Back To The Bolivarian Republic.
On March 27, 2011, Ramirez said the NOC was restructuring its E&P operations and "should be producing between 4.5-5m b/d of crude oil by the beginning of 2014". But at the time there were strong doubts about that. He was then outlining PDVSA's "Siembra Petrolera", calling for $252bn capital spending in 2010-15, which by mid-2012 had stalled because the firm was only providing a third of the capex out of a total share of $192bn - $32bn/year. Its actual capex was $11.4bn in 2010 and $12bn for 2011, way below the country's needs every year.
All the high-level decision makers below then President Chavez had a low credibility reputation within and out of the OPEC world because what they had said turned out to be far from the truth. For example, they had kept saying for years that PDVSA's crude oil production capacity was over 3.1m b/d. In March 2011, Ramirez said PDVSA was pumping 3.18m b/d of crude oil and 170,000 b/d of NGLs and was to produce at the same level in 2012. Nothing much has changed since 2011 and since Maduro took over last April (see omt19VenzGlblProspNov7-11).