Ospina studied in the Colegio San Ignacio in Medellín, Antioquia the city where he grew up and also studied engineering in the Escuela de Minas de Antioquia (Mining School of Antioquia) where he graduated as mining engineer.
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Ospina created the Colombian Petroleum Company ECOPETROL (Empresa Colombiana de Petroleos), the Telecommunications Company TELECOM, the Social Security Administration ISS (Instituto de Seguro Social), the petroleum pipeline from Barrancabermeja and Puerto Berrío, the hydroelectric dams of Sisga, Saldaña and Neusa, and established the Colombian Economic Development Plan under the direction of the Economic Mission of Professor Lauchlin Currie.
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