Billionaire Carlos Slim’s Grupo Carso agreed to acquire a 70 per cent stake in Geoprocesados’s Tabasco Oil, gaining access to the Colombian oil market as the country seeks to boost crude and natural-gas output.
Tabasco has a contract to explore and produce oil in a field in eastern Colombia called LLA 56, according to a statement released late yesterday by Mexico City-based Grupo Carso. No financial details of the transaction were given.
Slim is seeking to boost oil investments in Colombia because of the country’s open policies on exploration. Ecopetrol, the Colombian state-owned oil company, aims to double output by 2020.
