(Source: Datamonitor)Petrominerales Ltd. has closed the acquisition of a 5% interest in the Oleoducto Central S.A., or Ocensa, crude oil pipeline from Total E&P Holdings, for a purchase price of $281 million. The 830 kilometre Ocensa pipeline starts onshore at the Cusiana and Cupiagua fields and terminates at the port in Coveñas on the Caribbean coast of Colombia. The Ocensa pipeline is presently running at capacity, transporting approximately 560,000 barrels of oil per day (bopd) from the Llanos Basin, representing sixty percent of the current total oil production in Colombia, the company said. Petrominerales expects to transport crude oil through the Ocensa pipeline commencing September 1, 2011, providing us with strategic access to transportation infrastructure. This acquisition is expected to lower transportation costs compared to trucking for a significant portion of Llanos basin production, especially in the near term given the limited existing transportation infrastructure in Colombia. Along with 9.65% interest in the Bicentenario pipeline (OBC), this acquisition supports long-term corporate objectives by securing strategic transportation capacity for production, including heavy oil opportunities. The acquisition of an interest in Ocensa aligns with Petrominerales' corporate objective of continuing to be the highest netback producer in Colombia, the company added.

Source