Cespa Acquires Colombian Oil Project

Spain’s Compania Espanola de Petroleos (Cepsa) has agreed to buy oil exploration and production rights to fields in central Colombia from owner and operator Hupecol Caracara, it said. The amount was not disclosed, but reports in local press and wire reports put the value at about $900m. Cepsa acquired 70% of the Caracara project, which contains 40m barrels, and will become its operator. A 30% stake in Caracara will remain owned by Colombia’s state-run Ecopetrol.