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% ofOxy’s share of
capital expenditures. The transaction
is expected to close in......
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