Repsol has agreed to sell its stakes in two Colombian onshore producing blocks to regional independent GeoPark for $530 million as the Spanish champion continues to sell noncore assets.
The sale includes Repsol’s 45% stake in onshore Block CPO-9 (Akacias) in the Llanos Norte play, which is operated by Colombia’s state-run Ecopetrol (55%), and Repsol’s nonoperated interest in the promising Cosecha Block.
Repsol and Ecopetrol made three new discoveries last year on the Llanos Basin block at the Tinamu-1, Magnus-1 and Kimera-1 wells.
The transaction “is part of the company's portfolio rotation strategy,” Repsol said in a statement.
A Repsol spokesperson told Energy Intelligence that its upstream portfolio will be reduced to some exploration acreage in Colombia on completion of the sale.
The latest divestment adds to last year's $468 million sale of Repsol's Canadian oil and gas assets to Peyto Exploration & Development, although Repsol this summer paused the potential sale of its Norwegian upstream portfolio.
The Madrid-based company is also discussing the sale of a stake in its renewable energy business to Saudi Aramco.
At the company's 2024-27 strategy update in February, CEO Josu Jon Imaz outlined a revised four-year spending plan. Repsol reduced its estimated gross capital budget of €24 billion-€26 billion ($25 billion-$27.5 billion) to €16 billion-€19 billion through measures including project finance and strategic stake sales.
