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Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

Ecopetrol owns a 30% stake in the Anadarko-operated Warrior-2 well. The exact volume of the discovery is still under evaluation.

Repairs have not been completed due to “continued harassment by firing helicopters” and “anti-personnel mines,” said Ecopetrol.

The five top winners of the Ecopetrol Awards may receive more than $8,000 USD, and another 12 winners will walk away with $2,000 USD or more.

The new Ecopetrol subsidiary will be responsible for the subscription and execution of the petroleum contracts that the company has in Mexico.

The early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.

Ecopetrol said members of the Alto Unuma indigenous community have “taken by force” an onsite water disposal plant at Rubiales oilfield.

Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.

Ecopetrol is partnering with Pemex on one block and the Mexican subsidiary of Malaysian oil company Petronas on the other concession.

Both prospects are within the company's CPO-9 block and part of a contract between Ecopetrol and Repsol subsidiary Talisman.