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Caribbean-Latin America
Venezuela govt to nationalize 11 US-owned oil rigs
2010-07-01
Venezuela's legislature has voted to nationalize 11 oil rigs owned by the US firm Helmerich & Payne.

The rigs, located in Monagas, Anzoategui and Zulia states, will be taken over by state oil giant Petroleos de Venezuela (PDVSA), the official news agency AVN said.

PDVSA had asked the legislature controlled by supporters of leftist President Hugo Chavez to take over the rigs after the US firm declined to negotiate a new service contract, unlike 32 other foreign firms.

The oil giant is South America's top oil producer.

Since 2007 Caracas has nationalized companies in industries from oil to utilities, to telecoms, cement, steel and banking.
Posted by:gorb

#8  And why exactly is there a picture of the USS Ronald Reagan nestled in with this story? I fail to see the connection. Is the Reagan supposed to be on its way to un-nationalize these oil rigs?
Posted by: Plankowner   2010-07-01 23:54  

#7  "Howzabout: Vuvuzuela Govt Steals Private Property?"

In other words, dog bites man, Steve?
Posted by: Barbara Skolaut   2010-07-01 22:28  

#6  we should nationalize Citgo.

That would be self destructive. Right now Chavez has to send at least half of Venezuela's oil exports to the US just to keep Citgo's oil refineries fed. Stop that and those refineries and service stations (less so) become worthless.

Nationalize Citgo assets and all those exports become available for diversion elsewhere (read China). Chavez has been slowly doing that anyway as China builds Panamax tankers and oil refineries to handle Venezuelan tar.
Posted by: ed   2010-07-01 19:34  

#5  If they follow through and do this, we should nationalize Citgo. Including it's refineries in Texas and Louisiana. tit for tat
Posted by: Mike Hunt   2010-07-01 19:16  

#4   I object to the title of this post.

The man's got a point. Howzabout: Vuvuzuela Govt Steals Private Property ?
Posted by: SteveS   2010-07-01 18:20  

#3  Guess I could put the link in, duh.

Venezuela Energy Data

Posted by: bigjim-CA   2010-07-01 14:03  

#2  The US Energy Information Administration has a page that shows the future of Venezuelan oil production quite clearly.



The second plot shows Hugo's future and fortune.
Posted by: bigjim-CA   2010-07-01 14:00  

#1  I object to the title of this post. The US does not own the drilling rigs in question. A more appropriate title might be "Venezuela govt to nationalize 11 oil rigs owned by US-based firms".
Posted by: Eboreg   2010-07-01 12:36  

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