Colombia’s state-run oil company Ecopetrol plans to start fracking pilot projects in the second half of 2020, once it secures regulatory approvals. Financing will come from the US$500m the company has already put aside for development of non-conventional deposits. Ecopetrol’s joint venture with Occidental Petroleum Corp in the Permian Basin (Texas, United States) will allow the company to develop the technical know-how it needs for tapping shale deposits in the future. Ecopetrol will develop at least four fracking projects, which are expected to bring in US$5bn/year in investment once producing oil.
Colombia currently produces more than 860,000 bbl/d of conventional oil. In 2019, two shale pilot projects proposed by ConocoPhillips (80% stake) and Canacol (20%) failed to meet minimum environmental requirements and were postponed by licensing authority ANLA.