Production - Foreign - Petroleum Development in Venezuela during 1930 (With Discussion)

In the production of crude petroleum for the year 1930 Venezuela again maintained its world rank of second only to the United States. During the latter months of the year Russia forged ahead of Venezuela in daily rate of production, and from the present outlook will probably rank second among the oil-producing countries of the world in 1931. It is now believed Venezuelan production has passed its peak. The producing fields of the Bolivar coastal district, along the east side of Lake Maracaibo, continue to be the principal source of supply. Such fields as Lagunillas, Mene Grande and La Pas were not produced to capacity throughout 1930. During the year, three new fields entered into commercial development: The Rio Tarra field in the District of Colon, State of Zulia; the El Mene de Salto field in the District of Acosta, State of Falcon and the Quiriquire field, District of Piar, State of Monagas. For 1930 the total crude production of Venezuela was approximately 137,424,000 bbl. as compared to 137,739,000 bbl. during 1929, or a decrease of 315,000 bbl. During the past year exports of crude from Venezuela amounted to 137,8.50,000 bbl. as against 130,044,000 bbl. exported during 1929. Crude oil in field storage decreased from 14,138,-000 bbl. at the beginning of 1930 to 9,600,000 bbl. as of Jan. 1, 1931— present crude stocks fill about one half the field tankage available. Drilling operations in the producing fields declined sharply but throughout the year there was maintained a satisfactory potential reserve in the shape of proven territory and closed-in producers. Of the 2555 wells which have been completed in Venezuela, 1571 wells were in production on Jan. 1, 1931. The status of these present producing wells may be classified as follows: flowing 652, pumping 170, gas-air lift 193 and closed-in 556. The ratio of closed-in wells to producing wells declined in 1930, while the number of wells produced by artificial means increased materially. In the Bolivar coastal fields there is now observed a marked decline in gas volume and well-head pressure. Lago Petroleum Corpn. and Venezuela Gulf Oil Co. each have under construction electric plants designed to generate power for pumping wells by electricity. The first units of these plants will be placed in conlmission in the early spring of 1931. Venezuela Oil Concessions, Ltd. has installed a number of stenrn-