Country Report

Colombia upstream fiscal summary

14 August 2018

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14 August 2018

Colombia upstream fiscal summary

Report summary

The current Concession Contract model was introduced in 2004 and replaced the 30 year old Ecopetrol Association Contract model. The new contracts are based on a royalty system with fundamental differences from the previous Association Contract in use in Colombia. Deregulation of gas prices was scheduled for 2005. It now looks unlikely to happen in the near-term as de-regulation is dependent on sufficient supply competition, which has not yet been achieved. Until deregulation,...

Executive summary
Current licence, equity and fiscal terms
- Basis
- Ring fencing
- Fiscal Terms
  - Licence terms
  - Government equity participation
  - Royalty
  - Corporate income tax
  - Product pricing
  - Summary of modelled terms
Fiscal stability
- Recent history of fiscal changes
Economic analysis
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
  - Effective royalty rate - onshore, shelf and deepwater, gas
- Progressivity
- Fiscal deterrence