Petrominerales Acquires 5% Stake in Ocensa

Petrominerales has agreed to acquire a 5% stake in the Oleoducto Central crude oil pipeline from Total E&P, for a purchase price of $281m. The pipeline transports 560,000 bopd from the Llanos Basin to the Covenas port in Colombia. Petrominerales says it expects to transport 25,000 bopd of crude through the pipeline. The deal “helps secure shipment of future oil at an attractive price,” Petrominerales CFO Kelly Sledz tells LatinFinance. Sledz says the investment improves the company’s operating margin by $5 per barrel of oil. Petrominerales produced 40,800 barrels of oil per day in Q1, Sledz says. Petrominerales used TD Securities as its financial advisor on the deal and Godoy & Hoyos as its local legal advisors.