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