Colombia EITI Report 2018
The following EITI report covers the year 2018 for Colombia's extractive sector.
The extractive sector represents around 5% of Colombia GDP in 2018 and 1st Quarter of 2019. Colombia has published revenue data from the extractive industries since 2013 to 2018. The reports show that industry contribution to the state has declined over the years. While the sector generated 6.5 bn USD in fiscal revenues, this represents 9.6 % of total fiscal revenues. The sector is the largest exporter. In 2018 extractive exports totalled 23 bn USD from a total of 42 bn USD (53%). Ecopetrol continues to be the largest extractive company contributor. In 2018 Ecopetrol dividends alone represented 15% of total revenue from the sector. Companies reporting under the EITI Standard account for 88% of the revenues generated from the oil, gas and mining companies.
Colombian extractive industry is regulated by several norms including:
Colombia's extractive sector is overseen by two agencies: the National Hydrocarbon Agency (ANH) and the Mining National Agency (ANM)
Learn more about legal framework in Colombia here.
Colombia has a state-owned enterprise Ecopetrol. The company is owned 88.49% by the state and the rest of capital is listed in Bogota, New York and Toronto stock exchanges. EITI-Colombia describes Ecopetrol governance structure and the composition the Ecopetrol's shareholding constitution.
Ecopetrol's 2016 main operational results are available here.
Colombia extractive sector is subjected to the country's tax regime applicable to all sectors.
The main norms establishing the fiscal regime at the national, regional and municipal levels are available here. EITI-Colombia lists the main taxes levied at the national and subnational levels.
Colombia introduced a tax reform in 2018-9.
Hydrocarbons contracts are published here. EITI-Colombia explains the procedures for awarding hydrocarbon contracts, the contractual regime including the technical and financial criteria. It also links to geo-referenced licensing map and additional information on contract status.
Mining cadastre is avalaible here. EITI-Colombia explains the procedures for awarding mining titles, the contractual regime including the technical and financial criteria. It also includes links to Traders registry, the Mining Management System and the Colombia Mining Information System. Additional statistics about the mining titles status is also available.
The 2018 EITI Report provides information on extractive industry production, including:
Hydrocarbons:
Mining:
Additional production statistics for 2014-2018 are also available.
In 2016 Colombia received US$ 3,9 million from the extractive sector. These revenues came mainly from royalties (50.5%) and corporate income tax (20%).
Initializing chart.
The Ministry of Mines and Energy hosts the EITI national secretariat. Deputy-Minister of Mining, Carolina Rojas is the EITI Champion and Lorena Roa is the National Coordinator. Within the Ministry, the sectorial planning unit (UPME) supports the MSG technical work. Below is the detailed composition of the National Tripartite Commission:
The country was admitted as EITI candidate in 2014. Colombia's first Validation against the Standard commenced on 1 January 2018, and on June 2018 the Board decided it accomplished "satisfactory progress". It´s second Validation is scheduled to commence on 29 June 2021.
The following EITI report covers the year 2018 for Colombia's extractive sector.
This is the work plan for the period of 2020 -2023 of Colombia.
This is the summary report by the Independent Administrator (EY) for Colombia 2017 EITI Report (Results of reconcilation of payments and revenues).
Full 2017 EITI Report is available here
This is the Colombia EITI 2017 Annual Progress Report (in accordance with Requirement 7.4 and 8.4).
On 29 June 2018, Colombia was found to have made satisfactory progress in implementing the EITI Standard. See Board decision 2018-38/BM-40/BP-40-6-A
Timeline of Validation and related materials:
1 January 2018: Validation commenced29 January-2 February 2018: Country visit
Initial data collection and stakeholder consultations
4 May 2018 - Report on Initial data collection and stakeholder consultation [English Spanish
This is the summary report by the Independent Administrator (EY) for Colombia 2016 EITI Report (Results of reconcilation of payments and revenues).
Attached below is Colombia's roadmap on how it intends to disclose the beneficial owners of the companies active in the extractives sector (requirement 2.5
More information on beneficial ownership can be found at eiti.org/beneficial-ownership