Colombia's president orders national oil company to cancel US venture over environmental concerns
Colombia's president orders national oil company to cancel US venture over environmental concerns
apnews.com Colombia's president orders national oil company to cancel US venture over environmental concerns
Colombian president Gustavo Petro has ordered the state-run oil company Ecopetrol to cancel a joint venture with U.S.
Summary
Colombian President Gustavo Petro ordered state-run oil company Ecopetrol to cancel its joint venture with U.S.-based Occidental Petroleum (Oxy) over environmental concerns.
The $880 million project in the Permian Basin, set to produce 90,000 barrels per day, involved fracking, a practice Petro strongly opposes. He urged reinvesting in clean energy instead.
While Colombia bans domestic fracking, this marks the first time it has blocked an overseas fracking deal.