Ecopetrol

The latest ruling reverses a lower court decision to block the Ecopetrol and ExxonMobil programs in the Andean nation.

ExxonMobil submitted a proposal to Colombian authorities to develop a hydraulic fracturing pilot project in the Magdalena Basin. Colombia wants to drastically raise its declining reserves-to-production ratio by tapping into shale.

Calgary-based Colombia producers Canacol Energy and Parex Resources led all firms by gaining three blocks each, with one more counteroffer from Parex pending review.