BP said Tuesday it had agreed to sell its upstream and pipeline assets in Colombia to state-run oil company Ecopetrol and Canadian firm Talisman for $1.9 billion in cash. The UK company is seeking to raise $30 billion through asset sales to cover costs associated with its Gulf of Mexico oil spill. The Colombia sale will free BP of some of its non-core assets, including the declining Cusiana field, once a jewel of its Latin American portfolio, while also giving a boost to Ecopetrol’s ambitious plans to double production over the next 10 years.
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