Houston-based Occidental Petroleum said it will extend its joint venture in Permian Basin with Columbia’s Ecopetrol SA through first quarter of 2025. Ecopetrol will earn additional interest in the JV’s Delaware Basin assets. Vicki Hollub, president and CEO, said Aug. 3 the two companies will enhance their JV in Midland and Delaware basins to encompass 20,000 net acres. The JV includes 17,000 acres in Texas Delaware that will utilize Oxy infrastructure.
Hollub said, “The JV has worked exceptionally well for both partners… We are fortunate to collaborate with a partner who has extensive expertise and with whom we share a long-term vision.” The JV was announced in 2019 valued at $1.5 billion.
