The Permian Basin, one of the most prolific oil fields in the world, has become the epicenter of Colombia’s latest energy debate. Ecopetrol (NYSE: EC), which holds a 49% stake in the Texas and New Mexico-based project through a partnership with Occidental Petroleum (NYSE: OXY), is once again under pressure from President Gustavo Petro, who insists the company should sell its participation and redirect resources toward clean energy.
Ecopetrol (NYSE: EC) announced that its Social Gas Program has now connected 105,115 low-income families across 20 Colombian departments to the natural gas network, marking a major milestone in its efforts to expand clean and affordable energy access.
Colombia’s Ministry of Finance (MinHacienda) approved Ecopetrol’s request to contract a domestic loan of up to CoP$700B (approximately US$175M) with Banco Davivienda, providing the state-owned oil company with additional short-term financial flexibility amid its broader funding strategy.
Parex Resources Inc. (TSX: PXT) has taken a bold step to expand its footprint in Latin America’s energy market by offering to acquire GeoPark Limited (NYSE: GPRK) for US$9.00 per share in cash, a deal that values GeoPark at roughly US$940M, including debt.
Colombia’s freight sector is sounding the alarm as road blockades surge nationwide, disrupting commerce and driving massive economic losses.
Colombia is now preparing to pivot back toward oil and gas as President Gustavo Petro’s term nears its end and energy insecurity mounts.
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