Ecopetrol, Colombia's state-owned oil giant, will resume fracking operations, reversing a previous court-ordered suspension and disregarding a ruling that found its pilot projects breached community rights. This aggressive push for new extraction comes as the company reports its weakest quarter in four years, pumping only 705,000 barrels of oil equivalent a day between April and June.
Incoming president Joaquin Gutierrez Caballero, who managed President Abelardo de la Espriella’s election campaign and holds no background in oil, declared Ecopetrol would apply what he termed "responsible fracking." He stated the company was taking charge at a moment of crisis, asserting there was no room for half measures. Colombia's oil reserves stand at 7.4 years, with gas reserves at 5.9 years, providing the material basis for this intensified extraction.
Profits Over People
The Constitutional Court ruled in 2024, two years ago, that Ecopetrol’s two fracking pilot projects, Kale and Platero, near Puerto Wilches on the Magdalena River, breached community rights. These projects had been suspended in 2022, four years ago, following a court order and a request from Ecopetrol itself. Despite this clear legal precedent protecting local populations, the company now moves to restart these operations, prioritizing potential profits over the well-being of those directly impacted.
Ecopetrol's drive for surplus extraction extends beyond fracking within Colombia. The company plans to invest approximately US$2.9 billion into developing the Sirius deepwater gas find, 77 kilometers off Santa Marta. This offshore project, projected to begin production by the end of 2029, in three years and three months, holds more than six trillion cubic feet of gas, representing a significant expansion of fossil fuel capital.
The State's Hand
The appointment of Gutierrez Caballero, a political operative without industry experience, underscores the state's role in facilitating capital accumulation through resource extraction. His rhetoric of "crisis" serves to justify policies that prioritize corporate output over the well-being of affected communities, effectively dismissing the Constitutional Court's prior ruling. President Gustavo Petro had, in February 2025, one year and seven months ago, asked Ecopetrol to sell its American fracking assets, a move that hinted at a potential shift. However, this request did not fundamentally alter the company's domestic extractive strategy, which continues to target Colombian resources.
Capital's Global Reach
Ecopetrol's operations are not confined to Colombia. The company holds a position in the Permian Basin of Texas, where output fell to 80,800 barrels a day in the second quarter from a peak of 115,000 in 2025. The consideration of divesting these American assets follows a previous government's blocking of a much larger deal in the same basin, valued at about US$3.6 billion, which led to the resignation of two board members. This demonstrates capital's fluid movement, seeking the most profitable avenues for extraction and investment across national borders, even as it intensifies exploitation at home. The company also announced a second Ecopetrol headquarters in Barranquilla, on the Caribbean coast, signaling further expansion of its administrative apparatus.