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.

20 Responses to “PDVSA’s “Investment” Plans”

  1. sapitosetty Says:

    Hey, look — they are right on track for Ramirez’s prediction. For once. Investment spending in 1h11 was $5.77 million. So $12 million this year looks exactly right.

  2. moctavio Says:

    Currently there is a Coca Cola shortage, so you will have to use Chinotto or Pepsi

  3. A_Antonio Says:

    RWG, 100 % agree

  4. RWG Says:

    The leader says there will be even colder CocaCola over the horizon, so they sacrifice everything and follow him to their death.

  5. A_Antonio Says:

    Some people are condemned only to follow populist Leaders, never thinking by their own, going trough to a desert for years, drinking hot sands thinking is cold coca-cola, only because the Leader says so.

  6. Roger Says:

    All Chavez ever does is Talk Crude!

  7. Andres F Says:

    Fred, if we all thought alike, everything would be a lot easier. I don’t think a lot of Venezuelans correlate what a government is supposed to do with patria socialismo o muerte.

  8. Fred Says:

    There may only be hope, but hope may be the only thing that some people need. If you read the aporrea forum there’re people complaining about this and that not working, about corruption, about not having their basic needs met. But they still sign patria socialismo o muerte and declare their unconditional love to the president. Can someone explain to me how this can be?

  9. A_Antonio Says:

    Chavez words, in his 12th anniversary of his regime, say more that he really wants, he calls to: “renew of the ‘hope’, to impulse the socialism revolution”; yes hope, because is all they have after 12 years of robolution.

  10. Mike E. Says:

    Oh, yes Alex – take away the booze and not only will you have megariots, but the generals without guijqui couldn’t function due to delirium tremens kicking in caused by acute ethylism withdrawal (together with the new AN leader who seems to be needing a few shots to get going every morning).
    Problem is, Esteban knows this and, although he often talks about the evils of Polar beer and scotch guijqui, like gasoline prices, he won’t touch it. Quite the contrary, he is making sure there is ample supply of booze at all times.

  11. Canadian Says:


    Well, Chavez may have good health like Fidel Castro. 🙂

  12. Alex Dalmady Says:

    If the shortage of baby diapers and sanitary napkins hasn’t fueled an uprising in Venezuela, nothing will.

  13. Euro Andres Says:

    Excellent Post; Chavez has come to the point where he starts to repeat the promises that didn’t concreted in the earlier years of his revolution, It would be an excellent blow to look for the counter part of today’s promises and publish what were the results (If there where any) of it.

  14. RWG Says:


    Its worth repeating-
    “Will Chavez (like Mubarak) have to be in power for 30 years for Venezuelans really to decide (democratically, of course) to take action? At that point (the year will be 2029) Chavez will be 75, and a few generations would have been “wasted”…

    I pray that Venezuela is watching Egypt.

  15. megaescualidus Says:

    This is a little off topic (but not entirely).

    Right now, the situation in Egypt, in my opinion, shows one scenario of how dictators like Mubarak, and no doubt our local one (Esteban) choose to cling to power when and if the time comes for fed up people to openly come out to the streets and protest. The Egyptian government today threw to the streets pro-government agitators, which not surprisingly turned the situation violent, much the same if and when Chavez’s militias are intended for (Tupamaros, etc.). Will Chavez (like Mubarak) have to be in power for 30 years for Venezuelans really to decide (democratically, of course) to take action? At that point (the year will be 2029) Chavez will be 75, and a few generations would have been “wasted”…

  16. Steve Pollock Says:

    As a former resident of Venezuela for many years it has been with amazement how the great people of Venezuela have let this nut Chavez not only ruin their country but also there lives as well.

    Every week the country goes futher and futher down the tube. When will the people of Venezuela rise up and take back Venezuela from these thugs and restore it to greatness.

    Wake up people of Venezuela and think; is my daily life and that of my family better today than it was twelve years ago. If you are honest with yourself the answer is no, not for the average person.

    For Chavez and his cronies and family the answer is clearly yes.

    Look at what is happening in other countries, you the people can do the same and take back your country also from these nuts. Venezuela can once again be the great country it was in the past and deserves to be today.

    Free yourselves from the people with their boots on your neck and hands in your pocket.

  17. RWG Says:

    B. Mary,
    Most Venezuelans have a strong passion for food, shelter, and health care. Chavez is failing on all three.

    You do demonstrate how hate can be all consuming for some societies. Chavez is a master of finding targets for hate. Unfortunately for Chavez, a majority of Venezuelans hate him.

  18. Bloody Mary Says:

    Sadly, changes will not come from the people understanding the quality of the government and its performance (for example, showing how bad they did regarding oil production), but from how leaders make them feel inside their basic instincts.
    Yesterday I heard a person from the Petare slum that called to the TV program “El Ciudadano” (this person was insulting a conservative Venezuelan banker who just described the Venezuelan reality based on numbers). He (the Petare guy) asked: “How do you dare to criticize the government if you are part of an “elite”???”. No more arguments, just passion. This shows the formula that have been drawing our destiny: Hateful of success + Manipulation = Love/Support to Chavez……

  19. Roberto N Says:

    “Siembra Petrolera”? What did they do, plant the oil in China?

  20. A_Antonio Says:

    Like I said before, Chavizta’s followers must think: “Lie to me; that your good faith make me happy”

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