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The Transition From Private To Public Control In The Venezuelan Petroleum Industry, Felix P. Rossi-Guerrero
The Transition From Private To Public Control In The Venezuelan Petroleum Industry, Felix P. Rossi-Guerrero
Vanderbilt Journal of Transnational Law
Oil was discovered in Venezuela in 1914. The Zumaque No. 1 well on eastern Lake Maracaibo was Venezuela's first commercial discovery. The beginning of the First World War, however, delayed exploration and it was not until 1922 that a well being drilled in La Rosa, in the state of Zulia, blew out of control sending oil 200 feet into the air and spreading oil all around at a rate of some 100,000 barrels daily for nine days. The world took notice of Los Barrosos No. 2, and the Bolivar Coastal Field--one of the three or four largest oil fields in …