Repsol sells its gas and oil assets in Colombia

Spanish company Repsol has announced the sale of its gas and oil assets in Colombia.

According to Report, citing Spanish media, the agreement reached with GeoPark is valued at $530 million and is part of the oil company's asset rotation strategy.

The deal includes GeoPark's acquisition of 100% of Repsol Colombia O&G Limited and 25% of shares in SierraCol Energy Arauca.

According to company estimates, with the received funds, this operation will reduce Repsol's net debt by approximately $500 million.