This paper compares the macroeconomic and regional effects of oil abundance (or dependence) in Colombia and Nigeria and how they have managed it (both in terms of sectorial and macroeconomic policies and institutions), in order to derive policy recommendations for them, as well as for other oil abundant countries. We examine the evolution of oil sector institutions, and the effects of changes in oil production and prices on macroeconomic performance. We test also the institutional hypothesis that states that better institutions mitigate the possible negative effects of resource abundance. We use a variety of different techniques to test these hypotheses. First, we estimate the effects using a cross-country model for 95 oil and non oil producer countries between 1980 and 2005. Then we turn to individual estimations in the two countries separately. OLS estimations allow us to estimate the effects of institutional quality. Then, SVAR methodology help us to identify for both countries the presence of Dutch Disease phenomenon, ie, the main effects of oil production and price booms on several macroeconomic variables. For these two models we use time series for the 1963-2008. We analyze also stylized facts of macroeconomic performance of both countries during the most important oil price booms: 1972-1980 and 2003-2008. Finally, we analyze through case studies the regional effects of oil abundance in both countries.