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Colombia mulls sweeter terms for oil companies

Wednesday, March 18, 2015

Colombia may extend a sliding-scale royalty system to older oil production concessions and prolong certain contracts to provide incentives to explore for oil at a time when the sector is coping with a drop in prices, the government said on Tuesday.

Though the world's oil market is well supplied and drillers are slowing projects with crude prices down, Colombia remains under pressure to keep up exploration work because reserves are equivalent to just around seven years’ output, which is considered low.

Source: Reuters