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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.

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

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

The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.

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.

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.

McAllister will remain in the position through March 9. Alejandro Piñeros will fulfill CFO responsibilities until a permanent replacement is appointed