Government establishes a Crude Oil Production Stimulus Program
03 Feb 2015
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.
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Type:
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Promotion and facilitation (Investment incentives)
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Industry:
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Primary (Mining and quarrying)
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Sources:
