Venezuela Defends Plans To Nationalize Helmerich's Idled Rigs By Dan Molinski, Of DOW JONES NEWSWIRES CARACAS -(Dow Jones)- Venezuela, facing criticism over its plan to nationalize 11 idled rigs owned by Helmerich & Payne Inc. (HP), said Friday the Tulsa-based company was the only one of 33 oil services companies that refused to renegotiate rates starting in early 2009, when oil prices were falling. "Despite meetings with representatives and directors of H&P for nearly a year, it wasn't possible to reach an agreement due to the inflexible position of the said company," according to a statement from state oil firm Petroleos de Venezuela, or PDVSA. Of the 32 companies that PDVSA successfully renegotiated terms with, 14 of them were local firms and 18 were foreign, PDVSA said. Venezuela's government, led by socialist President Hugo Chavez, this week announced plans take over the
