In the Permian Basin, Occidental Petroleum Corp. (Oxy) and Colombia's state oil company Ecopetrol are jointly developing Oxy's Midland Basin unproved properties. The pair also have a joint venture (JV) focused on the natural gas potential offshore Colombia's Caribbean coast. The Permian Basin venture offers Oxy a way to move development plans in the basin forward while retaining production and cash flow from its existing operations there. The two companies recently agreed to enhance their Midland Basin JV and expand their partnership to cover acres in the Delaware Basin.
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