Ecopetrol and Talisman have purchased the BP Exploration Company in Colombia for $1.75bn.

Ecopetrol will have a 51% share in the new company which has been renamed Equion Energia and Talisman will have the remaining 49% interest.

Equion generates nearly 90,000 barrels of oil equivalent a day and has proven and probable reserves of 94 million barrels of oil before royalties, Ecopetrol said.

The company’s operation will include the equity interest that BP had in the partnership contracts Piedemonte, Rio Chitamena, Tauramena and Recetor contracts, which cover the fields of Cusiana, Cupiagua in Recetor, Pauto and Florena.

Along with these are the interests in the exploration and production contracts RC4 and RC5, which have been signed with the Agencia Nacional de Hidrocarburos and which are located in the Atlantic coast of Colombia.

Equion also operates a gas plant in Cusiana, processing more than 200 million cubic feet to meet the demand for natural gas in Colombia.

Equion also assumes the interest that BP had in Oleoducto Central – Ocensa (24.8%), Oleoducto de Colombia (14.57%) and Oleoducto del Alto Magdalena (4.25%), as well as the 20% of Transgas de Occidente and the interest in Casanare gas plants.