Colombia Cancels $880M Oil Venture with US Company
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