Repsol has reached an agreement to sell its oil and gas assets in Colombia to GeoPark for $530 million (€500.7 million). The transaction involves the transfer of Repsol Colombia O&G Limited, which holds a 45% stake in the CPO-9 Block in the Meta Department (operated by Ecopetrol with a 55% interest), as well as a 25% stake in SierraCol Energy Arauca, which manages the Llanos Norte asset in the Arauca Department.

This sale forms part of Repsol’s strategy to optimise its portfolio. The company stated that the proceeds would reduce its net debt by approximately $500 million (€473.4 million). At the end of September, Repsol’s net debt stood at €5.53 billion, an increase of €937 million compared to June figures.

Repsol also noted that the transaction would have an estimated accounting impact of -$130 million (€123 million) on its 2024 financial results, with final adjustments to be confirmed when the deal is completed, likely in the first quarter of 2025.

This agreement follows a series of divestments by Repsol in 2023, which included offshore gas fields in Trinidad and Tobago and solar assets in Chile, amounting to a total of €544 million. The current transaction remains subject to regulatory approvals and the exercise of pre-emption rights by Repsol’s partners in the affected projects.

For GeoPark, the acquisition represents a strategic step in the Llanos Basin, one of Colombia’s most productive oil regions, where the company is already a prominent operator. GeoPark highlighted that the newly acquired assets would provide immediate production, robust cash flows, and substantial low-risk growth opportunities.

The acquisition will be funded through a combination of cash and debt, including a $345 million (€326 million) non-recourse credit facility arranged by Macquarie Bank.

This transaction further consolidates GeoPark’s position in Latin America, securing access to high-quality, proven assets, while enabling Repsol to streamline its global operations and focus on its strategic priorities.