LAW 97 OF 1993
Official Gazette No. 41,143, of December 20, 1993 NATIONAL CONGRESS
By which authoritatively interprets the Law 20 of 1969 and dictate other provisions. Summary
CONGRESS OF COLOMBIA DECREES
ARTICLE 1o. exceptional recognition of private ownership of hydrocarbons. For purposes of the exemption provided in Articles 1 and 13 of Law 20 of 1969, it means constituted rights to third parties the subjective and concrete legal situations, acquired and perfected by a specific title for the award of hydrocarbons as mine or a definitive and exercise of judgment which have discovered one or more hydrocarbon deposits, no later than 22 December 1969.
. Hydrocarbon discovery. It is understood that discovered hydrocarbon reservoir when using drilling with drill or assimilable equipment and associated testing fluids, the discovery of the rock in which are accumulated hydrocarbons and behaves as an independent unit is achieved in terms of mechanisms production, petrophysical properties and fluid properties.
ARTICLE 3o. The provisions contained in Articles 1st and 2nd of this Law, are the only authoritative interpretation of Law 20 of 1969, Articles 1 and 13.
. precautionary measures in judicial proceedings. When judicially it is intended that the property pertaining mines metallic mineral and hydrocarbon deposits corresponds to the state and not individuals, will proceed preventive seizure and confiscation of the payments that the nation or its decentralized entities made under acts or securities derivative contracts whose merit is discussed.
The judge shall order these precautionary measures in the car admisorio demand, or at any later stage of the proceedings, at the request of the interested party. Adoption and enforcement do not require surety.
The responsible for making payments or charge by law of the exploration and exploitation of non-renewable natural resource owned by the Nation, will act as hijack and resources must invest in securities listed on securities markets public entity while deciding the process.
The 5th ARTICLE. This Act governs from its promulgation.
PUBLISH AND ENFORCE.
Given in Santa Fe de Bogota DC, on the 17th day of December 1993. RAMON ELIAS JORGE NADER
The President of the honorable Senate PUMAREJO VEGA PEDRO
The Secretary General the honorable Senate JOSE FRANCISCO
SAFAR Jattin the President of the honorable House of Representatives, DIEGO VIVAS TAFUR
the Secretary General of the honorable House of Representatives REPUBLIC oF COLOMBIA
- NATIONAL GOVERNMENT
Given published and executed in Bogota, DC, 17 December 1993.
César Gaviria Trujillo Minister of Mines and Energy, Guido Nule Amin.