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Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

Production was also up 4.1% over February of this year due to the reopening of several oilfields.

"It was difficult to determine what the risk was given the nature of the project we were trying to finance — a pipeline in the mountains," said Aquiles Mercado González.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.

From April 3-4, the Chilean capital will host discussions on regional energy policies, regulatory frameworks, renewable energies, natural gas, electrical transmission, and project financing, among others issues.

At a shareholder meeting today, Ecopetrol appointed its board of directors and external auditor for 2018.

The well is 55% owned by Ecopetrol with the remaining 45% stake held by Repsol subsidiary Talisman Colombia Oil & Gas Ltd.

MKMS Enerji Anonim Sirketi is a fully owned subsidiary of Canadian oil and gas company PentaNova Energy.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.