Occidental says Ecopetrol will not buy stake in CrownRock

(Reuters) -Occidental Petroleum said on Thursday that Colombian firm Ecopetrol will not acquire a stake in its CrownRock assets.

Ecopetrol was in talks to buy a 30% stake in shale oil producer CrownRock from Occidental, according to a filing last month.

Last year, Occidental agreed to buy CrownRock in a $12 billion cash-and-stock deal, including debt.

Occidental said if a deal with Ecopetrol is not reached, "Ecopetrol will have an option to elect for the Rodeo Midland Basin Joint Venture to acquire the CrownRock assets, resulting in an indirect ownership by Ecopetrol of an undivided 49% interest in the CrownRock assets,".

Occidental in May reaffirmed its plans to sell about $4.5 billion to $6 billion of assets within 18 months of closing the CrownRock purchase, which is expected to be completed by August.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Sonia Cheema)