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Colombian President Cancels Oil Venture Citing Environmental Impact

Colombian President Gustavo Petro ordered Ecopetrol to abort its joint venture with Occidental Petroleum over environmental concerns surrounding fracking. The deal was projected to produce 90,000 barrels of oil per day. Petro insists profits should instead be invested in clean energy solutions.

Colombian President Gustavo Petro has mandated the state-owned oil company, Ecopetrol, to terminate its joint venture with the U.S. firm Occidental Petroleum (Oxy). This initiative, which aimed to produce around 90,000 barrels of oil daily, is being scrapped due to significant environmental apprehensions. In a public address, Petro expressed his opposition to the project, particularly because of its reliance on fracking, a controversial method criticized for its environmental impact.

Fracking, or hydraulic fracturing, is a method of extracting oil and gas from underground rock formations, particularly shale. The process involves injecting fluid at high pressure to create fractures, thus allowing fossil fuel extraction. This technique is contentious due to potential environmental damage, including groundwater contamination and increased seismic activity. Environmentally-conscious legislation in Colombia has resulted in a refusal to allow fracking on national soil, although they previously permitted Ecopetrol to engage in such ventures abroad.

In conclusion, President Petro’s intervention to halt the Ecopetrol-Oxy partnership reflects Colombia’s growing commitment to environmental preservation and clean energy investment. By redirecting funds from fracking practices towards sustainable energies, Petro aims to mitigate the ecological risks associated with fossil fuel extraction. This policy shift exemplifies the broader trend of governments re-evaluating energy strategies in response to climate change concerns.

Original Source: www.newsday.com

Lila Khan

Lila Khan is an acclaimed journalist with over a decade of experience covering social issues and international relations. Born and raised in Toronto, Ontario, she has a Master's degree in Global Affairs from the University of Toronto. Lila has worked for prominent publications, and her investigative pieces have earned her multiple awards. Her insightful analysis and compelling storytelling make her a respected voice in contemporary journalism.

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