CEPSA Sells Stake in Colombia Pipeline

Spain's CEPSA announced Wednesday that it has agreed to sell its share in the OCENSA oil pipeline in Colombia to private equity company Advent International.

CEPSA said the deal will allow it to keep its right to transport oil through the pipeline. OCENSA handles 60-percent of crude oil transportation from Colombia. The pipeline has a transport capacity of 590,000 barrels per day and runs for some 500 miles between the Los Llanos and the Atlantic Ocean.

CEPSA's interest in the pipeline is its strategic location: the pipeline starts near a CEPSA oil production site in the Los Llanos basin.

"Our involvement with OCENSA and its other shareholders has been a great experience. However, CEPSA is now focusing its efforts on hydrocarbon exploration and production in the company and we are sure that the new shareholders, Colombian pension funds Porvenir, Protección and Advent, will drive the transport business in Colombia. This is still a strategic installation for us, which is why we are keeping our right over transport," CEPSA CEO Pedro Miró said in a company statement.


Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  China's Honghua to Supply Middle East ... (Nov 27)
 -  Senegal JV Partners Receive 3-Year PSC... (Nov 27)
 -  88 Energy Expects Icewine #1 Drilling ... (Nov 27)
 -  University of Manchester Students Reac... (Nov 27)
 -  Wintershall Joins 'Zero Routine Flarin... (Nov 27)

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Manager - EPC
Expertise: Business Development
Location: Houston, MO
Sales Engineer - West Texas
Expertise: Business Development|Field Service Tech|Sales
Location: West Texas, TX
Sales Engineer - Oklahoma
Expertise: Business Development|Field Service Tech|Sales
Location: Mid-Con, OK
search for more jobs

Brent Crude Oil : $46.17/BBL 0.10%
Light Crude Oil : $43.04/BBL 0.39%
Natural Gas : $2.21/MMBtu 0.45%
Updated in last 24 hours