Red bellies and flags do not an oil company make. **** Businessweek says one thing, PDVSA's President Ramirez says another. Who is right? Are they talking about the same thing?
From a report by Rachel Jones, Businessweek, March 6, 2009
"Venezuela, the fourth largest U.S. oil supplier, contracts companies to do work from running oil drills to performing maintenance.
Ramirez said Venezuela has 266 active oil rigs -- 51 of which belong to PDVSA and the rest of which are contracted. Houston-based oil services company Baker Hughes Inc. put the number of active rigs in Venezuela at 62 in February -- eight less than a month earlier".
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This is the kind of crazy information coming from Petroleos de Venezuela. There is an enormous difference between 62 rigs (Businessweek) and 266 rigs (Ramirez).
No wonder no one believes Ramirez when he says they are producing 3.2 million barrels per day when OPEC says Venezuela's production is 2.4 million barrels per day.
From a report by Rachel Jones, Businessweek, March 6, 2009
"Venezuela, the fourth largest U.S. oil supplier, contracts companies to do work from running oil drills to performing maintenance.
Ramirez said Venezuela has 266 active oil rigs -- 51 of which belong to PDVSA and the rest of which are contracted. Houston-based oil services company Baker Hughes Inc. put the number of active rigs in Venezuela at 62 in February -- eight less than a month earlier".
*************
This is the kind of crazy information coming from Petroleos de Venezuela. There is an enormous difference between 62 rigs (Businessweek) and 266 rigs (Ramirez).
No wonder no one believes Ramirez when he says they are producing 3.2 million barrels per day when OPEC says Venezuela's production is 2.4 million barrels per day.
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Not to mention back in 2004 that PDVSA was predicting 5 million BBL/day production by 2009! Today, production is half what PDVSA predicted back in 2004.
Had Chavez campaigned on what he had later done, here is a slogan he would have used back in 1998: "We will use YPFB as the model for the PDVSA of the future."
Today, Evo should feel flattered.
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