Ecopetrolmajority state-owned hydrocarbon companies, announced to the market that it is moving forward Negotiations with Occidental Petroleum (OXY) to review a possible acquisition of the company’s stake in the CrownRock company.
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It is worth remembering that at the end of last year OXY announced the purchase process of this company to strengthen its operation in the Permian Basin in the United States, where oil is produced using the technique of hydraulic fracturing (fracking).
Over there Ecopetrol is already operatingwith a significant production. However,or, now hopes to increase its participation in this important basinHowever, it is important to remember that One of the contracts for the operation in this basin could expire for Ecopetrol this year (Midland).
However, Another agreement to operate Delaware will be in effect until 2027. Negotiations are likely aimed at ensuring Ecopetrol’s presence in this operation, which supported its financial results in 2023.
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For the moment, the oil company said that Both the percentage of participation that would be acquired and the prices are studied that would be paid. So far, the companies have not reached an agreement on these points.
It is worth noting that although OXY is already moving forward in the process of acquiring CrownRock, this process would be effectively completed by Augustafter all conditions for carrying out the process have been successfully completed.
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The negotiation to achieve this The acquisition by OXY reached US$12 billion and would allow it to increase its production by 170 thousand barrels of oil equivalent per day (Kbpe), in addition to providing them with immediate cash flow.
CIn this context, the combined operation of Ecopetrol and OXY in this United States basin allowed a peak production of 100 Kboe to be achieved in May 2023.Of this production, 62% corresponded to what was owned by Ecopetrol.
This negotiation takes place at the same time that In the country, the discussion on the prohibition of hydrocarbon production using this technique even goes through Congress.Last year, a bill was passed in Congress seeking to ban this technique.
Although he completed several of the procedures, finally The Fifth Committee of the House of Representatives sank in the third debateThis result was regretted by the Environment Minister, Susana Muhamad, who said that it was “absolutely reprehensible.”
BRIEFCASE.
