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The AAPG/Datapages Combined Publications Database

AAPG Bulletin


Volume: 47 (1963)

Issue: 7. (July)

First Page: 1237

Last Page: 1293

Title: Review of 1962 Petroleum Developments in South America and Caribbean Area

Author(s): Louis C. Sass (2), C. H. Neff (2)


This review covers 24 reporting countries in South America and the Caribbean Area. During the review year, geological and geophysical field effort was expended in search of new petroleum reserves in 16 of the 24 countries and this effort totalled about 1,430 party-months-up a significant 10% from the preceding year. Wildcat drilling in 1962 was at about the same pace as last year. A total of 314 exploratory wells was drilled in 13 of the reporting countries and 80 of these wildcats were completed as oil or gas producers for a success ratio of 21%. Finally, oil production for the year from the subject area totalled 1,436,984,000 bbls., up 9% over the preceding year. About 80% of this total production came from Venezuela; 8 other countries--all of which have been on a produ ing basis for many years--provided the remainder. No new countries came on production during 1962. Substantial net acreage relinquishments of concession areas during the year by private companies are reported from Colombia, Bolivia, Venezuela, Peru, and Guatemala.

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