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Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

Multiple municipalities have cast ballots overwhelmingly in favor of vetoing the right of corporations to mine nearby recently in a referendum practice known as a "consulta popular."

This represents a 1.6% increase over the production in May 2017 and a 0.1% increase from last month.

"It was difficult to determine what the risk was given the nature of the project we were trying to finance — a pipeline in the mountains," said Aquiles Mercado González.

Each was scrutinized in 10 categories, including internal controls, accounting records, and compliance programs.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

From Odebrecht and the Panama Papers to court and Congress officials accepting bribes, Colombians are increasingly fed up with their nation's pervasive corruption.

We profile some of the top contenders to analyze who is most likely to create a welcoming climate for the private sector.

"Colombia can’t really afford to turn its nose up at the wealth of resources it has at its disposal," says Paul Harris.