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Worst Oil Stock Seeks Shale Lift as Colombia Boom Fades

Ecopetrol SA is positioning itself to tap Colombian shale and offshore oil deposits for the first time after missed targets at onshore fields made it the worst-performing major oil stock last year.

“Unconventional and offshore are new frontiers we want to open in Colombia to continue incorporating reserves,” Deputy Energy Minister Orlando Cabrales said in an interview yesterday. “Ecopetrol, directly and with partners, is ready to do that.”