Colombian president announces intention to clear path for fracking — MercoPress
Colombian President Abelardo de la Espriella announced his intention to fully clear the way for hydrocarbon exploration and the signing of new contracts, including through the use of hydraulic fracturing. He said this in Santa Marta during a ceremony marking businessman Joaquín Gutiérrez's appointment as president of the country's largest company, Ecopetrol, MercoPress reports.
According to de la Espriella, the government will clear the way for exploration and the signing of new contracts, including fracking, while observing environmental responsibility criteria. He criticized the policy of his predecessor Gustavo Petro, under whom the signing of new exploration contracts was reduced as part of an energy transition strategy. The president also supported the Environment Ministry's steps to speed up licensing procedures.
Regulatory restrictions
The president's statement itself does not change the rules currently in force. Resuming fracking in Colombia requires revoking the previous administration's decision to halt pilot projects, as well as taking regulatory and judicial restrictions into account. The executive branch did not specify their exact status.
Hydraulic fracturing technology faces objections due to its potential impact on water resources and the risk of induced seismicity. Environmental organizations and the opposition were not represented at the ceremony.
More current news is available on the UA.News Telegram channel Telegram.
New Ecopetrol head
The ceremony took place at the Quinta de San Pedro Alejandrino estate in Santa Marta, where Simón Bolívar died. Gutiérrez called his appointment the beginning of a “new era” for Ecopetrol and said the company must be revived and seek a place among the world's leading oil companies.
The new head of Ecopetrol said the company would have a second headquarters in Barranquilla. He also promised to make it more economical, efficient, less centralized, and to strengthen its presence in the regions. Gutiérrez said he intended to develop “responsible fracking” and leave the company with reserves for decades.
Gutiérrez has a degree in business administration, had not previously worked in the hydrocarbon sector, and managed de la Espriella's presidential campaign. His appointment was announced by Ecopetrol's board of directors on Thursday. Shareholders renewed the board's composition on September 15. The Colombian state is the majority shareholder in the company, whose shares are traded on the stock exchanges of Colombia and New York.
