Summary
Colombian President Gustavo Petro ordered state-run oil company Ecopetrol to cancel its joint venture with U.S.-based Occidental Petroleum (Oxy) over environmental concerns.
The $880 million project in the Permian Basin, set to produce 90,000 barrels per day, involved fracking, a practice Petro strongly opposes. He urged reinvesting in clean energy instead.
While Colombia bans domestic fracking, this marks the first time it has blocked an overseas fracking deal.
I find it deliciously ironic that a man named Petro has so much animosity for the petrochem industry.
Nominative un-determinism?
This is the first petrostate I feel like I can get behind.
Perhaps motivated a bit by Trump’s recent bullying by threatening tariffs.