Colombia's state oil company Ecopetrol said on May 12 it will focus its efforts over the next 18 months on purchasing light crude projects in other Latin American nations, taking advantage of nearly $6 billion in cash it held at the end of the first quarter of 2017.

Ecopetrol more than doubled its net income between January and March to 886 billion pesos (US$300.4 million) vs. the same period in 2016, bolstered by better crude prices and higher operating efficiencies, the company said.

"Our idea is to look for reserves of light crude outside Colombia," Ecopetrol CEO Juan Carlos Echeverry told investors during a conference call. "We're in no rush, but it could be something that happens over the next 18 months."

The company has already met with banks that have shown available projects in the region, he said. "We want purchases to generate a better balance in our crude portfolio," he said.

About 82% of Ecopetrol's production portfolio is concentrated in crude--mostly heavy--while the remaining 18% is gas.

The company closed the quarter with cash of 17.5 trillion pesos (US$6 billion).

"The group maintains a strong cash position...which includes cash and cash equivalents of 8.2 trillion pesos, short-term investments of less than one year worth 7 trillion pesos and investments for more than one year of 2.3 trillion pesos," said Maria Fernanda Suarez, Ecopetrol's vice president of strategy and finance.

Even while Ecopetrol booked a profit, production fell 3.3% in the first quarter to 712,000 barrels of oil equivalent per day. The company attributed the decline to operational difficulties caused by attacks by the rebel group, the National Liberation Army (ELN), against the Cano Limon-Covenas Pipeline.