Colombia's Oil Industry: Between Boom and Frenzy

Sandwiched between OPEC members Ecuador and Venezuela, Colombia has for decades looked like an Andean misfit because it was not a major oil exporter. But when Venezuela's foreign minister visited Bogotá in November, he reportedly asked his counterpart, "When is Colombia going to join OPEC?" Quietly, Colombia has become the fourth-largest oil producer in Latin America, after Venezuela, Mexico and Brazil.

Today, Colombia produces nearly 1 million barrels of oil per day (bpd), almost double its output in 2005. By 2015, Colombia's oil minister expects the country to produce 1.5 million bpd. ...