The Latin American oil and gas company GeoPark has decided to not proceed with the acquisition of Repsol's stakes in upstream oil and gas production assets in Colombia (45% working interest in the CPO-9 block and 25% interest in SierraCol Energy Arauca). The termination comes after Repsol’s partner in SierraCol Energy Arauca exercised its pre-emptive rights under the agreement to acquire a 25% interest in the SierraCol Energy Arauca (Llanos Norte) assets in the Arauca Department of Colombia.
The US$530m binding share purchase agreements to acquire Repsol’s assets were signed by GeoPark in November 2024, and they involved the acquisition of 100% of Repsol Colombia O&G, which holds a 45% non-operated interest in the CPO-9 Block in the Meta Department (operated by Ecopetrol with a 55% stake), as well as Repsol’s 25% stake in the Llanos Norte assets. The two assets had the potential to produce approximately 16 kboe/d net.