Two Tulsa companies that are owed tens of millions by Venezuela were taking a wait-and-see approach Tuesday about a report that the South American nation hopes to pay off its oil-service debts during the next few months.

Contract driller Helmerich & Payne Inc. said it was shorted $100 million in payments earlier this year by Petroleos de Venezuela SA, the state-run oil company. Williams Cos. Inc. had two joint-venture gas compression projects seized in May and was forced to take a first-quarter write-down of $241 million due to the impasse.

According to the Bolivarian News Agency in Venezuela, Central Bank President Nelson Merentes said PDVSA will pay off those oilfield debts by the end of 2009. PDVSA reportedly owes about $4.65 billion.

Helmerich & Payne had idled all but one of its 11 rigs in Venezuela by last month. PDVSA, however, had lowered its unpaid invoices from $100 million in July to $70 million by early September, H&P spokesman Juan Pablo Tardio said Tuesday.

"The trend has been encouraging," he said.

Tardio added that H&P will likely update its shortfall with PDVSA in its fiscal fourth-quarter earnings report next month.

Helmerich & Payne has worked in Venezuela for more than 50 years. Tardio previously noted that the company has always gotten paid -- eventually.

Williams spokesman Jeff Pounds did not have a comment on his company's status with Venezuela. In May, the government there seized two joint-venture gas projects, El Furrial and Pigap II.

Rod Walton 581-8457

Originally published by ROD WALTON World Staff Writer.

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