Colombia approves development of fracking industry
Colombia approves development of fracking industry
Sep 29, 2014 posted by Samuel Moldovan
Colombia’s national government has approved the use of fracking, a highly controversial drilling technique for extracting deeply buried natural gas deposits, in a bid to increase its reserves and sustain its hydrocarbon sector.
Current government estimates give Colombia about six and a half more years of oil production capacity before wells run dry.
The approval of fracking, which comes at the angst of many protest groups calling for a moratorium, reflects the government’s concern over increasing oil and gas reserves and extending the life of the country’s all important export industry and key lifeline to international exchange.
According to data from British Petroleum (BP), Colombia’s natural gas reserves are the lowest in the region, but because access to them has been largely restricted, the country also has the region’s second highest reserve-to-production ratio, meaning that opportunities to develop the industry are wide open as most reserves are mainly untapped.
More:
http://colombiareports.co/colombia-approves-development-fracking-industry/
