Canacol's CEO Charle Gamba commented in late January 2018 that the sale of its Ecuadorian assets is expected to formally close this month. Canacol, in December 2017, agreed to sell its 25% WI in the Pardaliservices venture which operates the Libertador Field service contract in Ecuador for US$ 36.4 million, in order to focus efforts on developing Colombian natural gas production. The deal is with TecpetrolLibertador BV and Sertecpet E&P SL. It calls for an initial payment of US$ 30.4 million in January 2018, with the balance to be paid in July 2019. Canacol also said it would receive an immediate reimbursement of US$ 5.58 million related to a cash call it recently paid to the joint venture. Ecuadorean state-run Petroamazonas must approve the deal. "Funds from this transaction will be used to execute our gas focused exploration and development projects as we move toward our goal of exiting 2018 with 230 MMcf/d of gas sales, making us the largest supplier of gas to the Caribbean coast of Colombia," Canacol Charle Gamba said. Ecuador renegotiated the per-barrel-rate for the contract it has with Pardaliservices SA, covering the Liberator Field in the Oriente-Maranon Basin, state-run Petroamazonas said in late July 2017. Pardaliservices is the consortium that includes Tecpetrol, Schlumberger, and Sertecpet. The rates were renegotiated after oil prices began to fall in 2014. The new rate will be US$ 25.50/barrel from US$ 38.54/barrel. Moreover, Pardaliservices will invest an additional US$ 140 million in the 12,285 bo/d field. That will generate an additional US$ 166 million in revenue for the state through 2030, according to the Hydrocarbons Ministry. Pardaliservices was awarded the service contract in the Oriente-Maranon Basin on 31 January 2012 under the Mature Fields Special Tender Round.
Canacol sold its Ecuadorian assets to TecpetrolLibertador BV and Sertecpet E&P SL for US$ 36.4 million