Investors are growing increasingly wary of Colombia’s struggling oil industry.
of 4.6 billion barrels of shale oil and 18 trillion cubic feet of shale gas. The Cretaceous Gacheta shale in the Llanos Basin is believed to possess a recoverable resource of 0.6 billion barrels of shale oil and 2 trillion cubic feet of shale gas. Those estimates indicate that Colombia has recoverable shale resources amounting to at least 5.2 billion barrels of oil and 20 trillion cubic feet of gas.
This decision allows Ecopetrol to progress with the Kale project which was granted an environmental license by Colombia's National Environmental Licensing Authority in March 2022. It also allows Colombia’s national oil company along with partner Exxon to proceed with the Platero development which is in the process of obtaining the required environmental permitting. There are expectations that the plaintiff will appeal the decision to put a cloud over both fracking pilots.
While this is a particularly positive development for the introduction of fracking in Colombia, which is the only means of ensuring a future for the country’s crucial oil industry, latest election results will stymie any further positive developments. Leftist candidate and senator Gustavo Petro emerged victorious from the June 2022 presidential runoff and he will be sworn in as Colombia’s next president on 7 August 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German Union Head: Entire Industries Could Fall Because Of Gas Bottlenecks | OilPrice.comGermany's trade union head sounded the alarm bells on Monday, telling local media that Russian natural gas supply cuts could lead to widespread industrial collapse.
Read more »
Russia Announces 82-Million-Ton Arctic Oil Discovery | OilPrice.comRussian oil and gas giant Rosneft claims to have made an 82-million-ton oil discovery in the Pechora Sea.
Read more »
Venezuela’s Largest Oil Refinery Halts Production Amid Blackout | OilPrice.comOperations at the biggest oil refinery in Venezuela have stopped following a blackout that was caused by an electrical fault, Reuters has reported, noting that the Amuay facility has a capacity to process 645,000 bpd.
Read more »
India Will Not Lift Windfall Tax On Oil Firms Until Crude Drops By $40 | OilPrice.comIndia’s windfall tax on oil companies and refiners, introduced last week, could stay for a very long time, as the government plans to withdraw it only when oil prices drop by $40 per barrel from current levels
Read more »
Tanker Operators Are Raking It In Sending Russian Oil To China | OilPrice.comTanker operators willing to ship Russian crude are making a substantial amount of money sending Russian crude to China from Russia’s Far East.
Read more »
How Oil Prices Could Hit $65 | OilPrice.comFuel demand could crumble if the world enters a recession, and oil prices could drop to $65 or lower as a result, according to Citigroup
Read more »