Production - Foreign - Petroleum Development in Venezuela during 1938

Although Venezuelan production attained a new peak in 1938, passing the 190 million barrel mark for the first time, there was a distinct flattening of the steep upward trend that marked 1937 and preceding years. The annual total of 190,231,780 bbl. was only 31/3 million barrels above the 1937 figure, an increase of slightly less than 2 per cent, which contrasts sharply with the 20 per cent increase of 1937 over 1936. As in the previous year, the Lake Maracaibo fields supplied approximately 73 per cent of the oil produced, Lagunillas remaining the largest single contributor in spite of a 17 million barrel decrease in its annual output. Tia Juana increased its percentage of the Venezuelan total from 14.1 per cent in 1937 to 23.4 per cent in 1938; La Rosa showed little change with 13.7 per cent; Quiriquire in eastern Venezuela was also little changed with 13.2 per cent; Mene Grande, the only other field of real importance, declined from 7.7 per cent of the total in 1937 to 6.6 per cent for 1938. Two new fields, Temblador and Bachaquero, began actively to ship oil during the year, and by November were averaging 7600 and 10,000 bbl. per day, respectively. The former is in eastern Venezuela, and the latter is the most southern of the proven Lake Maracaibo fields. (A map of Venezuela was published in Volume 127 of the Transactions.) Table 1 gives a complete résumé of Venezuelan production by fields for 1937 and 1938, and shows that 1,685,575,663 bbl. had been produced to Dec. 31, 1938. The percentage contributed by each of the principal fields to this total is shown in Table 3, as well as their trends over the past several years. From these data it is apparent that the Maracaibo Basin is the principal source of Venezuelan production, and will probably continue to hold this position for some years. At the year's end 2657 oil wells were producing, of which 2425 were in western and 232 in eastern Venezuela; 36 per cent were on natural flow, 57 ppr cent were pumping, and 7 per cent were on air or gas lift. Out of 523 wells drilled, 507 producers were completed in 1938, five less than in the previous year and nearly 100 less than in 1929. These