Venezuela Seizes Rigs –

Venezuela has seized 11 rigs owned by the American drilling company of Helmerich & Payne.  The drills have been shut for a year due to lack of payments from the Venezuelan state-run oil company PDVSA.  This is an aggressive move on the part of the government and it may decrease the amount of foreign investment in the country.

To read a related Associated Press article on Yahoo! News, please click here:

Jim Sutliff

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