Ecopetrol, Occidental Petroleum extend Rodeo Midland Basin JV development plan
Ecopetrol SA’s Ecopetrol Permian LLC and Occidental Petroleum Corp. (Oxy) have agreed to extend the development plan of Rodeo Midland Basin LLC under the joint venture signed by the companies in July 2019.
The agreement includes a plan to drill 34 wells in the Permian basin between April 2025 and June 2026, in addition to those being executed under the current development plan, Ecopetrol said in a release Feb 3.
In 2019, the companies formed a joint venture to develop 97,000 net acres of Oxy’s Midland basin properties in the Texas counties of Midland, Martin, and Howard.
Ecopetrol said the companies will keep active until 2027 an independent contract for development of the Delaware sub-basin.
For 2025, Ecopetrol said its plan for Permian's Midland and Delaware sub-basins include drilling some 91 development wells through estimated investment of $885 million to produce an average of 90,000 boe/d net to Ecopetrol Permian.
The companies said they will keep active an independent contract for the development of the Delaware sub-basin, which will remain in force until 2027.