Ecopetrol, Oxy extend Permian partnership

HOUSTON, February 3, 2025 – Ecopetrol has signed a deal with Oxy to extend a partnership in the USA’s Permian Basin, the Colombian NOC announced on Monday.

The companies established a joint venture in July 2019 to develop the Rodeo Midland Basin asset, located in the wider Midland Basin, a prolific play in Texas.

The extended deal will involve the drilling of 34 wells between April 2025 and June 2026, in addition to those being executed under the current development plan for the first months of 2025.

Ecopetrol said that after five years of joint operations, it and Oxy had “achieved positive operational and financial results.”

The company’s Permian subsidiary, Ecopetrol Permian, foresees the drilling of around 91 development wells in its 2025 Plan for the Midland and Delaware sub-basins, with an estimated investment of USD 885 million and an average annual net production of approximately 90,000 boepd.

Oxy is a leading producer in the Permian, where it holds 2.8 million net acres.

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