- These additional resources are a result of the favorable environment in terms of oil prices.
- The "Public Works for Royalties" mechanism will be proposed in order to bring dynamism to regional investment.
Ministry of Mines and Energy. Villavicencio, Meta. October 04th, 2018. The Minister of Mines and Energy, Maria Fernanda Suarez, has confirmed the addition of $168 billion pesos from royalties for the Department of Meta.
These increased resources correspond to an additional amount with respect to the biannual 2017-2018 budget as a result of higher oil prices, which will be put in practice during January 2019.
Likewise, the Minister has reiterated that the biannual budget in terms of royalties for 2019-2020 will be increased by over 60%, when compared to 2017-2018, by going from $11.7 trillion pesos to $19.2 trillion pesos.
She argues that the challenge is transform royalty-based resources into public works and benefits for the communities in a quick manner.
"We are going to propose the ‘Public Works for Royalties' mechanism. Said mechanism will allow oil and gas companies to present and implement projects using royalty resources, consistent with the plans of Territorial Entities," she explained.
Minister Maria Fernanda Suarez also highlighted that the 2019-200 budget will have three times as many resources for peace-related purposes, going from $511 billion to almost $1.7 trillion pesos. Resources from the Fund for Science, Technology and Research will go from $1.1 trillion to $1.7 trillion pesos.
"We have financing for the regions, peace, science and technology, regional pension savings and savings in general. Thus the resources from royalties are producing great benefits," the Minister of Mines pointed out.
Meta has been considered as the first oil-producing department of Colombia. During 2017, it contributed almost 50% of oil production nationwide.