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USO said this week that it had presented a proposal to Ecoptrol that included a request for higher salary and improved benefits for some 35,000 direct and contracted workers. 

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.

Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.

The decision "constitutes a reaffirmation of a policy in line with improving quality of life of our population," said Bancóldex head Mario Suárez.

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

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.

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

Repairs have not been completed due to “continued harassment by firing helicopters” and “anti-personnel mines,” said Ecopetrol.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.