EC and OXY Extend Permian Basin Development Plan to Boost Production

Ecopetrol S.A. (EC) , a Colombian state-owned energy firm, has announced an extension of the development plan of Rodeo Midland Basin LLC with its joint-venture partner Occidental Petroleum (OXY) . Per Reuters, the two companies have agreed to renew their joint venture (JV), which was first established in July 2019.The JV’s future seemed uncertain when Ecopetrol stepped out of a different deal to acquire certain assets owned by Occidental for $3.6 billion, in August 2024. The assets were located within the P ...