Avantegenera acquires Colombian Petrotesting

Avantegenera, the energy division of the investment firm Inveravante of Spanish businessman Manuel Jove, has acquired the Colombian oil exploration and production company Petrotesting Colombia SA eyeing to merge it with Vetra Energia, Inveravante informed on Tuesday.

The aim is to create an integrated company that complements Vetra Energia's experience and technical know how and has the necessary production to meet big scale business opportunities, it said.

Petrotesting owns 11 hydrocarbon producing fields in Colombia and is involved in oil services contracts for natural gas production in Mexico.

The company, which will result from the merger, will consolidate its position in Latin America, where Vetra is already present, and is targeted to boost its hydrocarbon production and increase its proven reserves to over 100 million barrels of oil equivalent in the next three years.

The operation is part of Vetra Energia's strategic plan which contemplates investments of over USD 300 million (EUR 232.2m) in the next four years.

The merger is subject to the approval of Colombia's anti-trust authorities.

Publication: ADP News
Provider: AII Data Processing Ltd.
December 10, 2008