Exxon Said to Apply Brakes on Colombian Shale After Crude Rout
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The collapse in crude oil prices is derailing Colombia’s hopes of developing shale deposits as a way of countering stagnating conventional oil reserves, according to two people with knowledge of the matter.
Global drillers including Exxon Mobil Corp. are deferring shale exploration plans as crude’s 48 percent drop in the past six months exacerbates concerns over gaps in rules covering hydraulic fracturing in Colombia, said the people, who asked not to be identified because the matter isn’t public.