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Both prospects are within the company's CPO-9 block and part of a contract between Ecopetrol and Repsol subsidiary Talisman.

As it celebrates its 32nd anniversary this weekend, the institute announced plans for a new cement laboratory and upgrades at its rock mechanics lab.

Colombian energy company Bioenergy has signed its first commercial deal to begin selling ethanol from its plant in Meta to Bogotá-based oil and gas leader Terpel.

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.

Today's blockades in Santander have led to the loss of oil production while demonstrations in Meta earlier this week became violent.

Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.

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.