GP/GLOBALPOST/ JOHN OTIS/ Today, Colombia is South America’s #4 oil producer behind Brasil (2.5 million barrels per day), Venezuela (2.4 million bpd) and Argentina (796,000 bpd), and represents nearly 40% of Colombia's export income. Most credit President Alvaro Uribe for the growth. Before Uribe was elected in 2002, rebels controlled vast rural tracts, abducting petroleum workers and extracting money (up to $40 million per year) from oil companies to operate. Uribe had troops vigorously hunt down rebels and allowed foreign companies to own 100% of oil ventures with reduced royalties and extended licenses. The state-run Ecopetrol was partially privatized and made to compete with foreign firms.
