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View Full Version : Economics Obama's BFF Hugo Chavez to seize US Oil rigs


The Mad Crapper
07-06-2010, 11:04 AM
Venezuela approves seizure of US-owned oil rigs



CARACAS, Venezuela

Lawmakers loyal to President Hugo Chavez authorized the nationalization of 11 oil rigs owned by U.S. driller Helmerich & Payne on Tuesday, saying the move was necessary to put the idled rigs back into operation.

The predominantly pro-Chavez National Assembly declared the rigs "of public utility," clearing the way for the government to seize permanent control of the rigs used to extract heavy crude from oil fields.

The Tulsa, Oklahoma-based company shut the rigs down last year because Venezuela's state oil company, PDVSA, was behind on payments. The company said last week that PDVSA's debt was $43 million as of June 14.

The shutdown angered PDVSA officials, spurring the announcement last week that Chavez's government would nationalize the rigs because Helmerich & Payne had rejected demands to resume drilling for more than a year.

Venezuela's oil production has dropped by 300,000 barrels a day in the oil-producing states of Monagas, Anzoategui and Zulia since Helmerich & Payne shut the rigs down, according to the state-run AVN news agency.

It reported that pro-Chavez lawmaker Jesus Graterol justified the takeover, saying: "This company has refused to discuss service contacts with PDVSA."

Chavez's government has nationalized dozens of privately owned companies in recent years as the socialist leader seeks to expand the state's role in the economy.

http://www.businessweek.com/ap/financialnews/D9GL7LI00.htm

BucEyedPea
07-06-2010, 06:57 PM
Disgusting commie pig!

Barret
07-06-2010, 07:20 PM
I don't normally dip my toes into the Politics section but....

Has this type of take over of US Owned property ever happened before?

Is the company getting payed any "buyout" type fees or still getting money off the rigs at all and what portion of the rigs were owned by this American company.

IF this has not ever happened before and IF this company is not getting any kickbacks or payment of said products, Why is the United States Government allowing the take over of these American Owned Rigs by a country that is hostile to the United States.

Is this a "well they built there...they knew the risks" issue? Is there a website that better defines what is going on with this issue?

ClevelandBronco
07-06-2010, 07:26 PM
I don't normally dip my toes into the Politics section but....

Has this type of take over of US Owned property ever happened before?

Yeah. The U.S. Supreme Court is cool with it.

http://en.wikipedia.org/wiki/Kelo_v._City_of_New_London

Oh. You meant elsewhere? Never mind.

The Mad Crapper
07-06-2010, 09:37 PM
I don't normally dip my toes into the Politics section but....

Has this type of take over of US Owned property ever happened before?

Is the company getting payed any "buyout" type fees or still getting money off the rigs at all and what portion of the rigs were owned by this American company.

IF this has not ever happened before and IF this company is not getting any kickbacks or payment of said products, Why is the United States Government allowing the take over of these American Owned Rigs by a country that is hostile to the United States.

Is this a "well they built there...they knew the risks" issue? Is there a website that better defines what is going on with this issue?

See my avatar?

BigChiefFan
07-06-2010, 09:44 PM
I don't normally dip my toes into the Politics section but....

Has this type of take over of US Owned property ever happened before?

Is the company getting payed any "buyout" type fees or still getting money off the rigs at all and what portion of the rigs were owned by this American company.

IF this has not ever happened before and IF this company is not getting any kickbacks or payment of said products, Why is the United States Government allowing the take over of these American Owned Rigs by a country that is hostile to the United States.

Is this a "well they built there...they knew the risks" issue? Is there a website that better defines what is going on with this issue?
I agree. The story is a little fuzzy. I bellieve Venezuela owes $45 million and they are attempting a takeover instead of paying what they owe. Our government better defend H&P, if I'm understanding the story correctly.