Venezuela May Take Over More Rigs to Allow Drilling to Proceed

(Bloomberg) — Petroleos de Venezuela SA, the state oil company controlled by President Hugo Chavez, may take over privately owned oil rigs to ensure that they keep operating, Oil and Energy Minister Rafael Ramirez said.

If contractors try to use workers to halt production, equipment will be confiscated, Ramirez said today in a statement from the oil company known as PDVSA.


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