eulogio-del-pino

Eulogio, Venezuela’s mighty oil Czar

On Tuesday evening, President Nicolás Maduro announced what in revolutionary newspeak is referred to as a sacudón (shake-up), otherwise known to the rest of the globe as cabinet reshuffle. The most noteworthy replacement happened in the Ministry of the Popular Power for Petroleum and Mining. Eulogio Del Pino, who is, and will continue to be, the chief of state oil company PDVSA, will be taking…

Mlandrieu

Evil in the Bayou

Over the past week, with the story of El Pollo Carvajal’s Aruba narco-escapade, and reports of an obscene dollars-imports-military scam, we have come to understand what we’re up against in Venezuela: drug-trafficking generals. Leave it to a last minute blocking of a U.S. Senate bill to clear things up a little more: we’re actually facing drug-trafficking…

The end of a long debate

Léelo en Español en Prodavinci. It’s easy to forget that, before chavismo descended into outright farce, there was a genuine intellectual debate to be had about the proper role of a State-owned firm in managing the nation’s energy resources. It pitted a left deeply skeptical of a technocratic, empowered, arms’-length state oil company against a…

The Long View on Oil-to-China

Over on Global Barrel, Tom O’Donnell makes the case that the Venezuela-China oil relationship has now reached a kind of critical mass that will keep it going far into the future, regardless of the politics on either side of the Pacific. Soon, Venezuelan oil will not be shipped to China simply to fulfill financial-and-contractual obligations, but…

2.08

It’s a good thing we have Setty to remind us. Otherwise, some of us might forget to flip through PDVSA’s always revealing yet seldom well pondered Annual Report. This year, I want to pull just one number out of the smouldering wreckage of PDVSA’s financials. According to the report, PDVSA’s Hanky Panky Spending ( a.k.a. its…

Good News, Everyone!

Venezuela hosts one of the world’s largest gold mines, and we know it’s going to be developed now because the concession is in the capable hands of: Dot Culver-Lemon Ramon Torres Inversora Mael PlacerDome Vanessa Ventures Gold Reserve Crystallex Rusoro PDVSA That’s right, folks: ninth time’s a charm! We haven’t been screwing this one up…

Annals of Goal Post Locomotion

In 2008, PDVSA said they planned to produce 5.8 million barrels per day by 2012. In 2009, it was 4.9 million b/d by 2013. In 2010, they pledged 4.46 million b/d in production by 2015. Now they’re saying they’ll get to 4 million b/d by 2015. …and if it wasn’t for Setty, we wouldn’t even hear about…