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Industry entrepreneurs highlighted the city’s offshore potential and talked about what should be done to maximize upcoming opportunities.

The government created the carbon tax with the aim of generating resources for the protection of the environment, but a conflict has arisen between the Ministry of Finance (MinHacienda) and the Ministry of Environment (MinAmbiente) over the use of this tax.

This will be published on Monday May 14, a Colombian holiday (Ascension Day if you are curious) and the start of the final push for Colombia’s Presidential elections (on May 23^rd). Two weeks from today we should have significantly more clarity on the next Government and so significantly more clarity on oil policy for the next four years.

German Arce, Minister of Mines and Energy (MinMinas) announced progress on the Tax Refund Certificate (CERT). He highlighted that companies of the extractive sector are very interested in this issue.

Environmental lawyer Rodrigo Negrete spoke about the current situation of popular consultations in Colombia, and about the recent judicial decisions that could jeopardize them.

Luis Fernando Mejía, Director of the National Planning Department (DNP), spoke about the General System of Royalties (SGR). He answered the Comptroller General’s concerns.

The Colombian government made a disastrous adjustment to the General Royalty System (SGR) a few years ago, generating social discontent in producing regions. Now, authorities are evaluating whether to carry out a new reform of the SGR.

There was a 50’s game show called ‘Truth or consequences’ and I was reminded of it while reading this week’s announcement on reserves.

Colombia is not an oil country, but the resources generated by the sector are vital for the nation’s economy and public finances. The Government had to tighten the belt in recent years, due to low oil prices, but their recovery is generating relief for Colombian authorities.

The Collegiate Bodies for Administration and Decision (OCAD) spoke about projects that were approved in departments like Casanare and Bolívar, but authorities are still concerned about irregularities in the execution of royalty projects throughout the country. These and other stories in our periodic Royalties summary.