Ecopetrol, Occidental Extend Joint Venture Of Permian Basin Development

(RTTNews) - Ecopetrol S.A. (EC) Monday announced that its subsidiary, Ecopetrol Permian LLC, and Occidental Petroleum Corporation have agreed to extend the development plan for Rodeo Midland Basin LLC in the Permian Basin, Texas.

This joint venture, established in July 2019, now incorporates a new drilling schedule of 34 wells set to be executed from April 2025 through June 2026, in addition to the wells already planned for early 2025.

The extension agreement also leaves room for a future expansion of the Development Plan, depending on evolving macroeconomic conditions, industry trends, and the interests of the partners. Meanwhile, the existing independent contract for developing the Delaware sub-basin will continue until 2027, ensuring ongoing operational activities in that region.

Looking ahead, Ecopetrol Permian's 2025 plan for the Midland and Delaware sub-basins includes drilling approximately 91 development wells, with an estimated investment of $885 million. This initiative is expected to yield an average annual production of around 90,000 barrels of oil equivalent per day.

EC is currently trading at $9.61 up 3.61 percent or $0.34 on the New York Stock Exchange.