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Venezuela Kicks Out US Oil Firms

By nationalizing those oil rigs domestic oil production will increase thus strengthening the policy of full oil sovereignty.

June 25, 2010 (Hamsayeh.Net) - Venezuelan populist government nationalized 11 oil rigs formerly owned by US companies. The move came in reaction to closing down of production and refusing to abide by the country’s laws regarding foreign companies operating in that oil-rich Latina American nation.

Venezuela’s national oil company (PdVSA) Rafael Ramirez told reporters that by nationalizing those oil rigs domestic oil production will increase thus strengthening the policy of full oil sovereignty. ‘There is a group of drill owners that has refused to discuss tariffs and services with PDVSA and have preferred to keep this equipment stored for a year,’ Ramirez said during his visit to the State of Zulia. 

Oklahoma – based US firm, Helmreich & Payne, was behind a long delay to start productions in those fields hoping to exert economic pressures on the Chavez government. In 2002, the United States made an attempt to bring down the Chavez’s government by inciting strikes and shutting down the oil industry. ‘We are not going to allow them to sabotage our operations like they did at the end of 2002,’ PdSVA said.

Today, Oil-dependant US economy requires consuming increasing quantities of oil simply to maintain its financially troubled economy afloat against a host of competitors including China, Brazil and South-East Asia countries, amongst others.  

Venezuela plans to boost productions at the newly nationalized oil rigs

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