Ecopetrol Permian LLC and Occidental Petroleum Corp (OXY) have reached an agreement to extend their joint venture development plan in the Midland area of the Permian Basin in Texas, USA. This partnership was originally established in July 2019.
The extended agreement includes a drilling plan for 34 wells to be executed between April 2025 and June 2026, in addition to wells already being drilled in early 2025. The agreement also maintains the option for future extensions, subject to market conditions and partner interests.
Ecopetrol Permian's 2025 plan for the Midland and Delaware sub-basins involves drilling approximately 91 development wells, with an estimated investment of $885 million USD. This is projected to yield an average annual production of approximately 90 thousand barrels of oil equivalent per day, net to Ecopetrol Permian.
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