Factsheet: Biofuels royalties

Resolution on the 'Sistema general de regalías' (royalties) biofuels and the procedures for the investment of regalías, characteristics, viability, and approval. Colombia aims to become natural gas exporter and is incentivizing foreign investment into the gas sector to accomplish it mission. • Law 963, 2005: promoting “legal stability”, the law requires investment for a period of 3 and 20 years, minimum of $1.2 million investment, and a fee based on the investment. • The government privatized Ecogas, Ecopetrol’s gas subsidiary. • Ministry of Mines and Energy Decree 2100, 2011: aims to make Colombia self-sufficient in terms of natural gas by expanding upstream activities, promoting exports, and securing domestic supply without breaking current contracts. • Decree No. 4923, 2011: to attract investment, the government decreed a 40% discount on royalties from nonconventional gas.