President Petro’s cabinet meeting, livestreamed online, featured his call to sell off a state-owned oil operation. The proceeds, he declared, would be reinvested in clean energy initiatives. This decision stems from his administration’s strong opposition to fracking, which he characterized as environmentally and humanly destructive. The sale represents a significant shift towards a cleaner energy future for the nation.
President Gustavo Petro of Colombia has ordered the termination of Ecopetrol’s joint venture with Occidental Petroleum, citing environmental concerns related to fracking. The cancelled project, involving 91 oil wells in the Permian Basin and projected to yield approximately 90,000 barrels of oil daily, represents roughly 12% of Ecopetrol’s total production. Petro advocates for the sale of the operation and reinvestment in clean energy sources, firmly stating his opposition to fracking due to its environmental impact. While Ecopetrol’s shares initially rose following the deal announcement, they subsequently declined after Petro’s intervention.
John Q. Hosedrinker