97 OF 1993

(December 17)

Official Journal No. 41.143 of 20 December 1993

NATIONAL CONGRESS

By which Law 20 of 1969 is interpreted with authority and other provisions are dictated.

THE CONGRESS OF COLOMBIA,

DECRETA:

ARTICLE 1o. Exceptional private ownership recognition of hydrocarbons. For the purposes of the derogation provided for in Articles 1 and 13 of Law 20 of 1969, rights constituted in favour of third parties are defined as subjective and specific legal situations, acquired and perfected by a specific title of the award of hydrocarbons as a mine or a final judgment and in the exercise of which one or more oil deposits have been discovered, no later than 22 December 1969.

ARTICLE 2o. Hydrocarbon discovery. It is understood that there is a discovery of hydrocarbons when, by drilling with drill or with equivalent equipment and the corresponding fluid tests, the finding of the rock in which they are accumulated is achieved. and which behaves as an independent unit in terms of production mechanisms, petrophysical properties and fluid properties.

ARTICLE 3o. The provisions contained in Articles 1or and 2or this Act constitute the only authorized interpretation of Law 20 of 1969, articles 1o and 13.

ARTICLE 4. Precautionary measures in court proceedings. When it is claimed by the judicial route that the ownership of mines belonging to metallic minerals and hydrocarbon deposits corresponds to the State and not to the private individuals, it will, however, carry out preventive sequestration of the payments that the Nation or its (a) decentralised entities carry out under acts or contracts derived from securities whose merit is discussed.

The judge will decree these precautionary measures in the self-order of the lawsuit, or at any subsequent procedural moment, at the request of the interested party. Their adoption and validity do not require caution.

The public entity responsible for carrying out the payments or in charge of the exploration and exploitation of the non-renewable natural resource of the Nation, will act as a sequestre and must invest the resources in securities entered in markets values while the process is being decided.

ARTICLE 5o. This Law governs from its enactment.

PUBLISH AND COMPLY.

Dada en Santa Fe de Bogota D.C., a 17 days de december de 1993.

JORGE RAMON ELIAS NADER

The President of the honorable Senate of the Republic

PEDRO PUMAREJO VEGA

The Secretary General of the honorable Senate of the Republic

JOSE JATTIN SAFAR

The President of the honorable House of Representatives,

DIEGO VIVAS TAFUR

The Secretary General of the Honourable House of Representatives

COLOMBIA-NATIONAL GOVERNMENT

PUBLISH AND EXECUTE

Dada en Santafe de Bogota, D. C., at December 17, 1993.

CESAR GAVIRIA TRUJILLO

The Minister of Mines and Energy, Guido Nule Amin.

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