Review of 1967 Petroleum Developments in South America, Central America, and Caribbean Area

Abstract

This review includes data from 29 countries, of which 11 are producers of petroleum. Their combined production during 1967 was approximately 1,653,216,000 bbl, or an average rate of 4,529,353 b/d. This is about 13% of the world's total oil production during 1967. Within the area reviewed Venezuela experienced a 5.1% increase in production from 1966 and had 78% of the 1967 total. The other oil-producing countries of the area combined had a 12.6% increase in production from 1966 and contributed 22% of the 1967 total. For the overall area, the total 1967 exploration activity in 16 countries, in party-months, was changed little from the previous year. Activity by surface-geology parties decreased 15% whereas activity by seismograph parties increased 14%. The totals based on d illing statistics from 14 countries decreased in 1967; wells drilled decreased 16%, footage drilled decreased 4.7%, exploratory wells completed decreased 5%, and successful exploratory wells decreased 20%. There are indications that the area reviewed may be entering a period of increasing petroleum exploration and development. The known hunting grounds for possible further investigation are extensive.