20th century American oil company operating in Venezuela
Creole Petroleum Corporation
Company type
Private (1920–28) Subsidiary (1928–76)
Industry
Petroleum
Founded
March 1920
Defunct
January 1, 1976; 48 years ago (1976-01-01)
Fate
Nationalised by the Government of Venezuela
Headquarters
Venezuela
Area served
Venezuela
Parent
Standard Oil of New Jersey (1928–76)
The Creole Petroleum Corporation was an American oil company. It was formed in 1920 to produce fields on Lake Maracaibo, Venezuela.[1] The company was acquired by Standard Oil of New Jersey in 1928. Until 1951 Creole Petroleum was the world's number one oil producer.[2]
In 1950, Creole opened its refinery at Amuay bay.[3] This is now a part of the Paraguaná Refinery Complex considered the world's third largest refinery complex, just after Jamnagar Refinery (India) and Ulsan Refinery (South Korea).
The Venezuelan assets of Creole Petroleum Corporation were nationalized along with those of other foreign oil firms on January 1, 1976, becoming as Lagoven [es] filial part of PDVSA, a Venezuelan government-owned operating company.[4]
^Toyin Falola, Ann Genova (2005). The politics of the global oil industry: an introduction. Greenwood Press. p. 233. ISBN 978-0-275-98400-7. in 1920 the creole petroleum corporation formed
^"Venezuela: International Partnership". Time. October 29, 1951. Archived from the original on February 5, 2013. Arabian American Oil Co. supplanted Creole as No.1 in July of this year.
^Edwin Lieuwen. Petroleum in Venezuela. Creole's of similar size at Amuay
^"Exxon Reaches Venezuelan Pact On Oil Purchases". The Wall Street Journal. January 7, 1976.
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