GeoPark agrees to acquire upstream oil, gas assets in Colombia from Repsol

GeoPark Ltd. has agreed to acquire upstream oil and gas assets in Colombia from Repsol Exploración SA and Repsol E&P SARL for $530 million.

The acquisition would add assets in Llanos basin, one of the country’s most productive oil regions where GeoPark has existing operations, the company said in a release Nov. 29. 

The agreements include the acquisition of 100% of Repsol Colombia O&G Ltd., which owns a 45% non-operated working interest in the Ecopetrol-operated CPO-9 block in Meta Department, and Repsol’s 25% interest in SierraCol Energy Arauca LLC (Llanos Norte) in Arauca Department. Together, the assets produced about 16,000 boe/d net to Repsol as of September 2024, GeoPark said.

The deal is subject to certain conditions and regulatory approvals, including the waiver or non-execution of the preemptive rights by Repsol’s current partners. In a separate statement, Repsol said the transfer of the assets are expected in first-quarter 2025.