Venezuela unveils 56 bln usd investment plan between 2005-2012

[bemildred]

For Oil Sector

CARACAS (AFX) - President Hugo Chavez unveiled last night a strategic plan for the oil sector that would involve investments of 56 bln usd in 2005-2012.

Seventy percent of this sum would be provided by state-owned company PDVSA and 30 pct by local and foreign private oil companies.

The full strategic plan covers the 2005-2030 period.

The first priority will be to boost Venezuela's oil reserves and the second priority is to develop the Orinoco heavy oil belt.

Forbes

[TwilightZone]

1. With the current price of oil, I can't blame them!

I'd be cranking up production, too.

[Dhalgren]

2. And selling it to China! I wouldn't sell one drop to the US...

[BrotherBuzz]

3. I would look after my own country's best interest....

and sell it to the highest bidder. Isn't that what 'Free Market' is all about?

[K-W]

4. Feuling a country trying to destroy you, even if they pay the most,

may not be in your countries best interest.

[Dhalgren]

6. You got it...

[StrafingMoose]

8. Exactly..

Kinda like the Saudi-US relationship.

[BrotherBuzz]

9. Ah, there's the rub....

I have to believe Hugo Chavez is far sighted enough to see beyond this present administration that is hell bent on taking him down. We need to understand Chavez is playing a masterful game of chess while Bush* insists on playing a crappy game of checkers. Hugo Chavez knows he will outlast this administration, and it will be in his best interest to maintain a working relationship with the American market. He's also in a position to make the oil deals on his terms, terms that will be in the best interest of his country.

His posturing and rhetoric has demonstrated to me that if this whole thing goes south, the blame will fall squarely on the Bush* administration. I believe Chavez is taking the high road and I support him!

[marbuc]

13. Chavez is playing a dangerous game of chicken

and right now he has the upper hand. It's about time a "third world" country stood up to its exploiters and pursued an even handed relationship.

[Selteri]

15. I think thaqt is what is called - Hidden Cost - NT

[Tempest]

10. Either way China is paying for it

Whether the oil goes directly to China, or if the U.S. buys it with debt financed by China, China is paying for the oil.

[David__77]

14. No. National security for Venezuela...

If the US is engaging in subversion of the constitutional order in Venezuela, then it should unhesitatingly cut off oil to the US in response.

[BrotherBuzz]

17. Maybe that's exactly what Bush* wants Chavez to do...

Bush* needs to provoke him and make him take a drastic step in order to justify to the American people that that we need to have him removed, and pronto. Chavez is to savvy to play that stupid game.

No, Chavez has the upper hand in this game, and his support from the rest of the world is growing daily. Again, Chavez is playing the masterful game of chess with the rest of the world while Bush* insists on playing a crappy game of chess - and cheating at that. Bush* is the problem in this mess and the rest of the world knows it.

I can't find a link to the quote, but Chavez is on record saying that his bone is with this adminstration, not the American people, and that closing the oil spigot would truly be his last resort. I believe and trust him to keep that promise. I also think he knows he knows he will outlast this present adminstration and he doesn't want to burn bridges with future adminstrations, either.

The ball is in Bush*s court, and, well, anything is possible with Commander Coo-Coo Bananas in charge.....

[wli]

5. embargoing the US (along with Iran) is probably in there somewhere n/t

[StrafingMoose]

7. Logical problem...

"The full strategic plan covers the 2005-2030 period"

In 2030, or even before, there will be no more oil. Sadly.

[rman]

11. We won't completely run out that fast

Though oil will be pretty darn expensive by 2030.
I'm not so sure Venezuela is that close to peaking yet, though i think it is likely it will be before 2030. But "peak" does not equal "no more oil".
I wouldn't be surprised if this plan does take peaking into account.

[StrafingMoose]

12. Alot of people...

are talking about Saudi Arabia already passed its peak. If S. Arabia did, we can practicaly say the world has. 2030 is the MOST positive and 'realistic' estimate you can get from many ASPO conferencers I beleive.

And I know peaking doesn't equal "no more in the tank". It's about getting into deficit when you extract it. (ex; Need more energy to pull it out than it will generate once burnt).

[Selteri]

16. Peak oil - Half way done

That's all peak means, the rest of the oil after we've hit the 50% peak in this world will go down quickly for cost to access. It doesn't mean it's over, it just means there is a lot less.

Personally, I say something I know many people will disagree with,

Good riddance to Sulphurous fuel! We have somany other resources to use that are cleaner and can be cheaper in the long run to produce that we ignore because of the addiction fo this black crack.