Wednesday, April 23, 2014

Venezuela with Very Low Levels of Net International Reserves

In Venezuela there is no sufficient foreign exchange to pay for all imports, something serious in economy so dependent on them. 

With the current policy there is no way to increase international reserves, given the reduction in oil and minerals, such as gold . 

At April 15, 2014, total international reserves had fallen to 20 thousand 603 million dollars, representing a collapse of 33% compared to the volume registered in early 2013.

In its gradual decline, reserves and pierced ten months of the optimal threshold level indicated by Venezuelan policymakers themselves, which is 26 thousand 850 million dollars. 

Something Grave : Experts conclude that liquid or net reserves of Venezuela might be around $ 600 million. This is a critical volume for a country the size and condition of Venezuela, with a population of 31 million. 

 In 2012 and 2013, years in which the country's situation began to deteriorate, Cadivi fell short in their settlement currency for the cost of imports, resulting in a set of 4 thousand  774 million dollars. Something that would have accentuated between January and March 2014, as sources in contact with the Venezuelan monetary authorities claim that in the first quarter of this year have been settled only 1 thousand 200 million dollars (and its successor Sicad Cadivi) compared to the quarterly average of 12 thousand 847 million dollars last year. 

Furthermore, in previous years, Cadivi settled much more volume than needed for imports carried out, which is a remarkable irregularity between 2003 and 2011, there was a whole liquidation of 74 thousand 913 million dollars aimed unknown and that they might have gained fortunes based on corruption. 

The behavior of international reserves remains regarding the decline in export revenues - basically - oil, which in 2013 amounted to 88 billion 962 million dollars, compared with 97 billion 340 million in 2012. This is consistent with the lower oil production, which in February stood at 2.87 million barrels, according to OPEC figures, which the Venezuelan government returned since last September, after several years offering own numbers clearly high. However, the output still seems fictional because the proceeds rather signal a production of 2.3 million barrels, according to the official price of which was $ 101.2 per barrel in 2013. "The figures from the Ministry are very poor , because by doing arithmetic than it consumes the internal market, which is sold to the United States is exported to Cuba and Petrocaribe and delivered to China, will reach a total of 2.3 million barrels a day, "says oil expert Antonio de la Cruz, executive director of Inter American Trends. "Let there be additional 500 thousand barrels per day of production is not something that is happening," he adds. 

There has also been significant declines in the production of minerals. The gold fell 64.1 % between February 2013 and February 2014 ( the last month just 97 kilos of gold were extracted from 700 kilos that had reached some months of 2010 ). Also notable was the reduction of iron production, with sales dropping 49.8%. Car sales have dropped 86.1 % last year. 

According to the report of the Ministry of Planning, in February this year, the accumulated inflation was 5.8% annualized and stood at 57.3 %. Surprisingly, the March data were not included , which probably reflect a situation of further deterioration . The shortage of products in February was 29.4% in the official distribution networks . (Data: ABC)

Peru already Uses Drones for its Archaeological Wealth Management

Peru is the only South American country that has valuable archaeological sites with high-value content of the different periods of its history. 

Peruvian territory concentrated: All pre - Inca cultures - The Inca Empire - The Viceroyalty of Peru - Capital of the Spanish Empire in South America The Republic.

Each stage of history left monuments, works , articles , jewelry and other manifestations of the culture of each era. 

Such is the vastness of places that the exploration and maintenance as well as the need to avoid predation control is presented extremely difficult. 

Therefore, Peru has decided to use technology with the use of drones , unmanned aircraft with which he exercised total control nationwide. 

The Ministry of Culture has a hexacóptero able to bring a camera 500 grams. Also Address Culture of the Regions have acquired their own devices with three-dimensional drawings that can lift its archaeological complex, and predator control. 

About one hundred professionals already studying the management of unmanned, aerial photography, 3D modeling and digital topography, knowledge to be applied to research, conservation and care of archaeological heritage. 

Thus, Peru becomes the single most advanced country in terms of archaeological management in South America and Latin America.

Monday, April 21, 2014

Repsol Gas Production to Double in Peru

The Spanish oil company Repsol said it has started producing gas in Kinteroni well, located in Block 57 (Cusco ), with initial production is equivalent to about 20 thousand barrels of oil . 

The company expects to double its production by 2016. Petroleum withdrew from seven lots of oil in the last year.

Repsol is the operator of that well with a share of 53.84 % , while the remaining 46.16 % is in the hands of Brazil's Petrobras . 

According to the company , with the launch of Kinteroni, Repsol begins production in seven of the ten key growth projects outlined in its 2012-2016 strategic plan . These are: Sapinhoá ( Brazil ) , Midcontinent (USA) , Arog (Russia ), Margarita - Huacaya ( Bolivia ), Bass and Montanazo ( Spain ), Carabobo ( Venezuela ) and Kinteroni ( Peru ). 

The Kinteroni well is in the area of prolific gas fields in Cusco, where Repsol in 2012 and made ​​another discovery : Sagari. 

Preliminary estimates for the entire exploration block point to some resources between 2 and 3 trillion cubic feet (TCF ) of gas. 

Repsol said that with the start-up of said wells has increased between 2011 and 2013 its annual production by an average of 7% to 346 thousand barrels per day .

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