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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.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

Ecopetrol has struck oil in the Gulf of Mexico. It holds a 20% stake in the now-proven Warrior well site.

This the fourth auction in what Ecopetrol is calling the second stage of its divestment plan of its ISA holdings.

The public offering will take place before the start of common stock trading in the Colombian Stock Exchange on December 6.