Oxy reaches $1.5B JV deal with Colombian oil co.

Houston-based Occidental Petroleum Corp. (NYSE: OXY) is acting as a gateway to the north for Ecopetrol’s fracking ambitions.

Ecopetrol — Colombia’s state-owned oil company — and Occidental reached an agreement July 31 on a joint venture in in the Midland Basin, according to an Ecopetrol press release.

Ecopetrol will pay Oxy $750 million cash up front and another $750 million to fund a portion of Oxy’s share of the JV expenses, according to Occidental’s quarterly report released July…


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