Occidental Petroleum Corporation (NYSE: OXY) has announced that it has signed an agreement to sell its onshore assets in Colombia to The Carlyle Group for a total consideration of approximately $825 million.

According to Oxy, $700 million of the agreed amount will come up front and the remainder will be payable subject to certain production and commodity price targets. The deal, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Oxy said it will retain a presence in the country with its exploration blocks offshore Colombia.

“Occidental has operated in Colombia, in partnership with Ecopetrol, for more than 40 years and is honored to remain a key partner in driving the country’s energy evolution,” Oxy President and CEO Vicki Hollub said in a company statement.

“We have expanded our strategic partnership with Ecopetrol to the onshore U.S. and to exploration blocks offshore Colombia. These highly prospective offshore blocks hold tremendous potential that could significantly bolster the country’s energy resources,” Hollub added.