By Vicki Needham - 08/03/10 07:05 PM EDT
Under the terms of the agreement, Ecopetrol and Talisman will pay BP a cash deposit of $1.25 billion with the balance of payment due on completion of the sale, BP said.
"I am really pleased with this deal. It fits into our strategic plan perfectly, bringing new reserves, production and potential areas for our exploratory portfolio," said Ecopetrol's Chief Executive Javier Gutiérrez in a statement today.
Hayward said the assets "have contributed significantly to BP's global production over the years. But it now makes sense for the assets to go to owners more willing than BP to invest in their future development."
On July 20, BP agreed to sell assets in the U.S., Canada and Egypt to Apache Corp. for a total of $7 billion, and the company has also recently informed governments in Pakistan and Vietnam that it intends to divest its upstream interests in those countries.
BP has agreed to create a $20 billion fund those affected by the Gulf oil spill.
This agreement doesn't affect BP's Castrol lubricants business and other downstream oil activities in Colombia.
Barclays Capital acted as sole advisor to BP on the transaction, BP said.