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Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

"There must be space for both the big mining companies and the small artisanal miners," says Dora Elena Balvín, secretary of mines in Antioquia.

Production was also up 4.1% over February of this year due to the reopening of several oilfields.

"It was difficult to determine what the risk was given the nature of the project we were trying to finance — a pipeline in the mountains," said Aquiles Mercado González.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

At a shareholder meeting today, Ecopetrol appointed its board of directors and external auditor for 2018.

The well is 55% owned by Ecopetrol with the remaining 45% stake held by Repsol subsidiary Talisman Colombia Oil & Gas Ltd.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.