Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday.
Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping to negative $40 a barrel on April 20 as supplies ballooned while the coronavirus pandemic ravaged demand.
The majority state-owned company, which entered a joint venture with Occidental Petroleum in November last year, said it plans to drill another 22 wells this year.
Source: Reuters
