Colombian President Orders State Oil Firm to Exit U.S. Fracking Venture

President Gustavo Petro cites environmental concerns and plans to reinvest proceeds in clean energy projects.

Colombian President Gustavo Petro has directed the state-owned oil company, Ecopetrol, to sell its U.S. fracking operations in the Permian Basin.
The decision comes as Petro opposes fracking, describing it as harmful to nature and humanity, and advocating for a transition to clean energy.
Ecopetrol had planned to extend a joint venture with Occidental Petroleum, potentially producing 90,000 barrels of oil per day and investing $880 million.
Petro's announcement follows recent tensions with the U.S., where he conceded to President Trump's demands to accept deported Colombian migrants after threats of economic sanctions.
The sale of the fracking operations would mark a shift in Colombia's energy strategy, as Ecopetrol's U.S. ventures previously accounted for 12% of its total production.