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Colombia upstream fiscal summary

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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,...

Table of contents

  • Executive summary
    • Basis
    • Ring fencing
    • Fiscal Terms
      • Licence terms
      • Government equity participation
      • Royalty
      • Corporate income tax
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • 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

Tables and charts

This report includes 24 images and tables including:

  • Revenue flowchart: Colombia Concession
  • Timeline
  • Timeline detail
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore, shelf and deepwater, oil
  • 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
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • 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

What's included

This report contains:

  • Document

    Colombia upstream fiscal summary

    PDF 858.58 KB

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