Hugo's not paying his bills ...

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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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The_Vet

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Hugo's not paying his bills ...

posted on Jan 28, 2009 08:01AM

Venezuela seized Ensco's Ensco 69 jack-up rig in a dispute over payment for services today, a sign that tumbling oil prices have worsened the cash crunch at state-run PDVSA.

The company said Ensco had broken its contract by halting drilling at the offshore Petrosucre oil project that includes investment from Italy's Eni in a dispute over Ensco's past work.

Ensco was not immediately available to comment on the issue, but a company spokesman had previously confirmed it was struggling to receive payment from PDVSA.