The company is also less than a month away from spudding a new appraisal well on the Gibraltar field, where work has been delayed by opposition from the U'wa indigenous people.

"We started Zeus about three weeks ago. It is a deep and complex structure which will take some time to drill, but we are very interested in this prospect and believe that it could potentially yield a discovery of around 180 million barrels," said Miguel Silva, Ecopetrol's vice president for exploration.

Meanwhile,