The following table gives the names of the principal petroleum and asphalt companies operating in Venezuela, with capital invested:
| Names of Companies | Capital in Bolivares | Capital in Dollars |
|---|---|---|
| Caribbean Petroleum Company | 20,782,482 | 4,156,496 |
| New York and Bermúdez Company (asphalt) | 8,914,932 | 1,782,986 |
| Colón Development Company, Ltd. | 4,747,000 | 949,400 |
| Bermúdez Company | 4,319,820 | 863,964 |
| Venezuelan Oil Concessions, Ltd. | 2,316,996 | 463,399 |
| British Controlled Oilfields, Ltd. | 1,500,000 | 300,000 |
| Total | Bs. 42,581,230 | $8,516,245 |
There are in addition several small local companies operating in Venezuela; these together with the above companies represent probably a total investment of Bs. 50,000,000 ($10,000,000) in petroleum and asphalt.
It will be interesting to note at this point that during the year 1919 over Bs. 2,000,000 were paid to the Venezuelan Government by North American corporations for the right to exploit concessions.
The following table shows amounts (in metric tons) of petroleum exploited and exported during the last three years:
| 1917 | 1918 | 1919 | Totals | |
|---|---|---|---|---|
| Exploited | 18,248 | 24,153 | 22,957 | 65,358 |
| Exported | 8,650 | 11,101 | 1,084 | 20,835 |
It will be noted that production and exportation greatly increased in 1918 over 1917. In 1919, production was decreased and exportation greatly decreased in proportion to exportation of 1918. In 1918, almost half of the production was exported while in 1919 the amount exported was about one-twenty-second part of the amount produced. This was due to the fact that a greater amount was being consumed locally in Venezuela.
ASPHALT
The age of asphalt is at hand. This important mineral already has many applications in our lives, and with a greater knowledge of its possibilities, its utility will be largely extended. Asphalt is very old. It was the material that welded together the stones of the Tower of Babel; it was found on the shores of the Red Sea, and the Egyptians used it in the preservation of their dead. The etymology of the word asphalt ("α" privitive and σφαλλω, to slip) indicates its cementatory properties, and the actual ingredients of the substance are common scientific knowledge. Asphalt, asphaltum, bitumen, maltha or mineral pitchmene,—different names for the same substance,—is an amorphous, pitch-like material, black or brownish in color, and lustrous, being composed of various hydrocarbons, whose proportions vary widely according to the locality from which the material is obtained. It is a product of the decay of vegetable matter, and commonly,—perhaps always,—occurs in connection with rocks containing bituminous matter. It melts at a heat of from 195 degrees to 212 degrees Fahrenheit, and burns with a bright, smoky flame. While the pitch-lake of Trinidad, a surface a mile and a half across of pure asphaltum, is perhaps the most remarkable occurrence of this mineral in nature, still the lake of Bermúdez, which covers 1,000 acres in the state of Sucre, Venezuela, is fast equaling the former in commercial importance. Asphalt is also found in the Pedernales district, in the state of Monagas, as well as on the shores of Lake Maracaibo. As an indication of the value of Venezuelan bitumen, we may cite the fact that this special variety is used to protect the tunnels of the New York subway from moisture.