Map of Bonnells Bay for Oil accounted for 76 percent of the country’s export earnings and about half of all government revenue. Venezuelan petroleum also made the foreign oil companies wealthy. Shell, Standard of New Jersey, and Gulf controlled nearly 90 percent of Venezuelan oil, so the country still remained dependent on foreign investment. The Venezuelan population also changed as many foreign workers came to work in the oil fields, especially Caribbean blacks. G³mez died in 1935 and the Venezuelan oil industry he built soon began to change. By the late 1930s, the country was more dependent on oil than ever before, as petroleum made up 90 percent of exports. Gomez’s successors sought to reform the industry. Map of Bonnells Bay 2016.