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Colombian state-controlled oil company Ecopetrol (NYSE: EC) (BVC: ECOPETROL) was among the exploration block winners today at an auction in Brazil and now holds the rights to a portion of the oil extracted from the Santos basin off the coast of South America’s largest...

The new deal with the Petroleum Industry’s Workers Union (USO) lasts through 2022. Workers will receive a raise of the inflation rate plus 1.21% in 2018 and inflation plus 1.7% in the next four years.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

This is the 20th illegal valve the company has found this year in this specific pipeline, according to Ecopetrol.

Within this role, Caballero will be the compliance agent for financial reporting to the Colombian Finance Superintendency.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.

Ecopetrol plans to drill 20 wells as it begins to develop the field this year and another 47 wells in 2019.

The Canadian oil company plans to buy back $250 million USD in previously issued notes, with the remainder going to “general corporate purposes."

The loans date back to 2013 and were issued with a payment schedule that would end in 2023.