Chavez seizes Helmrich & Payne 11 rigs, Venezuela

IRJ July 2 - In Venezuela the battling threat of resource-asset nationalisation rages on, as President Hugo Chavez gave the green light to the seizure of 11 oil rigs belonging to Helmerich & Payne oil Inc, of Oklahoma. This occurred following an operational standstill at the rigs, which was a result of a payment dispute according to Venezuela’s Official Gazette.

Today Petroleos de Venezuela SA President and Oil Minister Rafael Ramirez journeyed to the rigs in Anaco to take control of them, converting some 600 project-workers into PDVSA employees just last month after this takeover was originally announced.

Ramirez told workers and gathering broadcast media that he was “here to comply with our revolutionary laws and to safeguard our national interests,” and that Helmerich will be compensated for the rigs.