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Colombia to lower drilling tax rates

Colombia will lower tax rates for oil companies drilling in some offshore blocks in the Caribbean, said Mines and Energy Minister Tomas Gonzalez recently, in an effort to encourage exploration amid the global slump in the price of crude. Contracts for various offshore blocks will get a 25% discount on income taxes and will be exempt from VAT and customs charges.

News Item details


Journal title: Petroleum Review

Countries: Colombia -

Subjects: Policy and Governance, Oil and gas, Oil, Offshore production, Regulation and accountability

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