When was oil discovered in Venezuela?
History of the Venezuelan oil industry
It was the blowout of the Barroso No. 2 well in Cabimas in 1922[9] that marked the beginning of Venezuela's modern history as a major producer. This discovery captured the attention of the nation and the world. Soon dozens of foreign companies acquired vast tracts of territory in the hope of striking it rich, and by 1928 Venezuela became the world's leading oil exporter.[10] Oil ended Venezuela's relative anonymity in the eyes of world powers, making it a linchpin of an ever-expanding international oil industry and a new consideration in global policymaking.[10] Venezuela's oil production became a major factor in policy making in Washington before the Second World War.[10]
History of the Venezuelan oil industry
Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012.