Colombia’s Oil Industry: Between Boom and Frenzy

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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. Improved security is the most obvious reason for […]

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