Oil and natural gas companies in Colombia are required to pay royalties to the state, which are then distributed among municipalities and departments to finance projects aimed at improving the quality of life for Colombians. However, in recent years, the expected royalty revenues have not been met, despite stable production levels.
A legal process against Colombia’s Ministry of Mines and Energy (MinEnergia) and the National Hydrocarbons Agency (ANH), spearheaded by Diego Fernando Forero González seeks to nullify the regulation that assigned new functions to the entity.
Ecopetrol (NYSE: EC) unveiled the initial outcomes of its decarbonization strategy.
The Ministers of Finance (MinHacienda) and Mines and Energy (MinEnergia) released a draft resolution to establish a procedure for determining the international parity price.
The Petro administration announced a significant economic reactivation plan that will allocate funds from royalties to various industrial, tourism, housing, energy, agricultural, and construction sectors.
Recent adjustments in diesel prices are beginning to exert pressure on inflation rates in Colombia.
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