Colombia's Ecopetrol to Resume Fracking and Offshore Work as Reserves Dwindle
Ecopetrol's incoming president Joaquin Gutierrez said Colombia has only 7.4 years of oil reserves and 5.9 years of gas. He announced the state oil company would pursue fracking and continue offshore exploration, including the Sirius gas field off Santa Marta. The shift reverses the previous administration's ban on fracking, though prior pilot wells were suspended by courts and new legal challenges are likely.
Gutierrez, who ran Abelardo de la Espriella’s presidential campaign and lacks oil-sector experience, took Ecopetrol’s helm as output fell to 705,000 barrels of oil equivalent per day in the April–June quarter, the company’s lowest in four years. He cited proved reserves of 7.4 years for oil and 5.9 for gas.
The offshore focus includes Sirius, a deepwater gas discovery 77 kilometers from Santa Marta holding over six trillion cubic feet. Former president Gustavo Petro had banned fracking, and courts previously halted Ecopetrol’s two pilot wells, so renewed efforts may face litigation.
The restart could affect residents near proposed fracking sites and Caribbean offshore areas, who may weigh jobs and energy revenue against water and ecosystem risks. Ecopetrol’s dwindling reserves may intensify pressure on policymakers and courts, while consumers and public finances could face continued uncertainty if production stays weak or legal fights delay projects.