Talisman Energy And Ecopetrel To Buy BP Colombia Unit For $1.9Bn
05 8월 2010 - 2:12AM
Dow Jones News
Talisman Energy (TLM.T) and Ecopetrol S.A. (EC) said Wednesday
they have agreed to buy BP PLC's (BP.LN) unit, BP Exploration
Company (Colombia) Limited, or BPXC, for $1.9 billion.
MAIN FACTS:
-Talisman will complete its transaction through an indirect
wholly owned subsidiary.
-Purchase price includes a working capital adjustment, estimated
at $145 million.
-Talisman will acquire a 49% interest in BPXC for $858 million
(excluding its share of working capital), while Ecopetrol will take
the remaining 51% interest.
-The transaction is expected to close by the end of 2010,
subject to Colombian and U.S. regulatory approval and other
customary conditions.
-Talisman and Ecopetrol are currently partners in several blocks
in Colombia and Peru.
-The transaction includes BPXC's interests in the Tauramena
(31%), Rio Chitamena (31%), Recetor (50%) and Piedemonte (50%)
association contracts.
-BPXC also holds a 40.56% interest in the RC4 and RC5
exploration blocks offshore Cartagena.
-The transaction also includes BPXC's interests in the Cusiana
gas processing facility and interests in four pipelines, totaling
some 1,600 kilometers of crude and 400 kilometers of gas pipelines,
including a 24.8% interest in the OCENSA crude oil pipeline.
-Talisman will hold a 49% indirect interest.
-BPXC currently have 470 employees, and it is expected that the
majority of these will transfer with BPXC to the new owners.
-The transaction adds immediate production and cash flow to
Talisman's Latin American asset base.
-Current BPXC production is approximately 25,000 barrels of oil
equivalent, or boe, per day of which 65% is liquids production.
-Liquids production is exported or sold to domestic refineries
and the natural gas production is sold domestically.
-Talisman estimates 2P reserves for BPXC, before royalties, of
123 million boe, with proved reserves of 95 million boe (approx.60%
oil and liquids).
-Net of royalties, these numbers are 98 million boe (2P
reserves) and 75 million boe (proved reserves).
-Talisman's indirect interest will be 49%.
-The acquisition includes an interest in strategic
infrastructure, providing access to export markets.
-The transaction includes an interest in the OCENSA pipeline,
which is critical to moving production from the Llanos basin to the
Covenas Terminal on the coast.
-Current capacity on the pipeline is 450,000 barrels of oil per
day.
-The pipeline is currently running at capacity and an ownership
position will provide strategic egress, with liquids volumes in
Colombia expected to rise.
-Transport via pipeline offers significant cost savings compared
to trucking.
-Talisman will continue to maintain a separate office in Bogota
to run its ongoing activities.
-BP shares closed Wednesday at 421.7 pence.
By Iain Packham, Dow Jones Newswires; 44-20-7842-9269;
iain.packham@dowjones.com
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