Global law firm White & Case LLP has advised Occidental Petroleum Corporation (NYSE: OXY) on an agreement to sell its onshore assets in Colombia to The Carlyle Group for a total consideration of approximately UDS$825 million, with US$700 million upfront and the remainder payable subject to certain production and commodity price targets.
The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in the country with its exploration blocks offshore Colombia.
The White & Case team was led by partners Jay Cuclis and Emery Choi from Houston and included Houston partners Mingda Zhao, Bill Parish and Chad McCormick, as well as partners Richard Jones (London), Seth Kerschner (New York), Rebecca Farrington (Washington, DC), Daniel Levin (Washington, DC), David Hille (New York) and Cristina Brayton-Lewis (Washington, DC); counsels Fern Han (Houston) and Jeremy Kuester (Washington, DC); Houston associates Danny Hatch, James Langlois, Nicole Rodriguez-Fierro, Carlos Ramon Diaz Sordo, Michael Rodgers and Katherine Raunikar; Washington, DC associates Ashley Williams and Sandra Jorgensen; and Miami associate Amanda Parra Criste.
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