Petroleos de Venezuela SA, the state oil company, seized about $1 million worth of equipment from Superior Energy Services Inc. (SPN) , the Houston-based company said. PDVSA expropriated two hydraulic units that were idled after the Caracas-based company missed payments, Greg Rosenstein, head of corporate development, said by phone from New Orleans. The units operated in eastern Venezuela’s Anzoategui state, Associated Press reported Nov. 1. The move follows comments by Oil Minister Rafael Ramirez on Sept. 11 that private companies unwilling to work with PDVSA on increasing production capacity should leave the country. Superior has operated in Venezuela for 15 years. “We were surprised by the takeover as we have had a cordial relationship with PDVSA,” Rosenstein says. “We continue to work with PDVSA and the Venezuelan authorities and look to resolve this issue soon.” The so-called snubbing units have a combined value of about $1 million and Superior’s […]