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The two state oil companies have already partnered to look for resources off the coast of Mexico.

For Canada, Colombia represents the smallest partner of the four nations at just $1.2 billion USD in trade last year.

The Frontera chairman called the move a “very strategic acquisition” that will support the firm’s push to reduce transportation costs.

Researchers were able to find the “optimal operating parameters” and the rate of air injection that simulate the emulsions recorded at industrial level.

"We are very pleased with the arrival in Mexico, a new milestone in the history of Ecopetrol," said company president Felipe Bayón Pardo.

Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

The early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.

Ecopetrol said members of the Alto Unuma indigenous community have “taken by force” an onsite water disposal plant at Rubiales oilfield.

Both prospects are within the company's CPO-9 block and part of a contract between Ecopetrol and Repsol subsidiary Talisman.

The new director is an executive at Newmont Mining Corporation, which acquired a board seat following a recent $109 million USD investment in Continental Gold.