Colombia’s Chief Asks Ecopetrol to Promote Its USA Shale Operation

Last updated: 2025/02/05 at 5:10 PM

Editorial Team 1 month ago

Colombian President Gustavo Petro referred to as on state oil producer Ecopetrol SA to promote its operations within the US, citing his authorities’s place in opposition to fracking, which he says is harmful to nature and humanity.

Majority state-owned Ecopetrol introduced this week it was extending a three way partnership with Occidental Petroleum Corp. within the Permian Basin within the southwestern US by June 2026. The ultimate choice rests with Ecopetrol’s board, which has flip-flopped on approving offers on US belongings earlier than and whose solely two impartial members give up final yr.

“I need that operation to be bought to put money into clear vitality in Colombia,” Petro informed Vitality Minister Andres Camacho on Tuesday in a cupboard assembly that was broadcast reside. “Let it’s mentioned technically and economically, but it surely can’t be that we’re for dying and never for all times.”

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The board has already authorized investments and drilling exercise by the three way partnership for your complete extension interval, based on BTG Pactual analyst, Daniel Guardiola, who added Ecopetrol’s belongings within the US are its greatest performing.

“In concept the contract is already signed for one yr. However this announcement ought to deliver uncertainty again to the desk,” he mentioned.

Ecopetrol didn’t instantly reply to a request for remark.

Colombia’s leftist chief has referred to as combating local weather change a matter of “life and dying,” has proposed a ban on fracking, and refused to grant licenses to discover new pure gasoline wells, even because the Andean nation faces a shortfall of the gas.

It’s not the primary time that Petro has requested Ecopetrol to backtrack on a take care of Occidental. Final yr, Ecopetrol pulled out of a $3.6 billion deal to purchase a stake in Texas shale-oil belongings from the US firm.

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