Last week, we published some quantitative analyses on certain aspects of Colombia’s proposed tax reform. Here are some qualitative comments on ideas in the draft bill that are either not quantifiable or where we decided there were too many scenarios to make quantitative analysis feasible. Note that as we write – August 21, 2022 – MinHacienda is talking about changes to the draft and there will be negotiations in Congress from now until the bill passes. If there are significant changes to the bill, we will likely publish a new commentary rather than updating this one.
The bill to ban fracking filed last week, revived the debate on the possibility of implementing this technique in the country.
Experts from the extractive sector spoke on the effects that the tax reform might have on the industry.
The new Minister of Mines and Energy (MinEnergia), Irene Velez Torres, spoke about her background and key issues in the sector such as fracking pilot projects, awarded contracts, the possibility of importing from Venezuela and the energy transition.
The Minister of Mines and Energy (MinEnergia), Irene Vélez, generated debate about the possibility of importing gas from Venezuela.
The Ministry of Environment (MinAmbiente), headed by Susana Muhamad, presented a bill to ban fracking in the country. Experts spoke about the economic, social, and political effects of this decision.
Irene Vélez, new Minister of Mines and Energy (MinEnergia), spoke about gas self-sufficiency and the possibility of importing natural gas.
It is hard to believe that President Gustavo Petro was only inaugurated a week ago (as we write). The new government has already submitted two draft laws which represent its campaign commitment to hobble the extractive industries, especially oil and gas: a tax reform and a law against unconventional reservoirs. Here we do some simple graphics to illustrate the potential consequences of the windfall tax included in the former.
The Minister of Environment (MinAmbiente) Susana Muhamad filed a bill to ban fracking in Colombia.
The Ministry of Mines and Energy (MinEnergia) reported royalties’ collection during January 2021 and July 2022.
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