For liquid hydrocarbons:
When the accumulated production of liquid hydrocarbons in each exploitation area, including the volume of royalties, exceeds 5 million barrels, and in the event the price of the benchmark crude WTI exceeds the base price Po, the contractor shall
pay the ANH an amount in US dollars.
For natural gas:
Five years after commencement of the exploitation of the field, evidenced in the resolution of approval issued by the competent authority, and in the event the US Gulf Henry Hub natural gas benchmark price exceeds the base price Po, the contractor shall pay ANH an amount denominated in US dollars. This does not apply where the gas price for sales within Colombia or regulated.
The amount to be paid for each exploitation area shall be the amount that results from applying the following formula:
Contractor’s production volume is the volume
of hydrocarbons expressed in barrels for liquid
hydrocarbons and in British Thermal Units for
P : For liquid hydrocarbons, it is the average benchmark WTI in US dollars per barrel (USD$/B)
For natural gas, it is the average bench mark US Gulf Coast Henry Hub natural gas price in US dollar per million British Thermal Units (USD$/MMBtu)
These averages are for the corresponding calendar month, whose specifications and quotations are published in internationally recognized media
Po : For liquid hydrocarbons, it is the base price of benchmark crude oil expressed in US dollars per barrel (USD$/B)
For natural gas, it is the average natural gas price in US dollar per million British Thermal Units (USD/MMBtu), as shown in the table "High price fees".