V. O. C.
In the absence, through indisposition, of the Chairman, Lord Bearsted, Mr. Andrew Agnew presided over the recent meeting of Venezuelan Oil Concessions, Limited, and delivered the speech which had been prepared by Lord Bearsted, as Chairman. The company has, of course, suffered in common with other oil concerns by the lower prices, while expenses during the year were somewhat higher. As regards the (Continued on page 1030.)
--Financial Notes- -- •-- >T (Continued from page. 1028.) current year, there is some-restriction in production, but this' in its turn, is resulting in a reduction of expenditure in drilling, and as regards future production it would seem that . good results have attended devetopinent south- -of - the Lagunillas Field, but 'it is stated-that the heavy: quality of the oil would make its exploitation not very prOfitable just now as -there is a glut of very heavy. oil:- The- Chairman spoke cautiously With regard to the outlook- and referred to the increasing rates of depreciation On'prodticine.wells; necessitated, he-said, by careful study of the decline curves of production of their wells. in the Bolivar District. Such large depreciation, allow- ances inVolved, he pointed out, an apparent thcrease in costs of production; while at the same tiine protecting the capital invested.
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