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Oxy, Ecopetrol Finalize $1.5B Permian JV; Plan to Double Rigs in 2020
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Occidental Petroleum and Ecopetrol SA have finalized their previously announced $1.5 billion Midland Basin JV deal.
The JV will focus on the development of unconventional reservoirs in approximately 97,000 acres of the Midland Basin.
For these purposes, Ecopetrol Permian LLC, 100% owned by Ecopetrol S.A., has acquired a 49% stake in Rodeo Midland Basin LLC. After the transaction, which has an already announced value of approximately 1.5 billion dollars (50% in cash and 50% in carry), Occidental will retain 51% of Rodeo Midland Basin LLC, through its affiliate Occidental Midland Basin LLC.
Current Ops - Plan to Double Rig Count
Presently, there are two rigs in operation in the area. Two wells have been drilled and are in completion in order to achieve their first production by the end of 2019. Activity levels are expected to continue to increase through next year, with four rigs expected to be in operation by the end of 2020.
The JV is expected to allow the Ecopetrol Group to incorporate proven reserves of approximately 160 million boe by the end of 2019.
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