Occidental Petroleum Corp. is teaming up with Colombia’s Ecopetrol SA to develop assets in the Permian’ Midland Basin in a joint venture (JV) worth up to $1.5 billion.

Nearing completion of its takeover of rival Anadarko Petroleum Corp., Occidental said July 31 alongside its second-quarter results that it had entered into definitive agreements with Ecopetrol to form the JV.

“As we move toward closing the acquisition of Anadarko and combining our two companies into an innovative and sustainable energy leader, we remain well-positioned to drive profitable growth and return excess cash to our shareholders,” Occidental CEO Vicki Hollub said in a statement on July 31, adding that the Ecopetrol JV is a further example of the company’s commitment to “enhancing our value proposition.”

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