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"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.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

Ecopetrol took over operation of the Recetor oilfield in Colombia this week after the expiration of its contract with Equión Energía.

With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.

"Both wells confirm the potential of this hydrocarbon province, located in the southern Colombian Caribbean," said Ecopetrol.

The Colombian Oil & Gas Congress, organized annually by ACIPET (Acronym in Spanish for the Colombian Association of Petroleum Engineers) and Corferias, is the principal petroleum industry event held in Colombia, and billed by its organizers as the fourth most important in...