According to the Government press agency Venpres, the Minister of Energy and Mines said that Norway will invest US$ 10 billion in the Venezuelan oil industry. This is the only place where this was said while Chavez visited that country. Now according to the second quarter presentation of the Norwegian oil company Statoil, it plans to invest 23 billion Norwegian crowns in the full year. That is less than US$ 3 billion, thus it would seem surprising to me that even in let’s say 5 years, Norway’s state company would invest US$ 2 billion per year in Venezuela.
The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
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The Devil's Excrement 
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