Chavez to nationalize U.S. Helmerich & Payne oil rigs

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