Review of 1968 Petroleum Developments in South America, Central America and Caribbean Area

Abstract

This review includes information on 29 countries. Petroleum production in 1968 is reported from 9 countries and their combined total production was 1,692,889,000 bbl, an increase of 2.4% from the previous year. Venezuela's production at 78% of the total continues to dominate in this region. However, notable increases were made in daily production rates of Chile (10.4%), Brazil (9.5%), and Argentina (8.6%). Production declined in Colombia (8.4%) and Ecuador (20.3%) but the trend of these 2 countries should be reversed in the near future, as new fields in the Putumayo basin of Colombia are scheduled to go on production in 1969 and important discoveries were made this year in eastern Ecuador. In 1968, a total of 10,632,407 ft was drilled in 1,748 wells, an increase from 1967 of 3.4% in footage and 29 wells. Exploration drilling was carried out in 12 countries and of the 370 exploratory wells completed, 32% were successful. Party-months of geologic and geophysical work for the whole area were: surface geology, 338; seismograph, 593; gravity, 76; and airmagnetometer, 16;--61% of this work was in Argentina and Brazil. A significant omen, indicative of increased exploration in the future, is the new concession activity which took place in Argentina, Peru, Ecuador, Colombia, Panama, Nicaragua, Honduras, Guatemala, Jamaica, and Puerto Rico; further, there is a suggestion that bids for new acreage soon will be requested for the offshore area between Trinidad and Tobago and possibly in Venezuela.