The review for 1976 presents information on petroleum developments in 31 countries from South America, Central America, the Caribbean area, and Mexico. Hydrocarbons were produced in 12 of these countries, for a total reported production of 1,634,099,000 bbl of oil. Complete statistics on gas production were not available to determine total production. Because the statistics for Mexico are included in this year's report, oil production showed a gain of 24%, although without the addition of Mexico's production the total would have shown a drop of 1.1%. For the second year in a row, Venezuela's production was below 1 billion bbl, as production was down 22.3% from 1975. Argentina, Bolivia, and Peru all had slight increases in production, and Ecuador had a 16.2% increase.

Nationalization of Venezuela's oil industry occurred January 1, 1976, when state companies took over the rightholdings and interests of former private companies. This change makes the state corporation, Petroleos de Venezuela, the 9th largest oil company in the world.

Activity by private companies in Argentina was negligible in 1976, but they are expected to become more active as contractors for the state company.

Colombia experienced an 80% increase in development drilling. Two new-field discoveries were made, but their significance is unproved.

In Trinidad, there was a significant increase in offshore activity, which resulted in 5 new gas wells and 1 oil discovery from the 14 wildcats drilled.

Ecuador experienced a slight increase in development and exploratory drilling and a considerable increase in production. Of the three wildcats completed, 1 was a successful extension well; the other 2 were dry.

Guatemala had a commercial discovery in the Rubelsanto field, and experienced its first oil production ever, although the amount was insignificant.

This is the first year that the report from Mexico has been included in these development papers. Mexico had dramatic successes in the Southeast Reforma area and the offshore Gulf of Campeche area. Of the 79 exploratory wells drilled in Mexico in 1976, there were 19 new-field discoveries (8 oil and 11 gas) and 5 new-pool discoveries.