EC and OXY Extend Permian Basin Development Plan to Boost Production

Core Viewpoint - Ecopetrol S.A. has extended its development plan with Occidental Petroleum for the Rodeo Midland Basin, continuing exploration and production activities in the Permian Basin despite previous uncertainties regarding their joint venture [1][2]. Group 1: Joint Venture and Development Plans - The joint venture between Ecopetrol and Occidental Petroleum was first established in July 2019 and has now been renewed [1]. - The new drilling plan includes the drilling of 34 wells between April 2025 and June 2026, with initial drilling activities expected to commence in early 2025 [3]. - An independent contract for the Delaware sub-basin will also be active until 2027, contingent on future interests and macroeconomic conditions [4]. Group 2: Production and Investment - Ecopetrol's production in the Permian Basin has increased by nearly 62%, reaching 95,200 barrels of oil equivalent per day (boe/d) according to the third-quarter report [5]. - The 2025 plan for the Delaware and Midland sub-basins includes an estimated investment of $885 million, with plans to drill approximately 91 development wells, aiming for an average annual production close to 90,000 boe/d net to Ecopetrol Permian [6].