butters
High on a Hill
- Joined
- Jul 2, 2009
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Colombian president cancels joint US/Colombian oil production project the day after the Colombian company, Ecopetrol, had announced it was going ahead.
no doubt this is Colombia's way of biting back (with some real teeth) after the refugees/tariffs debacle a week back.
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.
“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.
"Drill, baby, drill!"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.
no doubt this is Colombia's way of biting back (with some real teeth) after the refugees/tariffs debacle a week back.
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