Colombia’s new slogan, aimed at encouraging tourism, is “The only risk is wanting to stay.” The country’s policymakers are hoping that the boom in investment in Colombian E&P is also here to stay. With production now at record levels, the new challenge is to ensure that Colombia maintains and builds upon an oil industry that has helped turn the country around. The nation has undergone a renaissance over the past 10 years in political stability, safety and economic growth. Among the economic sectors that have driven this revolution, oil and gas has been a leader. Colombia is now the third-largest crude producer in South America, after Venezuela and Brazil. Colombia has become well known among oil investment circles as one of the most exciting E&P investment markets. While the geological potential has been a foundation for interest, the real catalyst for the increased activity has been reforms in the institutions that control the industry and the contract terms available to explorers.