Colombian President Gustavo Petro has called on state oil producer Ecopetrol SA to sell its operations in the US, citing his government's position against fracking, which he says is destructive to nature and humanity.
Petro made the statement on Tuesday, February 4, 2025, a day after Ecopetrol announced an agreement with Occidental Petroleum Corp. (OXY) to expand its fracking operations in the Permian Basin in the southwestern US.
The agreement includes the drilling of 34 development wells this year and next, extending the Midland Development Plan in the Permian Basin, which spans parts of Texas and New Mexico. The Permian Basin is one of the world's largest hydrocarbon reserves.
Petro stated that he wants the proceeds from the sale of Ecopetrol's US fracking operations to be invested in clean energy. He argued that Colombia should prioritize life over death and that the country cannot afford to be afraid of the oil industry.
Ecopetrol's board of directors will ultimately decide whether to sell the US operations. The board has previously been divided on approving deals related to US assets, and its two independent members resigned last year.
Fracking has been a controversial issue in Colombia for years. Former President Iván Duque had promised not to allow fracking in the country, but his government approved pilot projects to assess the social and environmental impacts of the technology.