Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1
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tommy271
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tommy271
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CORDES Ecuador @CORDES_Ecuador
Compartimos un análisis sobre la situación económica del Ecuador escrito por Augusto de la Torre y José Hidalgo: http://www.cordes.org/images/publicaciones/2017/Otras-Publicaciones/De-la-Torre-_Hidalgo.pdf …
Compartimos un análisis sobre la situación económica del Ecuador escrito por Augusto de la Torre y José Hidalgo: http://www.cordes.org/images/publicaciones/2017/Otras-Publicaciones/De-la-Torre-_Hidalgo.pdf …
tommy271
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Venezuela's PDVSA: The World's Worst Oil Company
Steve Hanke ,
Contributor
I cover economics and finance.
Opinions expressed by Forbes Contributors are their own.
My Misery Index for 2016 placed Venezuela at the unenviable top spot: the world’s most miserable country. However, to gain a real appreciation of the depths of Venezuela’s socialist disaster, we must look under the hood of Petróleos de Venezuela (PDVSA), Venezuela’s state-owned oil giant. After all, PDVSA is, for all practical purposes economically, Venezuela. Indeed, PDVSA accounts for virtually all of Venezuela’s foreign exchange earnings (93% over the past 5 reported years).
An understanding of the workings of PDVSA requires a good grasp of petroleum economics, a field I was introduced to many years ago, when I was on the faculty of the Colorado School of Mines, and where I taught both petroleum and mineral economics. It was then that I had the good fortune to be befriended and mentored by the world’s greatest petroleum economist, the late Prof. M. A. Adelman of the Massachusetts Institute of Technology. I mention this because it is only by learning Adelman’s lessons that we can make sense of the dodgy accounts of what is undoubtedly the world’s worst oil company: PDVSA.
The extent of PDVSA’s mismanagement can be seen by taking a look at its production and reserve figures. Under the direction of Luis Giusti in the 1994-98 period, PDVSA’s production soared. But, that boom was cut short. In 1999, the socialist fire-brand Hugo Chavez became Venezuela’s president and introduced Chavismo. With that, PDVSA’s oil output started a downward slide (see the chart below). That slide became a plunge after the coup attempt of April 2002. It was then that Chavez purged PDVSA of its professionals en masse and replaced them with “reliable” hands – those who worshiped at Chavez’s altar.
Prof. Steve H. Hanke
PDVSA's Total Production
After the 2002-03 output plunge, PDVSA’s production recovered somewhat. But, with the death of Chavez and the assumption of the Presidency by Nicolas Maduro in March 2013, another output plunge began. It has left PDVSA’s output 20% lower than when Chavez took power in 1999. While the course of PDVSA’s output tells us something, it doesn’t necessarily tell us much. After all, production can be reined in for many reasons.
To determine whether PDVSA’s output drop is deplorable or not, we must look at the company’s proven reserves and the rate at which they are depleted. The depletion rate, which is determined by dividing annual production in any given year by the proven reserves in any given prior year, provides a key to understanding the economics of an oil company and the value of its reserves. As the chart above shows, PDVSA’s depletion rate has been falling like a stone since 2007. At present, it sits at 0.35%. That rate implies the median time to extraction and sale for a barrel of PDVSA’s oil is 198.6 years.
Venezuela's PDVSA: The World's Worst Oil Company
Steve Hanke ,
Contributor
I cover economics and finance.
Opinions expressed by Forbes Contributors are their own.
My Misery Index for 2016 placed Venezuela at the unenviable top spot: the world’s most miserable country. However, to gain a real appreciation of the depths of Venezuela’s socialist disaster, we must look under the hood of Petróleos de Venezuela (PDVSA), Venezuela’s state-owned oil giant. After all, PDVSA is, for all practical purposes economically, Venezuela. Indeed, PDVSA accounts for virtually all of Venezuela’s foreign exchange earnings (93% over the past 5 reported years).
An understanding of the workings of PDVSA requires a good grasp of petroleum economics, a field I was introduced to many years ago, when I was on the faculty of the Colorado School of Mines, and where I taught both petroleum and mineral economics. It was then that I had the good fortune to be befriended and mentored by the world’s greatest petroleum economist, the late Prof. M. A. Adelman of the Massachusetts Institute of Technology. I mention this because it is only by learning Adelman’s lessons that we can make sense of the dodgy accounts of what is undoubtedly the world’s worst oil company: PDVSA.
The extent of PDVSA’s mismanagement can be seen by taking a look at its production and reserve figures. Under the direction of Luis Giusti in the 1994-98 period, PDVSA’s production soared. But, that boom was cut short. In 1999, the socialist fire-brand Hugo Chavez became Venezuela’s president and introduced Chavismo. With that, PDVSA’s oil output started a downward slide (see the chart below). That slide became a plunge after the coup attempt of April 2002. It was then that Chavez purged PDVSA of its professionals en masse and replaced them with “reliable” hands – those who worshiped at Chavez’s altar.
Prof. Steve H. Hanke
PDVSA's Total Production
After the 2002-03 output plunge, PDVSA’s production recovered somewhat. But, with the death of Chavez and the assumption of the Presidency by Nicolas Maduro in March 2013, another output plunge began. It has left PDVSA’s output 20% lower than when Chavez took power in 1999. While the course of PDVSA’s output tells us something, it doesn’t necessarily tell us much. After all, production can be reined in for many reasons.
To determine whether PDVSA’s output drop is deplorable or not, we must look at the company’s proven reserves and the rate at which they are depleted. The depletion rate, which is determined by dividing annual production in any given year by the proven reserves in any given prior year, provides a key to understanding the economics of an oil company and the value of its reserves. As the chart above shows, PDVSA’s depletion rate has been falling like a stone since 2007. At present, it sits at 0.35%. That rate implies the median time to extraction and sale for a barrel of PDVSA’s oil is 198.6 years.
Venezuela's PDVSA: The World's Worst Oil Company
tommy271
Forumer storico
100.000 empleados evitan la jubilación http://bit.ly/2lAOpLj (vía @ElNacionalWeb)
tommy271
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En enero familia con 2 salarios mínimos cubría solo 6% de la canasta básica, por @mafesojo http://bit.ly/2lAQ1Vv (vía @ElNacionalWeb)
tommy271
Forumer storico
Venta de autos cayó 33,5% a comienzo del año, por @mafesojo http://bit.ly/2lB5NQm (vía @ElNacionalWeb)
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