The joint venture between Ecopetrol and Oxy operating in the Permian basin reached a record production of 100 thousand barrels per day
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The joint venture between Ecopetrol and Oxy operating in the Permian basin reached a record production of 100 thousand barrels per day
Jun 14, 2023
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Of the total barrels produced, 62 thousand barrels are owned by Ecopetrol.
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Since November 2019, 250 wells have been safely and efficiently drilled in the Midland and Delaware sub-basins.
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The operation is characterized by low emission intensity and water efficiency.
In May 2023, three years after the start of operations, the joint venture between Ecopetrol and Oxy reached a record production of 100 thousand barrels of oil equivalent per day (before royalties) in the Permian Basin, located in the United States.
Given Ecopetrol’s interest in the venture, 62 thousand barrels of the total number produced were allocated to Ecopetrol, which represents a significant achievement for the Company in terms of short-cycle asset production growth.
It should be noted that since November 2019, when the joint venture began operating in the Permian basin, more than 250 wells have been drilled in the Midland and Delaware sub-basins, contributing to this positive performance.
This outcome is the result of the commitment shown by the companies' workers and their adherence to the highest safety and TESG (SosTECnibilitdad®) standards to reduce emissions and use water efficiently in their operations.
“We are very pleased to report these operational achievements. These results were accomplished within a framework of safety and supported by cutting-edge technology and innovative processes, from both a technical and environmental standpoint, and by adhering to the highest standards,” said Ricardo Roa, president of Ecopetrol.
The implementation of advanced technologies and initiatives such as the implementation of emission monitoring systems and tankless facilities, which help minimize venting emissions, is also noteworthy.
With these results, Ecopetrol ratifies its commitment to the development of efficient and sustainable operations, allowing it to continue moving forward on the path to a fair energy transition.
Bogotá, June 14, 2023
