Chavez to nationalize U.S. Helmerich & Payne oil rigs
Post date: Jun 24, 2010 5:02:43 PM
Venezuela will nationalize
a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.
The 11 drilling rigs
have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production.
Chavez in 2007 nationalized
multi-billion dollar projects in Venezuela's vast Orinoco oil region, persuading companies such as BP Plc, to accept minority stakes in facilities they had built.
source: reuters.com
Related History:
June 18, 2009
Helmerich & Payne's operational oil rigs in Venezuela could zero-out by autumn
source: vheadline.com