(Reuters) – Debt-laden U.S. oil producer Occidental Petroleum Corp
said on Thursday it has agreed to sell its onshore assets in Colombia to private equity firm Carlyle Group Inc
for $825 million.
The cash-strapped company said it is continuing to advance other asset sales as it tries to find cash to pay off debt amid a crude price crash. It has so far announced over $2 billion worth of divestitures this year.
The Colombia assets sale, expected to close in the fourth quarter, includes the company’s operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins.
The company has operated in the Andean country alongside Colombia’s majority state-owned Ecopetrol
for more than 40 years. The two companies also have a joint venture in the Permian Basin in the United States.
Occidental said it will retain a presence in the South American country through its offshore exploration blocks.