Aurora Barroso de Charry of Parra, Rodríguez & Cavelier gives an overview of recent legislation related to both the structure and duties of Ecopetrol.
Recently, through Decree 1163 of June 29, 1999, changes were introduced to the Colombian state owned oil company known as Empresa Colombiana de Petróleos - ECOPETROL. The main changes are:
- Ecopetrol’s role as a State industrial and commercial enterprise is redefined, and it shall now function almost as a private company.
- The Ministry of Mines and Energy shall regulate the distribution of oil income, including administration of oil contracts and royalties.
- Ecopetrol’s accounting system shall be modified.
- The cost of hydrocarbons extracted by Ecopetrol, directly or through association with third parties, shall be included in company financials as a State contribution to the company’s equity each quarter.
