Papers - Foreign Production - Petroleum Development in Venezuela during 1929 (With Discussion)

Venezuela has continued during 1929 to demonstrate that it is destined for many years to come to be one of our most important sources of crude petroleum. The producing fields of the Bolivar Coastal district along the east side of Lake Maracaibo have continued their phenomenal production, and two new fields have reached the near producing stage, while the results of deep test wells have strengthened the predictions and expectations that oil will be found and produced from many other pools and from several different geological formations. The finding of these new oil pools is not going to be easy, because the surface evidences of geological structure are scanty, and the subsurface problems are difficult, but intelligent effort backed by ample resources may be counted upon to overcome these obstacles and lead to a continued increase in the number of producing fields in Venezuela. During 1929 the total production of Venezuela was approximately 135,953,000 bbl., an increase of nearly 30,000,000 bbl., or 28 per cent., as compared with the preceding year. During 1929 oil in steel storage in Venezuela decreased from 13,000,000 to about 11,000,000 barrels. Tables 1, 2 and 3 briefly summarize Venezuelan production by fields and by years, and show the trend of production since its establishment on a commercial basis. Table 1.---Production of Crude Oil in Venezuela by Years, 1917 to 1929 All Figures in Barrels of 42 Gallons Total PRodUction Total PRoduction Year VeneZUela, Bbl. Year Venezuela, Bbl. 1917....................... 227,000 1927.................... 63,181,000 1918....................... 368,000 1928.................... 106,000,000 1919....................... 258,000 1929.................... 135,953,000* 1920..................... 548,000 Grand Total Since Ineep- 1921...................... 1,544,000 tion................... 380,791,000 1922....................... 2,448,000 Increase, 1929 over 1928.. . 29,953,000 1923..................... 4,170,000 Per cent. Increase......... 28.2 1924....................... 9,234,000 Per cent. 1929 Production 1925....................... 20,219,000 of Total............... 35.7 1926....................... 36,641,000 * Includes estimate for closing period of 1929.