Larrain y Asociados and Ashurst have advised LG International Corporation (LGI) on the sale of its 20% economic interest in upstream oil and gas assets in Chile and Colombia to its joint venture partner GeoPark Limited. The transaction closed November 29th.
GeoPark is a leading independent LatAm oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil and Chile.
The transaction gives GeoPark 100% ownership of its Colombian and Chilean operating companies, ending the eight-year strategic partnership between LGI and GeoPark in South America.
LGI is the global trading arm of the LG Corporation, South Korea's fourth largest conglomerate. LGI's primary focus is the development and trading of natural resources. It conducts coal, oil and gas, non-ferrous metals and palm oil businesses in Australia, South East Asia, China, the Middle East, Central Asia and South America.
The Larrain team was led by partner Carlos Ignacio Larrain, assisted by of cousel Ricardo Peña and associate José Antonio Larrain, while the Ashurst team was made up of partner Michael Neary, assisted by of counsel Chris Barry and Ricard Shi.
Aylwin Mendoza Luksic & Valencia, through its partner Pedro Aylwin, served as legal counsel to GeoPark.