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Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."

Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.

The 55-kilometer pipeline, with an 8-inch diameter, will span the distance from the town of Chinchiná in Caldas to Pereira.

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

“His depth of experience and extensive network...will be valuable as we continue to execute our business plan."

Santiago Ángel expressed his optimism for a turnaround in a sector that brought in a relatively underwhelming $2.6 billion USD over the last four years.

"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).