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The rating reflects the company's status as the main producer of oil and gas in Colombia, with approximately 60% of the country's production.

Under Petro’s governance, Colombia has gone from being a net exporter to a net importer of natural gas.

The announcement is a positive sign for collaboration between the two oil giants.

Colombia's President Gustavo Petro has taken a definitive anti-petroleum stance, and has appointed his former campaign manager as Ecopetrol's CEO.

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.

Before being appointed CEO of Ecopetrol, Ricardo Roa ran Colombian President Gustavo Petro's political campaign.

The Komodo-1 well will reach 3,900 meters or almost 2.5 miles under the Caribbean Sea.

Frontera's $2.8 million net loss is an improvement over its $8.5 million net loss in Q1.

Ecopetrol is suffering from deteriorating corporate governance while the petroleum giant is led by Colombian President Gustavo Petro's political campaign manager.

This week, Petro was in Venezuela with Nicolás Maduro — and oil and gas topped the agenda.