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Pearl was the country’s Environment Minister in 2011 where he led plans for the country to adapt to climate change, and was also High Commissioner for Peace, where he negotiated with guerilla groups ELN and FARC.

If the block proves to have the "significant potential" that the company expects, Frontera could upgrade its exploration license to the development phase.

GeoPark's fossil fuel reserves have fallen below seven years, something Fitch says the firm would be unable to “dramatically reverse” within the next 12 months.

Participate in the 5th International Congress and Exhibition: Colombia Oil & Gas 26-27 July 2023 in Bogota, Colombia.

Despite the arbitration ruling, Reficar's recovery of the $1 billion USD is now in question due to CB&I's bankruptcy.

"Companies, civil society and governments must continue to work together for the conservation and restoration of our forests," said Nicole Schwab, director of 1t.org.

The parties also agreed to allocate resources for social investment projects and energy transition forums.

"We have not said that we will not sign new search and exploration contracts," said Ecopetrol President Ricardo Roa.

The report is in support of the upcoming Hydrogen Latin America Congress & Exhibition.

More than 200 decision makers attend the Colombia Oil & Gas Congress each year.