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With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.

The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.

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.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"Both wells confirm the potential of this hydrocarbon province, located in the southern Colombian Caribbean," said Ecopetrol.

The public offering will take place before the start of common stock trading in the Colombian Stock Exchange on February 15.

"Investment reductions are expected to affect its ability to replenish reserves in the long run above production levels," said Lucas Aristizabal of Fitch.

Ecopetrol did not identify who attacked the pipeline, but a Reuters reports states that military sources believe ELN guerrillas were responsible.