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The massive concert is the most high-profile development yet in a high-stakes border stalemate over humanitarian aid that has already led to the death of two people in Brazil.

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.

The expansion has included new stores in Cartagena and Barranquilla on the Caribbean coast in addition to the October launch of a location in Bogotá's Andino mall.

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

This is a fall from 2015, when Colombia ranked 103rd overall, and a substantial drop from its ranking of 84th in 2010.

Spaniards can enjoy a week of sun and vacations in Medellín for about €1,089, according to data from Kayak Spain.

Despite the drop — from 57th in 2017 to 60th this year — Colombia's overall score in the Global Competitiveness Report actually increasing by 0.1 points to 61.6.

Though slight, the body's upward revision for Colombia comes in contrast to the IMF’s overall expectations for the global economy.

Colombian state-controlled oil company Ecopetrol (NYSE: EC) (BVC: ECOPETROL) was among the exploration block winners today at an auction in Brazil and now holds the rights to a portion of the oil extracted from the Santos basin off the coast of South America’s largest...

Though Los Andes continues to excel, the nation’s other institutions continue to lag behind many of their regional peers in the rankings.