Venezuelan Oilfields Development In 1924

The year of 1924, in Venezuela, has been one of especial interest. The figures for production marketed are not so impressive, but to the well-informed followers of the development, the ease with which this production has been obtained and with which it apparently can be increased at will merits most careful consideration. For several years, the oil world, especially in the financial centers, has been closely following the slow unfolding. of the' Venezuelan developments, which has been, and still is, one of the great pioneering achievements in the history of oil exploitation. Venezuela, from the first days of its recognition by geologists and financiers as a great future source of oil, has been a field for the enterprising vision of the larger capital groups. The laws of the country have been drafted with almost an inspired foresightedness that has favored the exploitation of the resources along constructive lines, which' has eliminated the irrational promotion schemes that accompany many of the oil developments in the United States. Developments have been exclusively in the hands of strong financial groups, who have followed a conservative policy with respect to the dissemination of detailed information concerning the geological findings and detailed production data. Within the last year, however, the rapid expansion of the production phase of the developments has been on such an important scale and has involved such a large and rapidly increasing personnel, that further restraint with respect to information of a general informative' nature can serve no useful purpose. Certainly, from the volume of references to Venezuelan oil affairs, which are now of almost weekly occurrence in the oil trade journals, the public must appreciate the fact that in Venezuela, and in the Maracaibo district in particular, a new oil region of the first magnitude is about to emerge from comparative obscurity and occupy a commanding position on the stage of world oil affairs.