Colombia's Petro Calls for Sale of Ecopetrol Fracking Operations for Clean Energy Investment
BOGOTA, Colombia (Reuters) - Colombian President Gustavo Petro has urged the sale of state oil company Ecopetrol's fracking operations in the United States to fund investments in clean energy initiatives.
During a televised cabinet meeting, Petro directed the Minister of Mines and Energy, Andres Camacho, to explore the divestment as a means to transition away from fossil fuels.
"I want this operation to be sold so we can invest in clean energy in Colombia," Petro declared. "We cannot prioritize death over life."
This announcement comes after Ecopetrol inked a deal to extend its oil partnership with Occidental Petroleum in Texas's Permian Basin. In August 2022, Ecopetrol withdrew from a $3.6 billion acquisition of Occidental assets in the same region following Petro's directive to reduce the country's reliance on fossil fuels.