Country Venezuela Offshore/onshore Onshore Start of production 1922 | Region South America Discovery 1917 | |
 | ||
Bolivar coastal field top 5 facts
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, Venezuela.
Before 1900, Venezuela was known to possess commercial quantities of petroleum. One major find was the 'Zumaque 1' well in 1914, in the area of Mene Grande, Maracaibo Basin, about 50 miles (80 km) southeast of Cabimas (Zulia State). Discovered in 1917, the Bolivar Coast Field produces from Miocene and Eocene sandstones across well platforms in the shallow lake. The blowout of the Barroso No. 2 well in Cabimas in 1922 marked the beginning of Venezuela's modern history as a major oil producer. The field is thought to have a total of approximately 30-32 billion barrels of oil. Portions of the oil field have already been fully depleted.
The Bolivar Coast field still plays an important role in production from the nation with approximately 2.6 million barrels of oil a day.