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Viewing cable 08BOGOTA3082, GOC TO TAKE LARGER SHARE OF HIGH OIL REVENUES

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Reference ID Created Released Classification Origin
08BOGOTA3082 2008-08-21 20:03 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bogota
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBO #3082 2342003
ZNR UUUUU ZZH
R 212003Z AUG 08
FM AMEMBASSY BOGOTA
TO RUEHC/SECSTATE WASHDC 4266
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RHEBAAA/DEPT OF ENERGY WASHINGTON DC
UNCLAS BOGOTA 003082 
 
SIPDIS 
SENSITIVE 
 
WHA/EPSC FOR FCORNIELLE; EEB/ESC FOR MCMANUS; DOE FOR 
LEINSTEIN AND GWARD; COMMERCE FOR JANGLIN 
 
E.O. 12958: N/A 
TAGS: EPET ENRG ECON EINV PGOV CO
SUBJECT: GOC TO TAKE LARGER SHARE OF HIGH OIL REVENUES 
 
REF: A. BOGOTA 570 
     B. BOGOTA 3017 
 
1. (SBU) SUMMARY: Amid sustained high oil prices and rising 
production (ref A), the GOC plans to increase its take in new 
hydrocarbon contracts from 30 percent up to a maximum 50 
percent.  GOC officials have told us that they will not 
retroactively implement the proposed changes to existing 
contracts, but only apply them to future contracts.  They 
acknowledge that the move could tarnish Colombia's investment 
climate in the energy sector, but confide that the GOC is 
under political and fiscal pressure to raise revenues from 
record high energy prices.  The GOC has consulted with 
private industry representatives, who have said they are 
comfortable with the changes as currently envisioned. END 
SUMMARY. 
 
The Plan 
-------- 
 
2.  (SBU) The GOC has not officially announced its proposal, 
but in a August 8 meeting with Energy Deputy Secretary 
Jeffrey Kupfer (ref B), Minister of Mines and Energy Hernan 
Martinez said the plan calls for the GOC to increase its 30 
percent take per barrel by five percent for sale prices above 
USD 90.  The GOC's share would then jump an additional five 
percent for every $30 price increase thereafter (i.e., 35% 
from $90-$120; 40% from $120-150; etc.)  The plan would cap 
the maximum royalty at 50%.  Martinez emphasized that the new 
scheme will apply only to new contracts, with contract terms 
for existing contracts remaining unchanged. 
 
Private Sector Input 
-------------------- 
 
3. (SBU) Colombian Petroleum Association Alejandro Martinez 
told us that the private sector could accept the changes 
along as they were transparent, applied uniformly, and with 
no retroactive application.  He confirmed that Minister 
Martinez and National Hydrocarbons Agency Director Armando 
Zamora had consulted with oil and gas producers about the 
plan and incorporated modifications in response to industry 
concerns.  For example, he said that while the trigger price 
for implementing the increased GOC take originally began at 
USD 60 per barrel, the GOC had raised the trigger to USD 90 
after industry pointed out that such a low threshold would 
likely make investment in many new development prospects 
financially non-viable. 
 
Investment Climate Impact 
------------------------- 
 
4. (SBU) Chevron Colombia President David Bantz told us that 
his company and others operating in Colombia recognized the 
political and fiscal pressure that the GOC was under to reap 
a larger share of record oil and gas prices.  Bantz noted 
that international hydrocarbons companies were facing similar 
contract changes in many other countries around the world, 
but that significant investment problems had arisen only 
where the changes were applied arbitrarily or retroactively. 
He emphasized that the key to preserving Colombia's positive 
investment climate and continuing to attract the investment 
Colombia need to preserve its oil exporter status over the 
long run was to protect existing contracts and apply the new 
contract model transparently.  Bantz expressed confidence 
that under the currently envisioned terms, most projected 
exploration and development projects would remain 
sufficiently profitable to attract foreign direct investment. 
BROWNFIELD