Gran Tierra Energy has agreed to sell its oil and gas operations in Colombia and Ecuador to Établissements Maurel & Prom (M&P) for a total enterprise value of $1.33bn (C$1.86bn).
The sale covers assets producing an average of 29,026 barrels of oil per day (bopd) on a working interest basis in the first half of 2026 (H1 2026), along with approximately 144 million barrels (mbbl) of proved plus probable (2P) certified reserves as of 31 December 2025.
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The transaction also covers a combined area of around 1.4 million gross acres across both countries.
The divested portfolio includes producing, development and exploration assets.
In Colombia, key producing assets cited in the transaction are Acordionero, Costayaco, Moqueta in the Chaza block and Suroriente, centred on Cohembi, along with recently acquired interests in Tisquirama and San Roque.
The Colombian assets provide a substantial base for ongoing development. Additional opportunities include the continued expansion of Tisquirama, the Cohembi-Raju area, the Pegasus prospect, and longer-term potential tied to the La Luna formation.
In Ecuador, M&P will acquire interests in the Oriente Basin including the Chanangue, Charapa, Conejo, Espejo, Iguana and Perico assets. These Ecuadorian interests offer producing fields, discovered resources, and further appraisal and exploration prospects.
All assets are oil-weighted and supported by established processing and storage facilities, and multiple export routes.
M&P, which is majority owned by Pertamina Internasional Eksplorasi dan Produksi, intends to grow production from the acquired portfolio to 40,000 barrels per day (working interest) by 2029–30.
According to M&P, the acquisition will establish a larger operated platform in Latin America, bringing together mature production, long-life reserves, and a range of development, appraisal and exploration assets.
M&P CEO Olivier de Langavant said: “This transaction marks a major milestone in M&P’s development and significantly strengthens our position in Latin America. We are acquiring a high-quality portfolio combining a large operated production base, long-life reserves, established infrastructure and a substantial inventory of development and exploration opportunities.
“Colombia is a country where M&P has enjoyed a long and successful history, and this acquisition significantly expands our position while creating a platform from which we can deploy our technical and operating expertise over the long term.”
Gran Tierra stated that it will direct a portion of the net proceeds towards a repurchase of its outstanding common shares, with final details and structure to be determined by its board.
The remaining funds will be retained for investment in operations in Canada and Azerbaijan and general purposes. In Azerbaijan, Gran Tierra has an enhanced development and production sharing agreement (EDPSA) for the onshore Guba-Khazaryani region, which includes a 65% working interest, operatorship, and a phased exploration and development period.
According to Gran Tierra, this divestment follows a broader portfolio review and will enable the company to focus on assets it believes offer stronger risk-adjusted returns and a clearer route to sustainable cash flow growth.
Gran Tierra president and CEO Gary Guidry said: “Gran Tierra’s agreement to divest of our Colombia and Ecuador business realises the significant value we have created in these assets and marks a deliberate repositioning of the company, which began in 2024 with the acquisition of the Canadian assets followed by the signing of an EDPSA for the onshore Guba-Khazaryani region within the Republic of Azerbaijan.”
The transaction has received unanimous approval from Gran Tierra’s Board of Directors. It is subject to approval by Gran Tierra shareholders, required creditor and prepayment buyer consents, regulatory clearances in Colombia and Ecuador, and other customary closing conditions.
The parties expect the deal to close on or around 31 December 2026, with an economic effective date of 31 March 2026.
