Bulletin Real Time | Colombia’s National Hydrocarbon Agency (“ANH” – acronym in Spanish) publishe...

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Bulletin

By: Daniel Villarreal
Lawyer - Commercial and Corporate Law

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Colombia’s National Hydrocarbon Agency (“ANH” – acronym in Spanish) published two regulation projects.

ANH proposed to regulation projects in Colombia regarding (i) the procedure for the early termination and by mutual agreement of contracts and agreements for the evaluation, exploration, exploitation and production of hydrocarbons signed by the ANH, in the event of serious disturbance of public order and/or due to notorious events of public knowledge and/or serious situations of social conflict; and (ii) the conditions to file offers for discovered deposits, undeveloped discovered deposits, producing fields, areas under exploration, evaluation or in production that have been returned by contractors.

US dollar value increases
against Colombian peso.

During the previous week the value of the USD has increased COP 127.93 per 1 USD, or COP 188.35 per 1 USD since previous Wednesday. Although the value of the dollar in Colombia is affected by the market, among the different causes of this increase at the international level can be found in the resurgence of the pandemic in China and that the dollar at the world level in in an appreciation process, which is impacting Latin America.

Colombia’s Central Bank board of directors increased interest rates.

On 04/29/2022, the board of directors of Colombia’s Central Bank decided to increase the monetary policy interest rate by 100 basis points to reach a rate of 6%. The decision was made with the favorable vote of 4 members, and the remaining 3 voted for an increase of 150 basis points.