Colombia’s state-run oil firm Ecopetrol and Canadian oil company Talisman Energy Inc. completed their planned purchase of the Colombian assets of BP PLC for $1.75 billion.
Ecopetrol will have a 51% stake in the firm and Talisman will control the remaining 49%, Ecopetrol said in a press release Monday. The agreement to buy BP’s Colombian assets was announced in August.
The former BP subsidiary is being renamed Equion Energia Ltd., the statement said, and will be run by Maria Victoria Riano, a former executive at Ecopetrol. The new company produces nearly 90,000 barrels of oil equivalent a day and has proven and probable reserves of 94 million barrels of oil.