Production - Foreign - Petroleum Developments in Venezuela 1941 to 1944 Inclusive

ProUuction of crude oil in Venezuela increased from 186,134,000 bbl. in 1940 to 2~8,131,ooo bbl. in 1941, or 22.6 per cent, to establish a new all-time high for the country. While the average production for the year was 625,000 bbl. per day, production during the month of December 1941 averaged 751,000 bbl. per day, and during the last week of the year, 766,000 bbl. per day. Production from the Lake Maracaibo basin averaged 454,000 bbl. per day during the year, or 72 per cent of the total for the country, compared with 73 per cent of the total produced in 1940. Drilling during the year was approximately on the same scale as in 1940, with 438 wells completed in 1941 as compared with 429 the year before. Exploratory completions decreased from 18 in 1940 to 6 in 1941. Of the drilling operations in 1941, 56 per cent was concentrated in the Lake Maracaibo basin and 44 per cent in eastern Venezuela, success being 98 per cent in the Lake basin and 83 per cent in the east. Successful completions for the country as a whole amounted to 92 per cent of the total wells drilled. Exploratory drilling in 1941 resulted in the discovery of three new fields, all in eastern Venezuela; viz., Guara, about II km. to the northeast of the Oficina field but on a separate structure; Santa Rosa, which is east of El Roble field on a structure forming a part of the major Santa -Ana- San Joaquin-El Roble uplift; and Santa Barbara, which is southwest of the Jusepin field on an extension of the main Jusepin anticline. At the close of the year three wildcats were drilling, all of which showed prospects of obtaining production; that is, Mercedes No, 2 in central Guarico, Las Ollas No. I on the Anzoategui-Guarico border near the town of Zaraza, and Quiamare No. I in Anzoategui northeast of the town of San Mateo. In spite of heavy withdrawals and the resultant natural decline in the potentials of older producing areas, new drilling during the year increased the potential production of the country from an estimated 780,000 bbl. per day at the end of 1940 to an estimated 810,000 bbl. per day at the end of 1941, or approximately 4 per cent. Since domestic consumption of petroleum products is insignificant compared with total production, exports of crude and products during the year increased in line with production. Crude exports totaled 196,800,000 bbl., compared with 158,400,-000 bbl. in 1940, and exports of products were 26,100,000 bbl., compared with 21,900,000 bbl. the year before. Exports of crude from Venezuela to the United States amounted to 36,500,000 bbl. In addition, about 2,200,000 bbl. was imported in bond into the United States for transfer to Canada. Total refining capacity of the country in 1941 was approximately 125,000 bbl. per day, including a crude-conversion plant with a capacity of 32,000 bbl. per day, capable of making fuel oil only. Three plants with a capacity of 121,000 bbl. Per