I have no financial background (engineering) so have to defer to you being at least a quasi-expert. I based my opinion on the growth of the economy and that growth is not merely in the oil sector.
I suspect that the debt to reserves ratio is merely a hold over from times when oil price was much lower and profits were going outside of the country, their future looks brighter now.

However we may agree more than not, let me restate:
'Vz's left hand gets in the way of the right hand because of lack of planning and more profoundly lack of ability to do that planning and carry it out in a timely manner.'

I happen to think that this lack of planning is the root cause ( Chavez's persona excepted ) of the problems we continue to have. That is not a very negative sign provided one is willing to be patient.
They will in time come to the opinion that Brisas and Cristinas will have to be realized, if not for the gold then for the local jobs that this resource will provide. The so called 'environmental problems' can be overcome because they are mostly rooted in politics and not in lack of ability or financing to operate the mines safely.