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$12.24 0.2  1.4%

Last Trade - 07/05/21

Sector
Energy
Size
Large Cap
Market Cap £18.01bn
Enterprise Value £26.22bn
Revenue £9.55bn
Position in Universe 500th / 6858

ExxonMobil submits proposal for Colombia fracking pilot project

Wed 17th March, 2021 11:02pm
BOGOTA, March 17 (Reuters) - ExxonMobil Corp  XOM.N  has
submitted a proposal to carry out a pilot project for hydraulic
fracturing - or fracking - in Colombia, the oil company and the
Andean country's national hydrocarbons agency (ANH) said on
Wednesday. 
    ExxonMobil applied to carry out fracking investigations in
Colombia's Valle Medio del Magdalena basin, the ANH said.
    ExxonMobil confirmed in an email it had submitted a proposal
to the ANH, but did not elaborate.
    If the Platero investigative project is approved, ExxonMobil
will join Colombia's majority state-owned oil company, Ecopetrol
 ECO.CN , as the second company to begin a fracking pilot
project in the country.  
    "Colombia continues progressing in making the possibilities
of extracting gas and oil from non-conventional fields viable
with this proposal from ExxonMobil, which has extensive
experience in this type of project," ANH President Armando
Zamora said in a statement. 
    Following ExxonMobil's proposal, the ANH will have until
March 29 to evaluate the plan. 
    Development of non-conventional energy deposits - including
fracking for shale gas and coal bed methane - is highly
polarizing in Colombia and commercial development of such
deposits is currently not permitted.  urn:newsml:reuters.com:*:nL8N2HJ6KO
    Fracking pilot projects in Colombia are intended to acquire
sufficient scientific information so that decisions about the
future development of non-conventional energy deposits can be
made.
    While energy companies have long maintained that fracking
and other non-conventional hydrocarbon sources are important for
Colombia's economy and energy self-sufficiency, environmental
activists warn it will damage the environment and threaten
communities.    

    

 (Reporting by Oliver Griffin; Editing by Peter Cooney)
 ((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))
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