H&P and PDVSA still negotiating

Venezuela state-run giant PDVSA and US drilling company Helmerich & Payne continued negotiations to settle PDVSA debts and to reactivate the operations of two rigs located in Monagas state, east Venezuela, which have been halted since late January.

The Tulsa, Oklahoma-based drilling company has accused PDVSA of failing to pay a $100 million debt.


As a result, H&P halted operations of its rigs, said El Universal newspaper.

The company has warned PDVSA that it will stop another unit this month and the remaining eight rigs in July.

Late yesterday, the result of the meeting between the parties was unknown.

The rigs that are off line were shut down by a group of workers to reject the lack of payment.

Upstream Online