The two companies will pay BP a total of $1.9bn (£1.2bn) in cash for 100 per cent of the shares in BP Exploration Company (Colombia) Limited (BPXC), a wholly owned BP subsidiary.
Subject to regulatory and other approvals, the sale is expected to be completed by the end of the year.
The sale of the Colombian business is part of BP’s plan, announced on 27 July, to divest up to $30bn of assets over the next 18 months.
On 20 July, BP announced that it had agreed to sell assets in the US, Canada and Egypt to Apache Corporation for a total of $7bn, and the company has also recently informed governments in Pakistan and Vietnam that it intends to divest its upstream interests in these countries.
Under the terms of today’s agreement, Ecopetrol and Talisman are due to pay BP a cash deposit of $1.25bn, with the balance of payment due on completion of the sale.
BPXC is said to have assets including interests in five producing fields in four association contracts, four separate pipeline interests and two offshore exploration blocks. Net-proved reserves total 60 million barrels of oil equivalent (boe) and BPXC’s net production is approximately 25,000 boe a day.
BPXC employs approximately 470 staff, the majority of whom are expected to transfer with BPXC to its new owners.