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Colombian Oil Assets Sold for $1.33B

5 Aug

Summary

Gran Tierra Energy sold its Colombian and Ecuadorean oil operations.
The sale price for the oil assets is $1.33 billion, including debt.
French company Maurel & Prom is the buyer of these operations.

Canadian oil producer Gran Tierra Energy announced on Wednesday that it has entered into an agreement to divest its oil operations located in Colombia and Ecuador. The transaction is valued at $1.33 billion, which encompasses existing debt.

The purchaser of these significant assets is France-based energy firm Maurel & Prom. This deal represents a substantial move for both companies within the South American oil market. Gran Tierra Energy will likely use proceeds from the sale to streamline its business or pursue new ventures.

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