Ecopetrol chairman advocates immediate fracking in Colombia

Luis Felipe Henao, the newly appointed chairman of Ecopetrol, is advocating for the immediate implementation of fracking in Colombia to combat declining hydrocarbon reserves and rising gas import dependency. Henao stated that the country "no longer has time for pilot programs" and must move directly to execution to ensure energy sovereignty.

According to Henao, Colombia's proven natural gas reserves have decreased by approximately 46% over the last four years, while production has dropped by more than 30%. Currently, the nation imports over 30% of its gas consumption. He noted that gas reserves, which once had a 40-year outlook, have dwindled to approximately five years.

Addressing environmental concerns, Henao argued that the technique can be managed through proper environmental licensing and monitoring to protect aquifers. He suggested that developing unconventional reservoirs could provide ten times more gas capacity than currently available. Potential development areas mentioned include San Martín, Puerto Wilches, Barrancabermeja, and Yondó. Henao emphasized that such projects could boost local economies through increased royalties and employment.