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Mining & Oil Boom Investments Propel Colombia

by marcus

in Colombia In The NEWS

 

Colombian Oil Boom

Photo by Hernando Herrera Estrada/El Tiempo

Security gains and capitalist-friendly investment rules are spurring an unprecedented mining and oil boom in Colombia, a pro-business outpost on an increasingly leftist continent.

Investors are deeming Colombia well worth the risk though many parts of the country where reserves are being exploited continue to be plagued by illegal armed groups. Even a car-bombing Thursday in the country’s capital just a week into the new administration “won’t be a problem for foreign investment,” analyst Roberto Melzi of Barclays Capital said.

South America’s third-largest oil producer behind Brazil and Venezuela, Colombia is on track to generate more than 1 million barrels of crude a day by 2012 — double its production in 2006 — the government says. State-owned Ecopetrol accounts for nearly 90 percent of today’s production.

A full 80 percent of the $7.2 billion in direct foreign investment the country reaped last year went to petroleum and mining — with investment in the latter sector nearly doubling to $3.1 billion.

Read the entire ABC News article about Colombia’s recent oil and mining investments here.

Visit Discover Colombia for more information regarding Colombian foreign investments and the recent turnaround that is attracting billions of dollars in new foreign investment into the country.

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