Colombia’s President Takes Bold Action: Orders National Oil Company to Halt Controversial U.S. Project for Environmental Preservation

In a recent announcement, Colombian President Gustavo Petro instructed the state oil company, Ecopetrol, to end its partnership with Occidental Petroleum, a U.S. firm. This joint venture was set to produce about 90,000 barrels of oil daily. President Petro emphasized his concerns about the environmental impact of fracking, a technique both criticized and controversial.

Petro stated, “I want that operation to be sold, and for the money to be invested in clean energies.” He believes that fracking poses significant threats to nature and humanity. His comments came during a Cabinet meeting that was broadcast live on social media.

Ecopetrol had just announced plans to develop 91 oil wells in the Permian Basin, which stretches across Texas and New Mexico. This project was to involve an investment of over $880 million. During the first nine months of last year, production in the Permian averaged 95,200 barrels per day, accounting for around 12% of Ecopetrol’s total output.

Following the news of the deal with Occidental, Ecopetrol’s stock prices initially rose, but they dipped after President Petro’s announcement to cancel the agreement. While Colombia has previously disallowed fracking projects within its borders, it had not previously stopped Ecopetrol from participating in fracking operations abroad.

Environmental advocates continue to voice their concerns, pointing out that fracking can lead to water pollution and minor earthquakes. As the debate surrounding oil extraction and environmental sustainability continues, Petro’s push for clean energy reflects a growing trend in prioritizing ecological health over fossil fuel extraction.

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international, environment