French oil giant Total announced today the sale of Colombian energy assets to the Chinese state-owned petrochemical firm Sinochem for an undisclosed amount.
The French group said it would now focus on exploration activities in Colombia.
Total said it would sell its fully owned affiliate Tepma, which holds a "working interest" in the Cusiana oil field and stakes in the OAM and ODC pipelines.
The deal follows the sale by Total of a 5% stake in the Ocensa pipeline to Petrominerales and of another 5% holding in Ocensa to Cepsa in July 2011, a statement said.
The total value of the three transactions amounted to about $1 billion, Total added.
The oil group still holds a 5.2% share in the Ocensa pipeline, which produces around 7,000 barrels of oil equivalent per day, it said.
Disposing of the assets "is in line with an ongoing strategy and follows similar recent divestments such as the Gassled pipelines in Norway and mature fields in Cameroon," said Olivier de Langavant, senior vice president for strategy at Total.
"For Colombia, it will allow us to focus our expertise on exploration assets with higher potential," he added.
