Colombia’s state-run Ecopetrol is set to make its debut in the US Permian shale in a joint venture with Occidental Petroleum as it looks to boost its reserves and gain experience in unconventional development.
Ecopetrol is expected to pay $750 million in cash and $750 million of carried capital for a 49% interest as part of a joint venture to develop 97,000 net acres in the Permian's Midland sub-basin.
