The "new" PDVSA: Lies, deceptive statistics and bad management

Por Venezuela Real - 18 de Septiembre, 2006, 14:47, Categoría: Petróleo/Energía

G2Americas | Intelligence Brief
VenEconomy
August 19, 2006

Venezuela has been a major global petroleum producer and exporter since 1913. The country has some of the largest crude oil and natural gas reserves in the world and a state-owned oil company that constitutes the fiscal and economic pillars of the country. Since President Hugo Chávez assumed power over seven years ago, however, Petróleos de Venezuela (PDVSA) has been turned into a hollow shell that may never recover the human technical expertise, professional management, and production capabilities it possessed only eight years ago. Today, PDVSA is managed by incompetent individuals that cook the numbers to hide the company’s true deplorable state, and who owe their jobs to their political loyalties. However, while PDVSA strives to hide the truth about its expanding decrepitude, there is sufficient market data in the public domain to assert that the Chávez government has destroyed PDVSA and weakened the country’s sovereignty over its oil and gas resources, with incalculable consequences for future generations of Venezuelans.

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