34. Venezuela doesn't have the money to develop the projects.
Venezuela's entire declining foreign reserves equal what they owe for nationalizing Exxon Mobile and Connoco Philips projects. In addition to that they have committed another 97 billion US to developing fields. It's money they don't have and can't burrow cheaply. A Venezuelan bond maturing in 2014 carries an 11.95 rate. Economic power house Bulgaria 3.9 for a 2015 note. Brazil clocks in at 1.2 for a 2012 note.
Chavez is going to have to concede the majority of the revenues from these projects to his partners because he won't be able to finance his end.
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