Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: ron peterson who wrote (27115)	8/5/1998 2:30:00 PM
From: Snowshoe	Read Replies (3) of 95453

Venezuela said to have cancelled contracts for 40 drilling rigs because of OPEC cuts... Venezuela oil unions to strike 12-hours Monday CARACAS, Aug 5 (Reuters) - Venezuelan oil workers will down their tools for 12 hours next Monday in protest over oil output cuts they say have put 5,000 jobs at risk, the head of Venezuelan oil union Fedepetrol Carlos Ortega said. ''As there's no possibility of an agreement over the firings that the unions have asked for, there will be a work stoppage next Monday between 6 am and 6pm,'' Ortega told Union Radio. The scheduled strike follows a breakdown in talks with Labor Minister Maria Bernardoni and state-owned oil company Petroleos de Venezuela (PDVSA) after PDVSA canceled contracts for about 40 drilling rigs but would not agree to a firing freeze. As part of a multinational effort to boost flagging oil prices, Venezuela pledged to slash its output by 525,000 barrels per day (bpd) to 2.845 million bpd as of July 1. PDVSA President Luis Giusti has said the cuts means that the oil giant will not need 40 of the 120 drilling rigs used in its oilfields. ''It's a bad policy, the sacrifice is very large, and we've suggested Venezuela go back to (renegotiate the cuts with) OPEC,'' Ortega said. Venezuela's oil production, refining and shipping operations are usually not affected by strikes because PDVSA has a contingency plan to replace striking workers with management staff.

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