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Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.

BP will be the operator of the exploration and has a 50% holding in the block. CNOOC has a 30% interest, with Ecopetrol having rights to 20%.

All shareholders of record at the close of business on January 3 will be eligible to receive the dividend.

Arrow Exploration will bring in $5 million USD by selling a 46.9% interest in what it refers to as the the "deeper section" of the block and a 20% interest in the "shallow section."

"This joint venture forms an important part of Frontera's plans to build growth for the future,” said Gabriel de Alba, chairman of the board of directors of Frontera Energy.

"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

The diesel Ecopetrol distributed across Colombia in September had an average of 17 parts per million, just north of the 15 ppm limit mandated in the United States.

The new deal with the Petroleum Industry’s Workers Union (USO) lasts through 2022. Workers will receive a raise of the inflation rate plus 1.21% in 2018 and inflation plus 1.7% in the next four years.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."