Full approval of fracking could result in extraction of 7 billion barrels of crude in Colombia

On October 31, Petroleum World reported, “Ecopetrol signaled it is prepared to spend big bucks on developing Colombia’s unconventional oil and gas reserves, reputed to be South America’s second-largest after Argentina’s.”

“[Ecopetrol CEO Felipe] Bayon said the company will spend $500 million on several in-country fracking pilot projects to start by the end of 2020.”

That article also notes, “While the government has approved the advance of pilot fracking projects, authorities have still not given the green light to actual E&P [exploration and production] of the estimated reserves, which could total up to 7 billion barrels of crude and equivalents, according to industry estimates.”

Fracking pilot projects in Magdalena Medio and La Guajira

RCN Radio adds, “Bayón said that they are currently waiting for the National Government to announce the regulations, from a technical point of view, around the pilots that would take place in the [departments of] Magdalena Medio and in La Guajira.”

Regulations to be ready this year

On October 2, Valora reported, “Regulations for fracking pilots in Colombia will be ready before the end of 2019: ANH.”

That article notes, “The president of the National Hydrocarbons Agency (ANH), Luis Miguel Morelli, said [on October 2] that the government is moving forward in the regulation of fracking pilots that would begin to develop in 2020.”

Investor guarantees

The Valora article highlights, “The official said the regulation would include guarantees for investors who place money to develop pilots in the country.”

Violation of constitutional rights

The Alliance for a Colombia Free of Fracking has stated that fracking would violate the Colombian constitutional principles that guarantee citizens the right to life, the right to water, and the right to a healthy environment.

Impact on campesinos

The United Nations Development Programme has highlighted that, “Colombia is at high risk from climate change impacts.”

The Bogota Post has also reported, “It is Colombia’s campesinos, who have already borne the brunt of a long conflict, who are likely to be hit hardest [by climate change].”