Abstract
This review covers 23 reporting countries--9 of which are established producers of petroleum. Oil production for 1963 totalled 1,468 million barrels--up a modest 2.2% over the preceding year. About 80% of this production came from Venezuela. Geological or geophysical work in 1963 was done in 14 reporting countries, and exploratory drilling was carried out in 12 countries. Tabulations reflect a moderate slowing of the tempo in 1963 in the over-all industry search for new reserves in the Caribbean area and South America when compared with 1962. Geological and geophysical field effort in 1963 totalled 1,334 party-months of work--down 7% from the preceding year. Exploratory drilling in 1963 was down 12%. 329 wildcats were drilled, 83 of these were completed as oil or gas prod cers for a success ratio of 25%. Development drilling was down 22%.
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