BP to sell Colombian operations for $1.9B

LONDON, Aug. 3 (UPI) -- British petroleum giant BP said Tuesday it would sell its Colombia operations to a Canadian and Colombian partnership for $1.9 billion.

In the wake of the Deepwater Horizon oil spill in the Gulf of Mexico, the beleaguered oil company said in July it would sell $30 billion worth of assets in the next 18 months to raise funds as cleanup costs and legal bills escalate.

The majority share of BP Exploration Co. Ltd. would be sold to Colombia's national oil company Ecopetrol while 49 percent would go to Canadian firm Talisman, BP said in a statement.

Outgoing BP Chief Executive Officer Tony Hayward said he was "delighted" with the $1.9 billion price tag. After 20 years of doing business in Colombia, "it now makes sense for the assets to go to owners more willing than BP to invest in their future development."

The terms of the sale include a $1.25 billion upfront deposit with the remainder to be paid when the deal closes, BP said.