The head of Venezuelan state oil company PDVSA said on June 24 that the government is to nationalise 11 oil rigs previously operated by a US petroleum firm. This comes after the company, Helmerich & Payne, closed down production and refused to negotiate a new services agreement.
PDVSA president Rafael Ramirez said the nationalisation would “boost domestic production of hydrocarbons and strengthen the policy of full oil sovereignty”.