PDVSA: Struggling to pay debt
PDVSA struggling to pay debt
Venezuela's state-owned giant PDVSA, plagued by financial problems related to the collapse of oil prices, has paid only about 5% of its outstanding debt to oil service companies and suppliers so far this year.
US driller Helmerich & Payne has not received any payment from PDVSA, despite the fact that it halted operations in four platforms.
The company halted four rigs in Venezuela after the expiration of the contracts for 14 drills that it has in Venezuela due to a payment dispute. Helmerich intends to continue shutting down rigs as contracts expire.
El Universal newspaper reported that in some cases, other contractors have yet to receive payments.
Top PDVSA executives vowed in March to pay the accumulated debt of the company to contractors, operations at service companies are at stake, amidst delays and suspension of activities.
PDVSA has been operating the rigs of US player Ensco, after the company decided to halt operations because of lack of payment.
PDVSA has submitted a schedule of payments, but it has not been fully complied with. As a result, accumulated debts have increased and the accounts of the state-run oil company are further affected.
PDVSA was not available for comment.