Archive for February 2nd, 2011

PDVSA’s “Investment” Plans

February 2, 2011

(With the increase in the price of the barrel of oil, we are going to be able to invest in housing and security)

These are numbers from Veneconomy in its latest issue on PDVSA’s investment plans:

PDVSA’s updated investment plan calls for US$ 252 billion in investments between 2010 and 2015, to expand capacity by 2.8 million barrels of oil a day.

PDVSA’s share of this will be US$ 192 billion, or US$32 billion per year starting last year.

Last year, PDVSA only invested US$ 11.5 billion, or 35.9% of the target.

In 2011, Ramirez himself said that PDVSA would only invest US$ 12 billion.

Thus, in the first two years, PDVSA will be behind US$ 40 billion in the “plan”

Recall that the earlier “Siembra Petrolera” plan under Ramirez 2005-2010, which was supposed to expand production to 5 million barrels a day, never got off the ground.

It’s all smoke and mirrors, but people like it.