Papers - Production - Foreign - Petroleum Developments in Venezuela during 1940

-4s a result of world economic conditions brought about by the European war and the consequent loss of European markets for Venezuelan crude, production in Venezuela decreased from 205,433,000 bbl. in 1939 to 186,134,000 bbl. in 1940, or 9.4 per cent. This decline interrupted a steady annual increase in production from the country, which had been continuous since 1932. The Maracaibo Lake Basin in western Venezuela accounted for 135,738,000 bbl. during 1940, or 73 per cent of the total, as against eastern Venezuela's production of 50,396,000 bbl., or 27 per cent of the total for the country. Corresponding figures for 1939 were 167,688,000 bbl., or 82 per cent of the total from the Lake Basin, and 37,744,000 bbl., or 18 per cent from the east. These comparisons indicate the increasing importance of the newer developments in eastern Venezuela, but it is unlikely that production from the east will ever exceed that from the west. In all, 429 new wells were completed in Venezuela during 1940 as compared to 438 in 1939. Of the 1940 completions, 411 were in proved areas and 18 were wildcats; 389 (95 per cent) of the exploitation wells drilled were producers, I was a gas well and 21 were dry holes, while 6 (33 per cent) of the wildcats drilled were producers and 12 (67 per cent) were dry; 263 of the exploitation wells and 4 of the wildcats were in the Maracaibo Lake Basin and 148 exploitation wells and 14 wildcats were in the east, mostly in the State of Anzoategui. Exploration of the light-oil areas in the Tia Juana and Lagunillas fields was con- tinued during the year with favorable results. Along the lake shore, drilling was confined principally to fill-in wells in the La Kosa, Tia Juana, Laguni!las and Bachaquero fields, although some important semi-exploratory drilling was done in the Pueblo Viejo area between Lagunillas and Bachaquero fields. The only other developments of particular interest in the west were the successful completion of a step-out well lying to the south of the former southern limit of Mene Grande field, which adds considerable proved acreage to that field; and the failure of two wildcats that were drilled near the Colombian border to determine whether the productive sands of the Petrolea field in the Barco Concession, Colombia, extend into Venezuelan territory. In the east no new fields were discovered during the year, although five wildcats were completed as producers. Three of these, Guario No. I, Jusepin-56 and LM-I (Leona), discovered important extensions to previously proved areas and the remaining two, Cantos-I and SPN-I (Socororo), were subsequently proved to have tapped productive sands of small extent and operations in these areas have been suspended. The greatest activity in the east was concentrated in the Oficina field, where 105 new wells were completed during the year and production was increased from 22,540 bbl. per day during January 1940 to 57,627 bbl. per day during December 1940. Important development work was also done in the Jusepin. San Joaquin and El Koble fields.