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A&D - Colombia’s Ecopetrol joins Occidental in $1.5B Midland JV - August 2019
Occidental Petroleum is forming a $1.5 billion JV with Colombian national oil company Ecopetrol to develop 97,000 net acres of its Midland Basin leasehold. Ecopetrol will pay $750 million cash and $750 million of carried capital in exchange for a 49% stake in the acreage. Oxy will hold the remaining 51% and serve as operator. During the carry period, Ecopetrol will pay 75% of Oxy’s share of capex. Closing is expected in Q4. “Why do we actually go to the......
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