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Today's blockades in Santander have led to the loss of oil production while demonstrations in Meta earlier this week became violent.

Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.

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

The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.

SIGRA will use the hydrogen and the technology provided by HyGear for the hydrogenation of its edible fats and oils.

Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"GeoPark’s active drilling program in the first half of 2017 is already paying off," said company CEO James F. Park.