Ecopetrol in negotiations to acquire CrownRock stake from Occidental
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Colombia's Ecopetrol in Negotiations with Occidental for Potential Stake in CrownRock
BOGOTA - Ecopetrol, Colombia's predominant state-owned energy firm, announced on Friday that it is in discussions with U.S. oil giant Occidental Petroleum regarding the possible acquisition of a stake in CrownRock. Though specifics about the stake and financial aspects remain undisclosed, Ecopetrol indicated that the final decisions regarding the size of the stake and the investment amount would be determined after a thorough analysis.
Occidental Petroleum had moved to acquire shale oil producer CrownRock in December through a $12 billion transaction comprising both cash and stock, which included debt. In a reaffirmation of its strategy in May, Occidental revealed plans to sell off $4.5 billion to $6 billion worth of assets within 18 months following the finalization of the CrownRock deal, projected to be completed by August.
While Colombia does not currently engage in shale oil production, Ecopetrol, the country's largest enterprise, possesses shale operations within the U.S. Permian basin.
