Petrominerales to Acquire Stake in Colombian Pipeline

Petrominerales has entered an agreement to acquire a 5% stake in the Oleoducto Central (Ocensa) crude oil pipeline from Total E&P for $281m.

The 830km Ocensa pipeline begins onshore at the Cusiana and Cupiagua fields and terminates at the port in Covenas on the Caribbean coast of Colombia.

Currently, the pipeline transports 560,000 barrels of oil per day from the Llanos Basin.

The acquisition is expected to close on 20 July 2011, subject to customary regulatory approvals.