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The French firm cited "significant delays in granting the environmental permits and licenses by local entities."

Ecopetrol subsidiary Reficar has asserted that CB&I has entered into an internal restructuring to avoid honoring the debt a court ordered it to pay in June.

With this marking the second failed tender, many are concerned for the long-term gas supply in a region that lacks infrastructure and stability.

EPM revealed the $983 million USD settlement sum last month after a court ordered the Colombian public utility to disclose the figure paid by its insurer Mapfre.

New exploration and drilling in Colombia and Ecuador came alongside the Canadian company's large Guyana discovery this quarter.

The board of directors' decision has spurred fears of a leadership crisis and controversy about the future of Colombia's most important company.

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.