Venezuela to nationalize U.S. firm's oil rigs

zeeblebot

Debates

24 Jun 10

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

http://www.reuters.com/article/idUSTRE65N0UM20100624

Venezuela to nationalize U.S. firm's oil rigs
Frank Jack Daniel
Thu Jun 24, 2010 8:36am EDT

CARACAS (Reuters) - Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.

...

The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production.

...

The takeover of Helmerich and Payne's rigs was not a surprise, considering Chavez penchant for nationalizations and the company's refusal to work before being paid the $49 million it has invoiced PDVSA.

...

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

i wonder how this will play out. these are mobile assets. possibly registered as motor vessels (ships).

think Obama will send in the Marines?

KazetNagorra

Germany

Joined: 27 Oct 08
Moves: 3118

24 Jun 10

Reuters calls this a "push to socialism"? What a travesty.

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

Reuters is a travesty?

spruce112358

It's All A Joke

Joined: 23 Oct 04
Moves: 4402

24 Jun 10

1 edit

Originally posted by KazetNagorra
Reuters calls this a "push to socialism"? What a travesty.

What else could you call it? Theft?

KazetNagorra

Germany

Joined: 27 Oct 08
Moves: 3118

24 Jun 10

1 edit

@zeeblebot: Not if they fire whoever wrote that.

KazetNagorra

Germany

Joined: 27 Oct 08
Moves: 3118

24 Jun 10

Originally posted by spruce112358
What else could you call it?

Nothing. Let the reader decide if it's a "push for socialism" or not. Personally, I think it's a lot more likely it's a push to enrich Chavez and his friends.

spruce112358

It's All A Joke

Joined: 23 Oct 04
Moves: 4402

24 Jun 10

Originally posted by zeeblebot
i wonder how this will play out. these are mobile assets. possibly registered as motor vessels (ships).

think Obama will send in the Marines?

I guess the companies withdraw them. What else would they do, since they are under threat of being stolen?

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

i don't think they'll be withdrawing if the Venezeulan navy says they can't. these aren't cigarette boats 😵.

spruce112358

It's All A Joke

Joined: 23 Oct 04
Moves: 4402

24 Jun 10

Originally posted by zeeblebot
i don't think they'll be withdrawing if the Venezeulan navy says they can't. these aren't cigarette boats 😵.

Well that depends on whether the US thinks a withdrawal is in US national interest.

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

i'm guessing no intervention by U.S.

generalissimo

Pepperland

Joined: 30 May 07
Moves: 12892

24 Jun 10

Originally posted by zeeblebot
http://www.reuters.com/article/idUSTRE65N0UM20100624

Venezuela to nationalize U.S. firm's oil rigs
Frank Jack Daniel
Thu Jun 24, 2010 8:36am EDT

CARACAS (Reuters) - Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oi ...[text shortened]... e company's refusal to work before being paid the $49 million it has invoiced PDVSA.

...

Im guessing this wave of nationalization won't stop any time soon.

generalissimo

Pepperland

Joined: 30 May 07
Moves: 12892

24 Jun 10

Originally posted by KazetNagorra
Nothing. Let the reader decide if it's a "push for socialism" or not. Personally, I think it's a lot more likely it's a push to enrich Chavez and his friends.

so you're saying the guy shouldn't call it a push for socialism even though it clearly is one? how absurd, are you not in favor of honest journalism?

This is only another of chavez's numerous govt takeovers, there clearly is a radical move towards the public ownership of the private sector, this can't be ignored.

Personally, I think it's a lot more likely it's a push to enrich Chavez and his friends.

but hey, you can't say that out loud, let other posters decide whether that is the case. 🙄

generalissimo

Pepperland

Joined: 30 May 07
Moves: 12892

24 Jun 10

Originally posted by zeeblebot
i'm guessing no intervention by U.S.

what can they do?

everybody knows military conflict is not an option, and putting pressure on venezuela won't work either (it never does, see "sanctions on Iran"😉.

all they can do is watch and see what happens.

zeeblebot

silicon valley

Joined: 27 Oct 04
Moves: 101289

24 Jun 10

actually, it IS an option. probably the Venezuelan navy would stay out of it if the US navy came in to escort the rigs out. unless they had already occupied the rigs.

difficult to say if this US administration or even the previous one would send in the military.

i'd say the US would certainly be right to do so. suppose Venezuela tried to nationalize 11 freighters that had stopped serving Venezuela due to lack of payment for services rendered?

maybe the RHP Debates Bar has a different take on it.