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The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

Pacific Exploration has finalized its restructuring plan and is planning to invest $375 million USD this year to increase its production from the lows seen in the fourth quarter last year.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"Both wells confirm the potential of this hydrocarbon province, located in the southern Colombian Caribbean," said Ecopetrol.

GeoPark's initial tests at its new Jacana 11 appraisal well revealed a production rate of some 2,100 barrels of oil per day.

The public offering will take place before the start of common stock trading in the Colombian Stock Exchange on February 15.

"GeoPark’s active drilling program in the first half of 2017 is already paying off," said company CEO James F. Park.

"Investment reductions are expected to affect its ability to replenish reserves in the long run above production levels," said Lucas Aristizabal of Fitch.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.