Production - Foreign - Petroleum Development in Venezuela in 1932

The general curtailment of activities, so marked in 1931, was continued and intensified in 1932 and although production was maintained at approximately the level of the previous year, 1932 was chiefly characterized by the virtual cessation of drilling in many of the proven fields, a further decline in wildcatting activities, particularly in the Maracaibo Basin, and the relinquishment of large blocks of unfavorably located acreage. A total of only 60 wells was completed during the year of which six were wildcats, while at the same time concessions aggregating approximately. 3,222,000 acres were renounced and reverted to the National Government. The maintenance of production at the previously established level was made possible through the large potential built up by drilling in previous years and by a gradual increase in pumping and gas-lift installations. Towards the end of the year there was a slight but perceptible tendency towards increased drilling in certain of the proven fields. Total production for the year came to 118,076,000 as compared to 118,418,000 bbl. for 1931, while exports amounted to 114,758,000 as against 116,683,000 bbl. in 1931. Table 1 shows production and exports and the average rate per day for the first half of 1932 as compared to the second half. Table 1.—Petroleum Production and Exports in 1932, Venezuela (Barrels of 42 Gallons) Production Rate per Day Export Rate per Day I January-June............ 61,943,000 1 390, 347 July-December.......... 56,133,000 305,071 50,788,000 276,022 Total.........,....... 118,076,000 322,612 114,758,000 313,546 During 1932 the number of active vessels comprising the Lake Maracaibo fleet of shallow-draft tankers was still further reduced, some being temporarily laid up and some transferred to service in other coun-