Ecopetrol’s Net Rises

Colombia’s state-run oil company Empresa Colombiana de Petroleos (Ecopetrol) posted a net profit of $373 million for the first quarter, up 39 percent year-on-year. Revenues grew 16 percent to $1.74 billion. Ecopetrol is aiming to boost oil exploration in Colombia and has promised to award new concessions in order to increase output. Most of the company’s oil fields are located in Magdalena province in northern Colombia.