Oil in Columbia

In a February 3rd report in The Economist, it discusses Columbia's new idea for oil. Columbia is in the process of trying to find new investors in their oil market. They are offering an amazing deal for any company that is willing to invest. Included in this great deal is a sliding scale of royalties depending on the contract terms. This new call for investors have led to about a dozen foreign companies looking for Columbia's oil. At the same time that Columbia has made an offer for foreign companies to draw oil, it is also changing the state oil company to include more private investors. I think it is good that Columbia is working on improving their economy through oil expansion. The article mentioned that other South American countries are working on drawing foreign oil companies as well, so if the deal that Columbia offers draws more companies, then I say that it was a very wise move.