BOGOTA – Colombian President Gustavo Petro has instructed the state oil company Ecopetrol to terminate a joint venture with the American firm Occidental Petroleum. This decision is driven by concerns over the environmental impact of fracking, a method used to extract oil from shale that many environmental advocates oppose.
In a speech broadcasted nationwide, Petro expressed his disapproval of Ecopetrol’s recent agreement to extend operations with Occidental, which planned to develop 91 oil wells in the Permian Basin, a prominent oil-producing area in Texas and New Mexico. Petro emphasized the need for the profits from this venture to be redirected towards clean energy initiatives, stating, “We are against fracking, because fracking is the death of nature, and the death of humanity.”
Ecopetrol’s operations in the Permian Basin have significantly impacted its overall oil production, contributing to an average output of about 95,200 barrels per day in the past year, which accounted for 12% of the company’s total production. Despite the joint venture’s potential, the Colombian government’s refusal to allow fracking projects within its borders reflects its commitment to environmental sustainability.
Although Ecopetrol is partly government-controlled, it operates in the stock market and had seen its shares rise following the announcement of the Occidental deal. However, shares dipped after Petro’s call to halt the agreement, highlighting the tension between economic interests and environmental responsibility.
Critics of fracking point to risks such as groundwater contamination and minor earthquakes. As Colombia continues to navigate its energy policies, the conversation around balancing economic development with environmental protection remains at the forefront.
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Climate,Gustavo Petro,environment,World news
