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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.

Despite the arbitration ruling, Reficar's recovery of the $1 billion USD is now in question due to CB&I's bankruptcy.

"Companies, civil society and governments must continue to work together for the conservation and restoration of our forests," said Nicole Schwab, director of 1t.org.

The parties also agreed to allocate resources for social investment projects and energy transition forums.