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Under Petro’s governance, Colombia has gone from being a net exporter to a net importer of natural gas.

The announcement is a positive sign for collaboration between the two oil giants.

Along with an average reserve life of 7.6 years, Ecopetrol reported net profit of 19.1 trillion Colombian pesos.

The determination is tied to the drop in the big three rating agency's outlook of Colombia's credit rating from stable to negative.

Investments in oil exploration and production represent about half of the annual plan total.

Citigroup said in a statement that the confusion sends the wrong message and challenges board independence.

Besides Colombia. Ecopetrol has assets in the US, Brazil, México, Chile, Peru, Bolivia and Chile.

Ecopetrol reports sales down 23.6% year-on-year for the 4th quarter of 2020, to 14,190 trillion Colombian pesos, or 3.95 billion USD. Full year sales are down 29.4% to 13.8 billion. The company was able to report net income of 1.7 trillion pesos, or $471 million USD.

By the end of 2020, the Ecopetrol Group's net proven reserves totalled 1,770 million barrels of oil equivalent (MBOE), which represents a 6.5% decrease versus 2019 (1,893 MBOE). The reserves replacement ratio was 48%, with an average reserve life of 7.5 years.

The president of Colombia’s largest company, oil giant Ecopetrol (NYSE: EC)) is facing arrest after a judge in the capital of Colombia’s Nariño department issued a warrant for his detention.