"The results presented confirm that Ecopetrol's exploration and production remain the most important, producing 58% of all EBITDA, representing 3.6 times the amount contributed by energy transmission and roads," said the USO union.

The Unión Sindical Obrera (USO), the third largest trade union organisation in Colombia, has called for Ecopetrol's investment plan in its hydrocarbon exploration business to be secured in order to guarantee the company's sustainability.

According to a statement issued on Tuesday, in which it comments on the company's results for the first half of the year, the exploration, refining and transportation of hydrocarbons account for 84% of the company's gross operating profit (EBITDA) and profitability, as well as significant contributions to the public coffers.

"The results presented confirm that Ecopetrol's exploration and production remain the most important assets, accounting for 58% of all EBITDA, representing 3.6 times the amount contributed by energy transmission and roads," he said.

In his opinion, without decisive investment and the reactivation of drilling activity, Ecopetrol's future is at risk since current proven reserves will be exhausted in 7.6 years.

"Without new exploration, production will decline, compromising the company's ability to pay its debt and guarantee national supply," USO predicted.

One of the proposals to increase investment in hydrocarbons is to take advantage of the decision not to invest in the purchase of CrownRock. USO considers that this is an opportunity to reactivate exploration activity within the country, generating new jobs and increasing reserves.

The US$3.6 billion freed up by not acquiring CrownRock's assets is a necessary source of financing to increase the search for natural gas, the development of new pipelines and investments in Colombia's most prolific basins.