Venezuela

In 1908, Juan Vicente Gómez because president of Venezuela and granted several concessions for the exploration of oil to his friends and family members, encouraging them to sell out to foreign oil companies. On April 15, 1914, the first Venezuelan oilfield (Zumaque-I or MG-I) was completed. From 1914 to 1917 more oilfields were discovered across Venezuela, including the Bolivar Coastal Field. The Bolivar Coastal Field is the largest oil field in South America, containing 6,000 to 7,000 wells that stretch 35 miles along the north-east coast of Lake Maracaibo, Venezuela. In 1922, the Barroso No.2 well in Cabimas marked the beginning of Venezuela as a major producer of oil. Today Venezuela is the fifth largest oil exporting country in the world with the second largest reserves of heavy crude oil (after Canada).