Talisman Energy sells Colombian pipeline stake for $595 mln

Tue Dec 10, 2013 8:36am EST
 
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Dec 10 (Reuters) - Canadian oil producer Talisman Energy Inc said it had sold its stake in the Ocensa oil pipeline in Colombia to an investment group led by Advent International for about $595 million, bringing total asset sales this year to $2.2 billion.

The company said in March it had set a target of $2 billion to $3 billion in asset sales over 18 months.

The stake of about 12 percent in the Ocensa pipeline was held by two affiliates.

Other Talisman affiliates will retain rights to transport about 63,000 bpd through the line.

Talisman said it would use the line to transport its own crude and generate third-party revenue from surplus capacity.

Ocensa manages Colombia's largest crude oil pipeline, with an average pumping capacity of 590,000 bpd.

The Advent-led group has also bought stakes in the line from Total SA and Colombian state oil firm Ecopetrol SA , bringing its total stake to 22 percent.

BMO Capital Markets and Credit Suisse Securities acted as joint advisers to Talisman.