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Total Sells Colombian Assets To Sinochem For $1 Billion

PARIS -(Dow Jones)- French oil major Total SA (TOT) said Wednesday it has agreed to sell assets in Colombia to Chinese state-run oil company Sinochem International Corp. (600500.SH) for about $1 billion, as part of a plan to focus on exploration in the Latin American country. Total will sell the stake its unit Tepma owns in the Cusiana natural gas field, and the stakes it owns in two Colombian pipelines, according to a statement. The stake in Cusiana represents 7,000 barrels of oil equivalent a day. The operation at the Cusiana gas field is due to be reverted to Colombian state-controlled oil company Ecopetrol SA (EC) in the coming years. The transaction still requires the approval by antitrust authorities. The sale is part of an asset optimization strategy carried out by Total to focus on business with more growth potential. Total explores for oil and gas in Colombia and will keep E&P assets in the country. "Disposing of these mature assets and positions in transportation infrastructures is in line with our ongoing asset optimization strategy," Olivier de Langavant, senior vice president for strategy business development at Total's exploration and production. "For Colombia, it will allow us to focus our expertise on exploration assets with higher potential." Total said the sale of the assets to Sinochem follows the sale of two 5% stakes in the Colombian pipeline operator Ocensa to Petrominerales (PMLGF) and to Spanish company Cepsa. Chinese state-run oil and mining companies have made a big push into Latin America over the past two years. In 2010, Sinochem acquired a 40% stake in Statoil's Peregrino offshore oil field in Brazil for $3.07 billion. Sinochem had already acquired oil assets in Colombia in 2009. -By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com

Stock News for Engelhard (EC)
DateTimeHeadline
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04/25/201419:56:22Colombia's U'wa Indians Continue Oil Protests After Talks Fail
04/24/201422:40:13Colombia Aims to End Oil Companies, Indians Standoff
04/24/201421:57:32Colombia Aims to End Standoff Between Oil Companies, Indians...
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12/09/201317:31:15ADR Shares End Mixed as Markets Digest Fed Officials' Speeches
11/07/201310:28:09Ecopetrol: Oil Exports to Asia saw "Significant Increase" in...
10/21/201315:17:14Brazil Awards Libra Oil Field Rights to Consortium of Petrobras...
09/20/201303:10:14Asian National Oil Companies Top Brazil Bidders
09/11/201315:54:08Ecopetrol of Colombia Sells $2.5 Billion in Bonds
09/11/201313:39:09Ecopetrol of Colombia in Market With $2.5 Billion Bond Sale
06/03/201303:18:17Quadrise Fuels Signs Latin America Memorandum with Ecopetrol...
05/24/201313:00:42Colombia's Cano Limon Pipeline Halted After Rebel Attack -Ecopetrol
04/12/201317:04:31ADR Shares End Lower Amid Downbeat U.S. Data, Cyprus Confusion
03/19/201311:28:44Oil Companies Seek Reforms in Peru to Reverse Declining Crude...
03/01/201303:55:10Skanska Gets $51 Million Oil Field Contract in Colombia
02/12/201314:02:50Colombia Rebel Bombings Shut Two of Ecopetrol's Main Oil Pipelines
01/23/201315:30:58Colombia Rebels Blamed Again for Cano Limon Pipeline Bombing;...
01/14/201313:16:49Colombia's Cano Limon Pipeline Resumes Pumping after Attack
01/09/201307:18:52Colombia Rebels Bomb Cano Limon Oil Pipeline; Pumping Halted

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