Home News Headlines Colombia’s president orders national oil company to cancel US venture over environmental concerns
News Headlines

Colombia’s president orders national oil company to cancel US venture over environmental concerns

Share
Share

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.

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.

“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

Share

Latest News

Related Articles
Boats

For Sale! 2016 Sea Ray 350 Sundancer – $180,000

Reel Deal Yacht is pleased to feature a meticulously maintained 2016 Sea...

Sports

This small-town team in Sweden was a women’s soccer powerhouse. Then Europe’s big clubs took over

Sprinkled around its small, shared office are trophies and mementos signifying the...

Sports

More than half of US adults don’t want legal betting on college sports in their state: AP-NORC poll

Most U.S. adults think betting on professional sports should be legal —...

Sports

Pursuit of glory? Cold, hard cash? A new poll breaks down why people fill out March Madness brackets

As March Madness takes over this week, how many people are filling...

Sports

Rory McIlroy takes drama out of playoff to win The Players and build momentum to the Masters

The playoff was only three holes. Rory McIlroy needed only three swings....

About Us

Founded by Francesca Perez in Miami in 2022, A BIT LAVISH is your go-to source for luxury living insights. Covering yachts, boats, real estate, health, and news, we bring you the best of Miami's vibrant lifestyle. Discover more with Miami's Magazine.

Newsletter

Sign up for our newsletter to get the latest updates and articles directly to your inbox.

Please enable JavaScript in your browser to complete this form.

Copyright © 2024 ABIT LAVISH. Miami's Magazine Est. 2022, All rights reserved.

Legal Notice: At A Bit Lavish, we pride ourselves on maintaining high standards of originality and respect for intellectual property. We encourage our audience to uphold these values by refraining from unauthorized copying or reproduction of any content, logo, or branding material from our website. Each piece of content, image, and design is created with care and protected under copyright law. Please enjoy and share responsibly to help us maintain the integrity of our brand. For inquiries on usage or collaborations, feel free to reach out to us +1 305.332.1942.

Translate »