Occidental and Ecopetrol, two oil and gas exploration and production company, completed a $1.5bn joint venture transaction. Ecopetrol owns 49% interest in the new venture and Occidental owns a 51% interest and operates the joint venture. "We are excited to partner with one of the largest operators in the Permian Basin, especially one we have worked successfully with for so many decades. This is a key step to enhance our reserve base and production growth whilst we strengthen our capabilities in shale development and bring this technology to Colombia for the economic benefit of the country," Felipe Bayon, Ecopetrol CEO and President.