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Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

USO said this week that it had presented a proposal to Ecoptrol that included a request for higher salary and improved benefits for some 35,000 direct and contracted workers.

Within this role, Caballero will be the compliance agent for financial reporting to the Colombian Finance Superintendency.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.

Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.

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

The Canadian oil company plans to buy back $250 million USD in previously issued notes, with the remainder going to “general corporate purposes."

The loans date back to 2013 and were issued with a payment schedule that would end in 2023.

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