Government establishes a Crude Oil Production Stimulus Program

On 3 February 2015, the Commission for the Planning and Coordination of the National Hydrocarbons Investment Plan adopted Resolution 14/2015, establishing a "Crude Oil Production Stimulus Program", effective from 1 January 2015 until 31 December 2015, which may be extended for another 12 months. Under the Resolution, the Government will provide an additional $3 per barrel to companies that maintain or increase output when compared to the last quarter of 2014. Exporters will receive an additional $2 per barrel for crude oil sold abroad, which rises to $3 per barrel for companies that increase the amount exported from last year.

• Type:

  • Promotion and facilitation (Investment incentives)

• Industry:

  • Primary (Mining and quarrying)

• Sources:

  • legislative database of FAO legal office, Resolución Nº 14/2015 – Crea el Programa de Estímulo a la Producción de Petróleo Crudo., http://faolex.fao.org/cgi-bin/faolex.exe?rec_id=142635&database=faolex&search_type=link&table=result&lang=eng&format_name=@ERALL, 03 Feb 2015