Country report
Colombia upstream fiscal summary
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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,...
What's included
This report contains
Table of contents
- Executive summary
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Current licence, equity and fiscal terms
- Basis
- Ring fencing
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Fiscal Terms
- Licence terms
- Government equity participation
- Royalty
- Corporate income tax
- Product pricing
- Summary of modelled terms
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Fiscal stability
- Recent history of fiscal changes
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Economic analysis
- Split of the barrel and share of profit
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Effective royalty rate and maximum government share
- Effective royalty rate - onshore, shelf and deepwater, gas
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 24 images and tables including:
Images
- Revenue flowchart: Colombia Concession
- Timeline
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Royalty rates
Tables
- Timeline detail
- Effective royalty rate - onshore, shelf and deepwater, oil
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- Trigger Price Thresholds (US$/bbl, 2014 Terms)
- Assumed terms by location
- Economic analysis: Table 2
- Maximum government share - onshore and shelf, oil
- Maximum government share - deepwater, oil
- Maximum government share - onshore, gas
- Maximum government share - shelf, gas
- Maximum government share - deepwater, gas
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