PdVSA Begins Gradual Payment Of Bills To Large Contractors
2009年3月25日 - 9:26AM
Dow Jones News
Petroleos de Venezuela SA, or PdVSA, has begun the gradual
payment of outstanding bills to large oil contractors, some of
which insist the oil company isn't doing enough.
PdVSA has paid a fraction of its debt to a group of 56
oil-service companies and rig operators struggling to get paid by
President Hugo Chavez's cash-strapped government.
PdVSA has paid as much as much as 7% of total outstanding
receivables to some of these companies, industry executives say,
but many claim to have received even less.
"We've made very little progress with PdVSA. Under 1% of
outstanding receivables have been collected," said Juan Pablo
Tardio, a spokesman for U.S. driller Helmerich & Payne
Inc.(HP). PdVSA's debt with Helmerich & Payne has now exceeded
$100 million, according to company data.
Tardio said the company will continue to idle drills when
contracts expire as long as the total bill remains unpaid. The
company has idled four of its 11 land rigs in Venezuela, and the
rest could become idle by July. "We're doing our best to normalize
our receivables," Tardio said.
Oil service giants Halliburton Co. (HAL) and Schlumberger Ltd.
(SLB), have received anywhere between 5% and 7% of their total
pending bill which adds to roughly $1 billion combined, by some
estimates. Officials at both companies couldn't be reached for
comment.
Recent comments from top PdVSA and oil ministry officials
suggest the fight will be a long one for contractors. Oil Minister
Rafael Ramirez said early this month that the government will
review the legality of these debts. He has declined to say how much
of PdVSA's pending bills could be considered illegal.
Meanwhile PdVSA plans to continue seizing oil rigs that become
idle because of lack of payment. "We won't allow these companies to
paralyze the industry," said Eulogio Del Pino, a PdVSA director.
Paralyzing equipment, he argues, violates the contracts these
companies have signed with PdVSA.
Del Pino said that in those cases, PdVSA will take control and
operate the equipment for as long as it takes until PdVSA can
negotiate new rates and a payment schedule with the contractor.
-By Raul Gallegos; Dow Jones Newswires; +58-414-120-5738;
raul.gallegos@dowjones.com