Ecopetrol and Oxy extend Permian's Midland development plan

This Ecopetrol press release was published in English using an automatic translation system.

Ecopetrol and Oxy reached an agreement to extend the Midland development plan in the Permian basin in Texas, United States, within the contract signed in July 2019.

This agreement, reached by the companies, provides for a drilling plan of 34 development wells to be executed between April 2025 and June 2026, in addition to those being executed in the first months of this year.

The agreement maintains the possibility of signing a new extension of the Development Plan in the future, depending on the conditions of the macroeconomic environment, the situation of the industry and the interests of the partners.

Ecopetrol and Oxy will maintain an active independent contract for the development of the Delaware sub-basin, which will remain in force until 2027.

“With this 2025 investment plan by Ecopetrol Permian for the development of assets in the Midland and Delaware sub-basins, we will be able to drill nearly 91 development wells, with an investment of over US$880 million and which will allow us to produce close to 90 thousand barrels of oil equivalent per day,” said Ecopetrol President Ricardo Roa Barragán.

After five years of operation, Ecopetrol Permian and OXY have achieved positive operational and financial results, reflected in the growth of production and its contribution to the results of the Ecopetrol Group.

Permian is recognized as one of the basins with the largest hydrocarbon reserves and one of the most productive in the world, where there is also a robust infrastructure for the development of oil projects.