4 day old report:

http://colombia.the-report.com/oilandgas

"In 2017, Colombia's National Hydrocarbons Agency (ANH) also introduced new regulations to ensure a more demand-led licensing process and greater flexibility. "


http://colombia.the-report.com/velandia

"Many companies have reactivated their exploration plans in Colombia, and we recently published the new rules of the game for oil contracts in Colombia, which I think sent out a clear signal about the country's interest in developing this industry. It also creates significant incentives for companies to keep investing in a sector that is crucial to the state's finances.

For one, there are the tax incentives. The 2016 tax reform introduced two very important mechanisms, the first being a certificate for tax reimbursement for all exploratory investments destined to increase our reserves.

Both mechanisms clearly demonstrate that we need to encourage exploratory investment in order to guarantee self-sufficiency. And we have also introduced greater flexibility into contracts so that the economic rights that companies pay, as well as many of their other obligations, will be indexed to the price of crude oil. We used to have a rigid obligation scheme that did not take international oil prices into account, and that was a disincentive for companies. We have changed that, so that now, if prices go up, these obligations will be greater, and the other way around as well.

Contracts are not terminated from one day to the next here; contractors in Colombia can rest assured that their investments are guaranteed."