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Helmerich closes another rig for dispute over payment
Energy US oil and gas service provider Helmerich & Payne Inc. stopped operations in another drilling platform in Venezuela because of a payment-related dispute, thus taking the number this year to four, and is planning to close all of the 11 drills of its property, reported on Monday the corporate President and CEO. Hans Helmerich said last month that three drilling platforms had been closed in Venezuela. This time, he added that his company would continue with the shutdowns as far as near USD 100 million owed by state-run oil company Petróleos de Venezuela (Pdvsa) is in dispute, Reuters reported. Pdvsa accrued huge debts, and some sources said that it is cutting back on its payments to partners and service providers as a result of feeble oil prices and because the large public expenditure in social welfare programs has hit its finance. As for Helmerich & Payne, the CEO said that the amount of stopped constructions of drilling platforms had escalated to 31 from 28 at the end of February, because the clients found that they are unable to cover operational expenses in the face of weakened natural gas prices.