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Ecopetrol texas

Ecopetrol signs agreement with OXY for fracking production assets in the U.S.

Ecopetrol Fracking Alliance

Ecopetrol S.A. formed a joint venture (JV) with the American Occidental Petroleum Corp. In order to develop fracking in the Midland of the Permian Basin in the state of Texas (USA) in the Permian Basin. It is recognized as the largest hydrocarbon production process in the world and one of the oil industry ‘s global focal points for the development of YNCs. (fracking)

In line with the company ‘s 2019- 2021 strategic planning priorities, Ecopetrol is focused on “growing reserves and production under strict capital discipline. This is supported by exploration, recovery, YNC and internationalization”.

Increases reserves by 160 M barrels

The closing of the transaction provides Ecopetrol with an approximate 10% increase over 2018 proved reserves. In fact, with the incorporation of 160 million barrels of oil equivalent (mboed) under fracking technology and the progressive increase in production until 2027. At that time, a net production process would be reached for Ecopetrol in the JV that is estimated at around 95 thousand barrels equivalent per day (kbped).

Objective: fracking technology transfer

For the Colombian oil company, the alliance represents a strong component of knowledge and technology transfer in fracking. Since personnel from the Colombian company will be directly involved in the activities in the country that has most successfully developed this technology.

OXY with the 51, will bring its experience as an operator and about 97,000 acres to be developed in an area with high hydrocarbon potential in the Midland del Permian. For its part, Ecopetrol will have a 49 participation and is linked to a down payment of 50 at the close of the transaction and 50 in carrying (deferred investment over time in activities covered by the development plan). During the carry-on period, Ecopetrol will pay 75 of Occidental’s share of JV investments. With a total equivalent investment of US$1.5 billion

For its part, Ecopetrol Permian LLC, incorporated and in compliance with the regulations of the State of Delaware, is 100 owned by Ecopetrol USA Incorporated and by indirect means of Ecopetrol S.A. in the same percentage. Its economic activity will be oriented to the exploration, development and production processes of YNC.

“The transaction is aligned with the company’s capital discipline positively impacting ROACE (return on capital employed). Continuing with the planned organic and inorganic investments, and will be carried out with its own resources, without resorting to any debt,” said Ecopetrol.

He concluded by saying that the transaction is subject to regulatory approvals in the United States.

#fracking #Environment @ECOPETROL_SA #Environment www.obcpartners.com

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