BOGOTA, Feb 3 (Reuters) - Colombia's majority

state-owned energy company Ecopetrol has reached an

agreement to extend a contract with Occidental Petroleum ( OXY )

in the U.S. Permian basin, it said in a statement on Monday.

The plan includes investments of $880 million, the statement

said, and eyes drilling some 91 wells in the sub-basins of

Midland and Delaware.

The agreement for the Midland sub-basin includes the

possibility of extending the contract again in the future,

depending on the conditions of macroeconomic environment, the

industry environment, and the two companies' interest, the

statement said.

The two companies will hold a separate contract to

develop the Delaware sub-basin until 2027, the statement added.

Ecopetrol's operations in the Permian basin have had a

major positive impact on the company's production, according to

recent quarterly reports.