RICHMOND EXPLORATION COMPANY RICHMOND PETROLEUM CO. OF COLOMBIA MONTHLY REPORT NOVEMBER - 1953

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP83-00423R001300090002-6
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 2
• Document Creation Date: November 9, 2016
• Document Release Date: January 12, 1999
• Sequence Number: 2
• Publication Date: December 28, 1953
• Content Type: REPORT

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VENEZUELA GENERAL
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The new collective labor contract with Rexco's marine personnel was signed
November 30. It is similar to those of the other oil Companies: 10% pay increase with
minimum of about $20 monthly. The contract is for three years,
Maracaibo Bar Project
The Bar authority reports completion of 34% of dredging of the Inner Bar, which
is about on schedule. Construction of the breakwater is to start in February.
1954 Budgets
Creole and Mene Grande have announced 1954 operating budgets approximately the
same as for 1953; Shell's will be about $25 millions higher. They are Shell $102.5,
Creole 4100, and Mene Grande $66 millions.
Inauguration of Public ~`orks
Coinciding with the first anniversary celebration of President Perez' administra-
tion was the inauguration of both long term and recent public works projects totalling
about $300 millions. The outstanding large projects include the high speed highway con-
necting Caracas with its seaport and airport, the 400 room luxury hotel "Tamanaco" in
Caracas, new traffic arteries, public buildings and other works in Caracas, and highways
and other projects in various parts of the country.
President Perez informed newspaper reporters in Maracaibo December 5 that his
Government is fostering development of a diversified economy so that Venezuela will not
be so dependent upon the oil industry.
Venezuelan Petroleum Production
Month of November (ap proxi is te) 1, 652,000
COLOMBIA GENERAL
As a result of severe criticism by the President of the Judicial Branch of the
Government, the Colombian Supreme Court Magistrates as well as numerous other members
of the Judicial Branch tendered their resignation.
The President, on November 27th, announced the appointment of 16 very prominent
Colombians as Supreme Court Judges, 8 of whom are Liberals, the others being Conservatives.
These appointments were highly praised by the general public.
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Among the appointees is our legal advisor, Dr. Antonio Rocha. It is our under-
standing that the appointed Supreme Court Magistrates will accept the nominations even if
it means a certain sacrifice on their part, with the idea of cooperating with a. government
that is striving to bring the country back to normal existence following the period of
violence that overran the country until the halt of June 13, 1953.
The political situation in Colombia was extremely quiet during November.
Economic situation is considered fairly good as the price of coffee is at its
highest level. Nevertheless, the continued increase in the cost of living is appreciably
decreasing the purchasing power of the workers and its effects are being felt by com-
mercial concerns.
Venezuela Dollar Monthly Daily Total
November 30, 1953 67 2115 216 528
Colombia
November 30, 1953 6 17 2 25
OUTSIDE ACTIVITIES
Western Venezuela
Active were 19 exploratory rigs, and 3 seismorgraph, 3 gravity, and 6 surface
parties.
Active were 73 exploratory rigs including 5 outposts, 10 new pool, and 10 new
field wildcats, Exploratory parties included 9 seismic, 4 surface, and one structural
drill.
Approved For Release 1999/09/10: CIA-RDP83-0R001300090002-6