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Researchers were able to find the “optimal operating parameters” and the rate of air injection that simulate the emulsions recorded at industrial level.

Repairs have not been completed due to “continued harassment by firing helicopters” and “anti-personnel mines,” said Ecopetrol.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

All six of the directors nominees were approved with an average affirmative vote of 98%.

Ecopetrol took over operation of the Recetor oilfield in Colombia this week after the expiration of its contract with Equión Energía.

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.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.