The National Government failed to receive about CoP$23.6T due to the oil price drop and the sector crisis affected everyone. In September 2015, the National Hydrocarbons Agency (ANH) announced improvements and incentives to boost the sector. Nearly a year-and-a-half later, finally, the new regulation has been approved.
In its first regulatory move since the exit of its president earlier this year, the National Hydrocarbons Agency (ANH) has published a draft of regulations which will govern a promised new assignment process. The agency will receive comments through September 18th, 2016.
The other major reversion (besides Rubiales), Ecopetrol (NYSE:EC) is set to receive the Cusiana field on July 4th, after the end of the Tauramena association contract, signed originally between BP (NYSE:BP) and Ecopetrol in 1986.