Venezuela, which plans to nationalize 11 idled oil rigs owned by Helmerich & Payne Inc. (HP), said Friday it has seized control of the rigs and slammed the U.S.-based firm for refusing to renegotiate rates in 2009, when oil prices were falling.

"Our workers are now in control of the rigs," Rafael Ramirez, president of state oil company Petroleos de Venezuela, or PDVSA, said in a statement.

Venezuela's government, led by socialist President Hugo Chavez, announced plans earlier this week to take over the sidelined Helmerich rigs, and said that as soon as it did it would start using them to pump oil.

The nationalization plan was met with sharp criticism both in Venezuela and abroad. Even the U.S. government weighed in on Helmerich's behalf.

Venezuela defended itself Friday, saying that Helmerich was the only one of 33 oil services companies that refused to renegotiate rates a year ago, when a drop in oil prices left PDVSA unable to pay its bills.

"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 PDVSA.

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 of which are related to Venezuela's January devaluation of the bolivar.

The U.S. State Department entered the fray Thursday.

"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.

The most recent 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).

Of the 32 companies that PDVSA successfully renegotiated terms with, 14 of them were local firms and 18 were foreign, PDVSA said.

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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