Colombia's New President Backs Fracking and Oil Revival as El Nino Threatens Power Supply
Updated
Updated · The Associated Press · Aug 8
Colombia's New President Backs Fracking and Oil Revival as El Nino Threatens Power Supply
3 articles · Updated · The Associated Press · Aug 8
Summary
Abelardo de la Espriella used his inauguration Friday to promise a revival of Colombia’s oil and gas sector, a rebuild of Ecopetrol and a stronger electricity system.
He said the shift is needed because declining oil and gas reserves, delayed energy projects and rising electricity demand have left the energy system in a “critical situation.”
Fracking will be authorized under what he called the strictest technical and environmental standards, while new exploration is meant to restore reserves, improve energy security and draw investment back.
The urgency is heightened by an approaching El Nino, which can cut hydroelectric generation through drought and strain a power system still heavily reliant on water resources.
The agenda marks a sharp break from former President Gustavo Petro, who halted new exploration contracts and pushed Colombia’s transition toward renewables and Amazon protection.