Colombia has made it to the top 10 of countries who manage their natural resources like oil and gas best, according to a recently released global ranking.
The Revenue Watch Institute (RWI) gave the South American country a “satisfactory” score of 74 out of 100, placing it on the 9th position of its ranking of 58 countries with natural resources.
The RWI praised Colombia’s safeguards and quality controls, but said improvement was needed to reduce corruption and strengthen the rule of law.
Many of Colombia’s oil fields lie in remote areas with a high presence of illegal armed groups, some of which intentionally target the country’s extractive industry.
The country produces approximately one million barrels of crude oil a day.
Countries that according to the index best take care of their natural resources are Norway, the U.S. and the U.K.
Resource Governance index
- Revenue Watch 2013 Resource Governance Index (Revenue Watch Institute)
- Colombia profile (Revenue Watch Institute)
- Colombia es la novena economía que mejor administra sus recursos naturales (La Republica)