Spanish oil company Repsol, opens new tab has agreed to sell oil and gas production assets in Colombia to Geopark, opens new tab for $530 million, the two companies said on Friday.
The assets include Repsol’s oil extraction operation in central Colombia and a 25% stake in SierraCol Energia Arauca, the Spanish company said in a filing to the Madrid stock market operator.
The two assets can produce 16,000 barrels of oil equivalent per day, Geopark said in its statement.
Repsol said earlier this year that it planned to sell up to 4 billion euros ($4.23 billion) worth of assets to fund investments in renewable energy.
