Occidental to sell Colombia onshore assets for $825 million

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 CG.O for $825 million. The 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. Occidental has operated in Colombia alongside 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.

Source: Reuters