Venezuela Defends Plans To Nationalize Helmerich's Idled Rigs
25 Junho 2010 - 9:01PM
Dow Jones News
Venezuela, facing criticism over its plan to nationalize 11
idled rigs owned by Helmerich & Payne Inc. (HP), said Friday
the Tulsa-based company was the only one of 33 oil services
companies that refused to renegotiate rates starting in early 2009,
when oil prices were falling.
"Despite meetings with representatives and directors of H&P
for nearly a year, it wasn't possible to reach an agreement due to
the inflexible position of the said company," according to a
statement from state oil firm Petroleos de Venezuela, or PDVSA.
Of the 32 companies that PDVSA successfully renegotiated terms
with, 14 of them were local firms and 18 were foreign, PDVSA
said.
Venezuela's government, led by socialist President Hugo Chavez,
this week announced plans take over the Helmerich rigs, and said
that as soon as it does it will start using them to pump oil.
The rigs in question have been sidelined for more than a year.
Helmerich turned them off because PDVSA owes it some $43 million
for work the Oklahoma firm already performed. Helmerich says it
wants to be paid first before turning them back on because it
doesn't aim to work for free.
Helmerich is also awaiting resolution of currency exchange
issues with PDVSA, some which are related to the country's January
devaluation of the bolivar.
The U.S. State Department entered the fray Thursday, calling on
Venezuela's government to compensate U.S.-based drilling companies
if it decides to nationalize rigs owned by them.
"We would just call on them to--if they did make such a move--to
compensate the owners of those wells," said State Department
spokesman Mark Toner during a press briefing.
Friday's statement by PDVSA slammed the U.S. official's
remarks.
"PDVSA categorically rejects the statements made by spokespeople
of the U.S. empire," PDVSA said. "It is trying once again to
complicate relations with our partners."
The statement also said PDVSA reached a deal for oil services
work with U.S. energy giant Schlumberger (SLB).
Chavez' government has nationalized scores of oil services firms
and other areas of the oil industry in recent years as it moves to
establish "oil sovereignty."
-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738;
dan.molinski@dowjones.com
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