Fracking: 4 Companies Would Sue for Breach of Contracts
Energy attorney Inés Vesga was interviewed by El Colombiano about Colombia's Council of State's recent decision that legalized the policies that regulate fracking in the country. Following the ruling, some wonder what will happen if President-elect Gustavo Petro bans the practice after he takes office. Colombia would be exposed to large economic claims before international courts. Ms. Vesga pointed out that although a public statement was made by the appointed Minister of the Environment indicating that there will be no fracking, a legal mechanism to prohibit it has not been indicated.
"We do not know if he plans to repeal the regulation, if he is going to terminate the contracts or how he is going to execute his approach. Companies will respond based on the approach," she said.