Canada's Gran Tierra to sell South American assets to Maurel and Prom in $1.33 billion deal
Canada's Gran Tierra to sell South American assets to Maurel and Prom in $1.33 billion deal Aug 5 (Reuters) - Canadian oil and gas producer Gran Tierra Energy GTE.TO said on Wednesday it had agreed to sell its Colombian and Ecuadorean oil operations to France's Maurel & Prom MAUP.PA for $1.33 billion, including debt.
Here are a few details:
Gran Tierra said it expects to receive net proceeds of about $315 million from the transaction, comprising $250 million in cash and a $65 million unsecured note.
The divested business includes all of the company's South American assets, which produced about 29,000 barrels of oil per day in the first half of 2026, the Canadian energy company said.
Gran Tierra expects to return a portion of the proceeds to shareholders through share repurchases.
The divestment is part of the company's strategic portfolio review, after which it aims to focus capital on its retained assets.
The Canadian company said the deal would eliminate most of its interest costs, generating annual savings of about $80 million.
(Reporting by Sumedha Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)
((Sumedha.Mukherjee2@thomsonreuters.com))
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