Production - Foreign - Petroleum Development in Peru during 1932

DuRing 1931 Peru lost its place as ninth among the oil-producing countries of the world, to Argentina, and even in tenth place its production only slightly exceeded that of Trinidad. The preliminary figures for 1932 indicate that Peru will lose tenth place for that year to Trinidad. The production in barrels of the three coastal fields of Peru during the past three years was as follows: In addition to this crude production, the International and Lobitos companies produced approximately 770,000 bbl. of casinghead gasoline during 1932. There was no outstanding development in the oil industry in Peru during 1932; activity in the fields was very much restricted due to curtailment of production and the low price of oil. The potential production of the property of the International Petroleum Co. Ltd. greatly exceeded the actual production. By the beginning of 1932, a total of 2348 productive wells had been drilled on the property of the International, of which 547 had been abandoned, leaving 1801 productive wells at that' date. These wells cover a total productive area of approximately 13,500 acres. The crude produced has an average gravity of 37° to 38° Be. The Lobitos crude is of approximately the same gravity. The earliest oil pool developed in the Peruvian Coastal area is now more than 40 years old and is still producing. The major development in the area took place between 1920 and 1930. Production at the present rate can be maintained for 10 years or more.