Ecopetrol SA's joint venture with Occidental Petroleum in the Permian Basin continues to generate outstanding operational and financial results for the Colombian state-owned energy giant.
Ecopetrol's net production from the JV averaged 66,400 boe/d in 2023, up 76% compared to 2022, while EBITDA was $799 million in 2023, up 24% compared to 2022. Ecopetrol said gross production from the JV reached a record of 103,000 boe/d on Dec. 9.
The so-called Rodeo partnership was officially launched in 2019. Occidental owns 51% in the JV, while Ecopetrol owns the remaining 49%.
Ecopetrol's overall production, which comes mainly from Colombia, was 737,000 boe/d in 2023 compared to 709,000 boe/d in 2022 and 724,000 boe/d in 2019. the company reported Feb. 29 in its fourth quarter of 2023 financial press release.
Recommended Reading
Encino’s Tim Parker: Plenty of Utica Oil—and Takeaway Too
2024-11-15 - Encino Energy's Tim Parker tells Hart Energy's Nissa Darbonne about the economics of drilling in the company's Utica oil development at the DUG Appalachia Conference and Expo.
Baker Hughes Defies Nature with an Upgrade to Ol’ Fashioned Cement
2024-10-15 - Baker Hughes’ InvictaSet uses regenerative capabilities to provide operators with a sustainable cement solution that can last for years.
Exxon Plans Longest 20,000-Ft Wells on Pioneer’s Midland Asset
2024-11-04 - Exxon Mobil has already drilled some of the longest wells in the New Mexico Delaware Basin. Now, the Texas-based supermajor looks to go longer on Pioneer’s Midland Basin asset.
E&P Highlights: Sept. 23, 2024
2024-09-23 - Here's a roundup of the latest E&P headlines, including Turkey receiving its first floating LNG platform and a partnership between SLB and Aramco.
E&P Highlights: Sep. 2, 2024
2024-09-03 - Here's a roundup of the latest E&P headlines, with Valeura increasing production at their Nong Yao C development and Oceaneering securing several contracts in the U.K. North Sea.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.