Venezuela to takeover oil services companies

May 5, 2009 Full story: www.petroleumworld.com

Venezuela congress approved on Tuesday the first of two discussions on a proposed law that will give President Hugo Chavez the right to takeover foreign and local oil services companies. The Venezuelan Congress or National Assembly (AN) voted in favor of the new proposed Law that will give the right to the government to nationalize the foreign oil service companies that are engage in services such as drilling, manage oil rigs, water injection into oil wells, compressing natural gas and management of docks and motor boats.

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Tom in Lazybrook

Bogotá, Colombia

#1 May 6, 2009
So who is going to be providing the oilfield services to Venezuela now?

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#2 May 7, 2009
Options

1) Partner and the companies lose, probably get paid in worthless bonds.

2) Allow full expropriation, and wait in Int'l courts years for payment in worthless bonds.

3) Continue to work for free, and be paid in worthless bonds.

4) Blow the rigs up, and open a bottle of Champagne, and smoke a Cuban Montecristo or Cojiba cigar.
Gianni

Treviso, Italy

#3 May 9, 2009
In any case the receipt for paying debts is always the same: steal saying it's a nationalization, shouting "foreign robbers are over!" !!!

And at same time are looking for new international investors!!! Really laughable.... and Chinese and Japanese after having being beaten with their US investments are looking for another lesson!

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