Fracking: Ecopetrol will not exit its operation without a careful analysis

This Monday Ricardo Roa began his work as president of Ecopetrol, the main company in the country. After having introduced himself and giving the keys to his management, he clarified doubts about the fracking operation that the company currently has.

(Energy generation, objective of the new presidency of Ecopetrol).

It is about the production of crude oil with this technique in the Permian basin in the United States, where it has been since 2019. The financial results of this show that its Ebitda margin is the highest of all operations.

In this regard, Roa pointed out that he will not leave any asset until he analyzes its status. He qualified that “A responsible company that is due to its corporate governance does not make decisions to invest or divest without a rational and judicious economic exercise.”

He pointed out that before making a decision of this type, one must take into account what objectives one would have with that money, also taking into account its high level of profitability, for whose output the effect on shareholders must be considered.

(Why the Government ruled out reforming the Mining Code).

In the case of the pilots using this technique that had been awarded in Colombia, he explained that he will have to review the status of the contracts and that to the extent that “There are clauses to get out of these contracts” they will have to be analyzed “within the framework of what is duly applicable in the responsibilities acquired with the counterparty”.

It should be remembered that in September of last yearEcopetrol asked the National Hydrocarbons Agency to suspend for 90 days the contracts of Kalé and Platero, located in Puerto Wilches, Santander.

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