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The new deal with the Petroleum Industry’s Workers Union (USO) lasts through 2022. Workers will receive a raise of the inflation rate plus 1.21% in 2018 and inflation plus 1.7% in the next four years.

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. 

This is the 20th illegal valve the company has found this year in this specific pipeline, according to Ecopetrol.

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

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.

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

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

Bancolombia topped the rankings in 2017, but fell one spot to second place in this year's Merco report.

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