Colombia's state-controlled oil company Ecopetrol (EC, ECOPETROL.BO) and China National Petroleum Corp., or CNPC, have agreed to a three-year plan to work together on oil exploration and drilling in Colombia and elsewhere.

A statement from Ecopetrol said the agreement was signed by Ecopetrol President Javier Gutierrez and Ye Xiandeng, a CNPC representative.