Review of 1969 Petroleum Developments in South America, Central America, and Caribbean Area

Abstract

This review includes information on petroleum developments during 1969 in 29 countries. Petroleum was produced in 10 countries and their combined total production for the year was 1,696,391,000 bbl, an increase of 0.15% from the previous year. Venezuela produced 77% of the total although its production decreased slightly (0.3%). Production increased in Colombia (19.3%), Brazil (7.5%), and Argentina (3.9%), and decreased in all other producing countries. A total of 10,684,429 ft was drilled in 1,627 wells; in comparison with 1968, this was an increase of 0.5% in footage but a decrease of 121 wells. Exploration drilling was carried out in 14 countries and 28% of the 365 wells were successful. Party-months of geologic and geophysical work for the area of this review were: surface geology, 322; seismograph, 544; gravity, 30; airmagnetometer, 19; 63% of this work was in Argentina and Brazil. Notable exploration events were the Caimancito field discovery in Argentina, discovery of crude oil off the east coast of Trinidad in the area where gas and condensate were found earlier, and the continued successful wildcatting in eastern Ecuador. A new petroleum law was enacted in Trinidad and Tobago; the petroleum law in Peru was revoked--however, existing rights will remain in effect.