary buys Chevron's 43% stake in two Caribbean gas camps

BOGOTA (Reuters) - Colombian oil company Hocol, a subsidiary of state-run Ecopetrol ECO.CN, said on Tuesday it had agreed to buy Chevron’s (CVX.N) participation in two gas production fields in the Caribbean.

Ecopetrol already owns 57% of the Chuchupa and Ballena fields, while Hocol will take on the 43% that currently belongs to Chevron, Hocol said in a statement. Hocol will also take over operation of the fields.

The companies would not share the value of the sale, which is subject to approval by Colombian regulators, or the current production figures of the two camps.

Colombia had gas reserves equivalent to 9.8 years of consumption at the close of 2018, according to government figures.

Reporting by Luis Jaime Acosta; Writing by Julia Symmes Cobb; Editing by Leslie Adler

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