By Colin Kellaher

 

Ecopetrol S.A. (EC) on Tuesday said it received U.S. regulatory approval for its planned Permian Basin joint venture with Occidental Petroleum Corp. (OXY).

The Colombian oil and gas company said it expects to complete the transaction by the end of the year.

Ecopetrol and Occidental in July said the venture would develop 97,000 net acres of Occidental's Midland Basin properties in the Permian Basin, with Ecopetrol paying $750 million in cash plus $750 million of carried capital in exchange for a 49% stake in the venture.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 22, 2019 09:48 ET (13:48 GMT)

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