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"Venezuela seizes oil rigs owned by US company

Published:

"Venezuela seizes oil rigs owned by US company

Source Yahoo News

"Helmerich & Payne announced in January 2009 that it was stopping operations on two of its drilling rigs, because Venezuela's state-run oil company, PDVSA, owed the company close to $100 million. It said it would shut down the rest of its rigs by the end of July as contracts expired unless PDVSA began to make good on its debts.

The company said Thursday that PDVSA's debt was $43 million as of June 14."

"..........The company has worked in Venezuela for 52 years, Helmerich added........"

http://news.yahoo.com/s/ap/20100624/ap_on_bi_ge/lt_venezuela_oil_rigs

Entry #1,986

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