The 50:50 JV has been awarded five-year licenses to explore hydrocarbons at a depth of around 240m as Ecopetrol ramps up its international expansion plans.
Latest figures show crude production is on the rise but the local industry continues to be threatened by an opaque public consultation framework, according to oil engineers association Acipet.
The aim is to accelerate the entry of more private investors into the fuels market.
The Mexican subsidiary of US firm Sempra Energy has got the go-ahead to acquire the remaining 50% in Ductos y Energéticos del Norte from federal oil company Pemex.
The government has expanded its differential pricing program to promote further investment in the Austral basin's non-conventional gas concessions.
The government plans to launch bidding for Intracampos acreage early next year.