PDVSA to miss 2011 capital expenditure plan

PDVSA President Rafael Ramirez says the company will spend $11 billion on “investment” this year, Reuters reports. But in its 2009 annual report, released in August, PDVSA said it planned to spend $31 billion on capital expenditures in 2011 (see p. 43):

As some snarky bastard said at the time, that plan was both bigger and later than the company had previously announced.

Now, maybe that plan includes joint ventures, in which the partners also spend some money. But since PDVSA has at least 60% of almost all its joint ventures these days (exceptions being projects outside Venezuela and in exploration and production of non-associated natural gas), and most of the projects in that table are not joint ventures. So partners may add a few billion dollars, but not enough to get even half way to the planned spending level. So the projects get pushed back another year. That’s good news if you want to delay global climate change.

In other PDVSA news, “From the early hours of the morning the workers of the Ministry of People’s Power for Energy and Oil, its agencies and Petroleos de Venezuela were present with enthusiasm and revolutionary fervor outside the National Assembly to demonstrate their support for Commander President Hugo Chavez in the presentation of the State of the Union report.”