I think the oil companies and oil services companies should put the squeeze on ol' Chavez. Just tell him, if he keeps messing with the oil and service companies, they will take their assest and leave Venezuela to fend and figure out how to get the oil out for itself. Since oil is one of Venezuela's largest forms of revenue and that pays for many of Chavez's socialist policies, they would be hurt pretty bad if American service companies and oil companies decided enough is enough and pulled out.
BASSETERRE, St. Kitts, June 11 (Reuters) - Venezuela has "no reason" to nationalize foreign oil well drilling service companies that are not "monopolistic", in contrast to gas and water injection projects seized last month, the country's oil minister said on Thursday.
Rafael Ramirez said oil well service operations, such as drilling rigs run by Halliburton Co (HAL.N), Schlumberger Ltd (SLB.N) and Baker Hughes (BHI.N), did not fall under the specific terms of reference of the law that nationalized the gas and water injection units recently taken over.
Oil is Chavez's ONLY form of revenue and his policy promises rely on $80+ price so he's rattling the sabre.
No-one will voluntarily leave Venezuela, there's too much oil there, it's a helluva lot closer to the US than Mid East stuff, and there's too much fixed infrastructure in country that you just can't walk away from.
Oilco's and serviceco's will always keep a position in that market, just see this for what it is... a tool to negotiate a a reduction in the $billions of unpaid invoices sitting with PDVSA.