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Ecopetrol plans to drill 20 wells as it begins to develop the field this year and another 47 wells in 2019.

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

In five years, after more dredging and investments, Guillermo Peña Bernal believes the Port of Barranquilla will even better positioned to transport goods.

On top of the environmental and health risks, Ecopetrol said that 617 wells are out of commission and oil output is down by more than 20,000 barrels per day.

Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

Two companies in Carlos Slim's Grupo Carso have interest in taking over Odebrecht's role in the massive Magdalena River project.

The terrorist actions in recent months against the infrastructure of Ecopetrol, has been compounded by another recent menace: theft of copper cables that supply electrical power to oil wells. So far in 2015, Ecopetrol has reported 393 thefts of copper wire in three production...