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Article: Drilling contractors say Venezuela owes them over $100 million.
- Article from:
- The Oil Daily
- Article date:
- January 30, 2009
- Author:
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Drilling contractor Helmerich & Payne (H&P) has become the second US company to go public this week with a claim that Venezuela's national oil company, Petroleos de Venezuela (PDV), owes it millions of dollars in unpaid fees.
H&P said PDV's arrears were approaching $100 million and that its rigs in Venezuela were therefore ceasing operations as their contracts expired.
"Two of the company's eleven rigs in Venezuela have recently ceased operations, and it is expected that further cessations will idle a total of five rigs in that country by the end of February 2009," the company said on Thursday.
"Absent any improvement of receivable ...