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  1. $Title{Table 20.: Important Dates in History of Petroleum Industry}
  2.  
  3. ______________________________________________________________________________________
  4.  
  5. Date                                        Event
  6. ______________________________________________________________________________________
  7.  
  8. 1876 ....   Company formed to explore, drill, refine, and market petroleum and
  9.               products
  10. 1905 ....   Law enacted to provide legal base for early petroleum concessions
  11. 1913 ....   First successful test drill completed; because of petroleum seeps, presence
  12.               of oil had long been known
  13. 1914 ....   British company begins production from first commercial well
  14. 1926 ....   Petroleum displaces coffee as principal export commodity
  15. 1928 ....   Venezuela becomes world's largest petroleum exporter and second largest
  16.               producer
  17. 1943 ....   Hydrocarbons Law prescribes reversion of foreign petroleum concessions
  18.               to state within forty years
  19.             Venezuela establishes 50-50 formula for distribution of petroleum profits
  20.               between state and producer; formula widely adopted by other producing
  21.               countries and subsequently revised to 65-35
  22. 1960 ....   Organization of Petroleum Exporting Countries (OPEC) established under
  23.               Venezuelan leadership
  24.             Venezuelan Petroleum Corporation (Corporacion Venezolana de Petroleo-CVP)
  25.               formed to produce, refine, and export petroleum in competition with
  26.               foreign concessionaires; no further foreign concessions to be granted
  27. 1968 ....   CVP announces basis for accepting offers for service contracts from
  28.               concessionaire companies
  29. 1970 ....   After closing of Suez Canal in 1969 petroleum production in Venezuela
  30.               reaches all-time high of 3.7 million barrels per day
  31. 1971 ....   Petroleum Reversions Law prescribes transfer of control of oil fields to
  32.               state on expiration of existing concessions, mainly in 1983 and 1984
  33. 1973 ....   Major political parties campaign in presidential election on platforms
  34.               favorable to petroleum nationalization
  35. 1975 ....   Legislation to nationalize petroleum industry signed by president on
  36.               August 29
  37. 1976 ....   Nationalization becomes effective on January 1
  38. ______________________________________________________________________________________
  39.