LGI and GeoPark Holdings announced the closing of the previously reported sale to LGI of a 10% interest in GeoPark's oil and gas exploration and production blocks in Chile for US $70 million.
LGI is the energy, natural resource and trading affiliate of LG Corporation, the large international Korean company with 147 subsidiaries operating in over 50 countries and with annual sales exceeding US $100 billion. LGI has successfully invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan. LGI has adopted a long term strategy of investing in oil and gas upstream investments in emerging resource-rich countries and has targeted Latin America as a new growth region in accordance with its strategic partnership with GeoPark.
Commenting on the announcement, Dr. E. K. Lee, Vice President and Head of the Oil and Gas Business Division of LGI, said, "We are very pleased to acquire an interest in GeoPark's upstream platform which represents an attractive foundation for our future growth in Latin America and the first oil and gas investment by a Korean company in Chile. We believe this region represents an area of untapped opportunities and high potential that fits our long term strategic objective of growing a global energy business. Our partnership with GeoPark is a relationship of complementary strengths and we see the GeoPark team and its properties as a key first step in building our business in Latin America. We look forward to growing together with GeoPark."
Commenting on today's announcement, James F. Park, Chief Executive Officer of GeoPark, said, "GeoPark is pleased to close this transaction and views its strategic partnership with LGI as a key element of our future growth and expansion in Latin America. The opportunity to cement this relationship by an initial sharing of projects builds a solid base for a promising long term and committed acquisition partnership. It also clearly demonstrates the value of the business that GeoPark has developed since 2006."
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