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Colombian oil workers union USO and Switzerland-based oilfield services multinational Weatherford International have reached an agreement after 28 days of strike action, according to a USO press release.
The union activities, which included picket lines at four company plants, were in response to the dismissal of 150 workers by the oil services firm, including USO members.
The agreement drawn up between the company and the union will allow 27 workers initially laid off to resume their previous positions and receive 50% of the respective salaries for the days during which they were out of work.
The firm reported fourth quarter revenues of US$680mn from Latin America.
Colombian oil chamber Campetrol estimates that reduced activity in the oil and gas sector will see 11,000 jobs lost in exploration this year.