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The Maracaibo Basin, also known as Lake Maracaibo natural region, Lake Maracaibo depression or Lake Maracaibo Lowlands, is a foreland basin and one of the eight natural regions of Venezuela, found in the northwestern corner of Venezuela in South America. Covering over 36,657 square km, it is a hydrocarbon-rich region that has produced over 30 ...
The Bolivar Coastal Fields (BCF), also known as the Bolivar Coastal Complex, is located on the eastern margin of Lake Maracaibo, Venezuela. [1] Bolivar Coastal Field is the largest oil field in South America with its 6,000-7,000 wells and forest of related derricks, stretches thirty-five miles along the north-east coast of Lake Maracaibo.
Lake Maracaibo is rich in oil and gas resources and is known as the "oil lake". [6] The first Spaniards who arrived used tar seeping from the lake to fill ship cracks. [ 11 ] The Maracaibo oil field was discovered in 1914, [ 15 ] the first oil well was constructed in 1917, and large-scale exploitation began in 1922. [ 6 ]
Lago [a] owned about 8,000 square miles (21,000 km 2) of land in Lake Maracaibo, and produced about 30,000 barrels of crude oil per day. [2] Oil wells in Lake Maracaibo require drilling platforms. Wooden pilings to support the platforms were vulnerable to teredo worms. Lago Petroleum pioneered use of concrete pilings pre-fitted with steel heads ...
Lake Maracaibo, which once was at the heart of Venezuela's oil boom, has turned into a polluted wasteland, according to environmentalists. The pollution of the lake, located about 600 kilometers ...
Under the presidency of Carlos Andrés Pérez, whose economic plan, "La Gran Venezuela", called for the nationalization of the oil industry, Venezuela officially nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1 (Mene Grande). This was the birth of Petróleos de Venezuela S.A. (PDVSA).
The Creole Petroleum Corporation was an American oil company. It was formed in 1920 to produce fields on Lake Maracaibo, Venezuela. [1] The company was acquired by Standard Oil of New Jersey in 1928. Until 1951 Creole Petroleum was the world's number one oil producer. [2] In 1950, Creole opened its refinery at Amuay bay. [3]
Under a separate U.S. authorization still in effect, about one-fifth of Venezuela's oil exports sent by Chevron to the U.S. should continue flowing and rise to 200,000 bpd by year end. About ...