Crude oil is Colombia’s largest export responsible for around a third of the Andean country’s total exports by value. Colombia’s lack of proven oil and natural gas reserves, and the absence of large-scale discoveries for two-decades, points to fracking being the only viable means of sustaining its oil industry. Colombia’s previous government was in favor of fracking, but the current government is looking to ban the practice altogether. The controversial hydrocarbon technique hydraulic fracturing, known as fracking, which sparked the U.S. oil boom catapulting that country to become the largest petroleum producer globally, is drawing considerable attention in Latin America. A major fracking boom is underway in the region’s third largest economy , Argentina, which is driving oil and natural gas production to record highs. Mexico is also embracing the controversial hydrocarbon extraction technique to boost economically crucial petroleum output. Fracking is also under consideration in Bolivia, Chile and […]