Ecopetrol said gross production from the JV reached a record of 103,000 boe/d on Dec. 9. (Source: Shutterstock)
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.
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