The find comes as Colombian gas reserves have fallen to critically low levels, and a recent court ruling halted operations in a major existing gas field.
Fitch says gpvernment-controlled enterprises may raise fiscal pressures and financing needs of governments that already face sizeable fiscal challenges.
"...and I say it once and for all, in projects of law that generate FORCED INVESTMENT in the private financial system of Colombia" - President Gustavo Petro
Ecopetrol is suffering from deteriorating corporate governance while the petroleum giant is led by Colombian President Gustavo Petro's political campaign manager.
While the fall was slightly better than expected, the positive difference is likely not enough to radicalize the central bank into taking more drastic measures.