Colombia's president orders national oil company to cancel US venture over environmental concerns
BOGOTA, Colombia (AP) — Colombian President Gustavo Petro on Tuesday ordered the state-run oil company Ecopetrol to cancel a joint venture with a U.S.-owned company that was expected to produce around 90,000 barrels of oil per day, citing environmental concerns.
tap here to see other videos from our team.
Colombia's president orders national oil company to cancel US venture over environmental concerns Back to video
In a nationally televised speech, Petro said he opposed the recent extension of a deal between Ecopetrol and Occidental Petroleum, or Oxy, because it involved extracting oil through fracking, a controversial technique used to extract oil and gas from shale rock that has been criticized by environmental groups.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
“I want that operation to be sold, and for the money to be invested in clean energies,” Petro said in a meeting with his Cabinet that was livestreamed on social media. “We are against fracking, because fracking is the death of nature, and the death of humanity.”
Ecopetrol had announced on Monday it would renew its operations with Oxy in the Permian basin, an oil producing region that spans Texas and New Mexico, to develop 91 oil wells, investing over $880 million.
Ecopetrol said its projects in the Permian basin produced an average of 95,200 barrels of oil per day in the first nine months of last year. Operations in the Permian basin made up around 12% of Ecopetol’s total production last year.
Ecopetrol, controlled by the Colombian government but also listed on the New York Stock Exchange, saw its shares rise 2% on Tuesday following the announcement of its deal with Occidental. However, they fell slightly after Petro called for the agreement’s cancellation.
Colombia has refused to approve fracking projects on its territory, though it had not previously blocked Ecopetrol from taking part in fracking ventures overseas.
Environmentalists argue that fracking can pollute water sources and cause tremors.
____
Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america