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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