After an extensive work of the academy, the industry, international experts, universities and government entities, on June 14, 2018, the National Hydrocarbons Agency (“ANH”) published the new model contract of the offshore exploration and production contract. The purpose of this new model contract is to foster and stimulate the exploration investment and the exploitation of offshore hydrocarbons, enhancing Colombia’s competitiveness to attract and retain investments from large and experienced O&G operators. 

According to the ANH, this new model contract includes important modifications in respect to the contractual conditions under which companies can explore and produce offshore hydrocarbons, positioning it as one of the most sophisticated and comprehensive model contracts in the industry due to its technical, legal and financial conditions.

The new model contract shall apply to: (i) operators executing activities under technical evaluation agreements seeking to convert such agreements into exploration and production agreements; and (ii) companies selected in future competitive bidding processes for offshore areas. 

Please access the following link to see the offshore exploration and production minute