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Herbert has worked for BP, Philips Petroleum, and Talisman Energy and has experience working in the oil sector in Colombia.

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

Colombia’s National Oil Association argues that the court’s ruling does not touch a critical article of Colombia’s tax code, Article 107.

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

Eléctricas de Medellín – Ingeniería y S.A.S is the buyer in a cash deal for what Frontera Energy called a “non-core asset.”

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."

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.