Ecopetrol (EC) said Monday its Ecopetrol Permian unit and Occidental Petroleum (OXY) have agreed to extend the development plan of Rodeo Midland Basin in the Permian Basin in Texas, under a joint venture formed in 2019.
The deal includes a drilling plan for 34 wells through April this year and June next year, the company said, adding that its unit may extend the development plan in the future.
The two parties will keep working on the development plan of the Delaware sub-basin, which will remain in effect till 2027, the company added.
Ecopetrol also said that the unit's 2025 plan for Midland and Delaware sub-basins includes the drilling of roughly 91 development wells for an estimated investment of about $885 million.
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