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.

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.”

Approved – Sully

Article URL : https://financialpost.com/pmn/colombias-president-orders-national-oil-company-to-cancel-us-venture-over-environmental-concerns

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