BOGOTA, Feb 4 (Reuters) - Colombian President Gustavo
Petro on Tuesday called for the sale of state oil firm
Ecopetrol's fracking operations in the United States to
invest in clean energy.
The leftist leader's request was made to his minister of
mines and energy, Andres Camacho, in an unusual live broadcast
of a cabinet meeting.
"I want this operation to be sold in order to invest in
clean energy in Colombia, to be discussed technically, and
economically," he said. "It cannot be that we are for death and
not for life."
A spokesperson for Ecopetrol said the company would not
immediately provide a comment.
The meeting came a day after Ecopetrol announced an
agreement to renew its oil joint venture with Occidental
Petroleum ( OXY ) in the U.S. Permian Basin in Texas, first
signed in 2019.
The contract extension is set to run until 2027 with the
possibility of a further extension.
The firm's Chief Executive Ricardo Roa said on Monday
Ecopetrol could drill around 91 development wells with an
investment of over $880 million this year.
Ecopetrol's Permian Basin oil and gas production rose nearly
62% in the first nine months of last year to 95,200 barrels of
oil equivalent per day, according to the firm, while output
declined elsewhere.
Last year, Ecopetrol backed out of a $3.6 billion deal to
buy a 30% stake in shale producer CrownRock from Occidental at
the eleventh hour after orders from Petro, prompting the ire of
Occidental CEO Vicki Hollub.
"We worked on that deal from March to just last week, and we
thought we were done, but President Petro of Colombia
didn't approve of it," she said in an earnings call last August.
"Unfortunately, there are others in the world like Petro and
there are some actually in the United States who believe oil and
gas should go away and believe that we shouldn't be an
industry anymore."
Petro has made weaning Colombia away from fossil fuels a key
goal of his government.
"There is no other way for humanity but to stop the path of
fossil fuels," Petro said at the meeting on Monday. "This is not
happening because the oil companies are beating us, because we
are afraid of them. I am not afraid of them."