Posted on 11/02/2013 4:22:22 PM PDT by Hojczyk
Venezuela has quietly seized control of two oil rigs owned by a unit of Houston-based Superior Energy Services after the company shut them down because the state oil monopoly was months behind on payments.
The seizure took place Thursday after a judge in the state of Anzoategui, accompanied by four members of the local police and national guard, entered a Superior depot and ordered it to hand over control of two specialized rigs to an affiliate of PDVSA, the state-owned oil producer.
PDVSA justified the equipment’s expropriation, calling it essential to the South American nation’s development and welfare, according to a court order obtained by The Associated Press. Company workers were instructed to load the rigs, known as snubbing units and used to repair damaged casing, onto trucks to be deployed at “critical wells” elsewhere, according to the document.
“It was like a thief breaking into your house, asking for the keys to the safe and then expecting you to help carry it away,” Jesus Centeno, local operations manager for Superior in the city of Anaco, said by phone. “Their argument was that we were practically sabotaging national production.”
Though Venezuela still has plenty of oil, the haul of petrodollars can hardly keep pace with capital flight, as middle-class and rich Venezuelans hurry to take their savings abroad ahead of what they assume will be an imminent crash. No wonder the greenback has spiked on the black market, now fetching on the streets a record six times the official exchange rate.
Economists say the government must devalue the enfeebled currency— ironically called the bolivar fuerte (the strong bolivar)—and lift the Soviet-style market controls that are emptying supermarket shelves and chasing away investors. Without predictable rules for doing business, there will be even fewer takers for Venezuela’s high-risk government bonds.
(Excerpt) Read more at hotair.com ...
The only thing keeping the US going is oil
Atlas is shrugging in Venezuela. It is only a matter of time before they “nationalize” everything.
Well that was stupid. Superior will just sue Venezuela in an American court and seize Citgo.
Maggie would know how to handle this.
Don’t worry, I’m sure 0bama will send some gunboats down there to get it back.
>>Well that was stupid. Superior will just sue Venezuela in an American court and seize Citgo.<<
Excellent point.
SuperGo would be a great name for a Service Station chain.
Why buy gas at CITGO?
Have they nationalized health care yet??
bump
Does it not seem stupid for an American company to have anything to do with this South American country?
I liked it better when the world respected America. All this hugs and warm fuzzies stuff is so “gay”, as the kids like to say.
why should any country treat us decently
we have the biggest liar of all time in the White House
AYN....WHAT A PRESCIENT GIANT, HUH?
Too bad they didn’t pull a “Wyatt Oil.”
Looks like there are two health care avenues in Venezuela. Public and private. You don’t go to a public hospital if you have the money to pay for private care.
http://en.wikipedia.org/wiki/Health_care_in_Venezuela
American oil companies should have learned a lesson about that years ago in the Middle East...
At least once that I know of an American oil company went to Mexico to help them bring in a new oil field. Problem was there was no way to set everything up because things being trucked in were disappearing faster than they could be trucked in. That project was scrapped because of theft and corruption. If the Mexicans had been smart they would have let the oil company get into production and then take it all...
Because of Obama few respect the United States - fewer fear us... This stuff’s gonna happen more often...
I’d prefer Francisco’s method.
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