Jim Mulva: arbitration is a last resort
Mulva keeps talking to Caracas
ConocoPhillips boss Jim Mulva said today he will negotiate with Venezuela over compensation for seized assets there and turn to arbitration only as a "last resort".
Talks with the Opec nation's energy ministry and state oil company PDVSA, which involve "sizable amounts of value", could take months to resolve, Mulva told Reuters.
"We have not abandoned any hope that we can reach an amicable solution," Mulva told reporters. "It's only if we cannot do that as a last resort that we would be considering then arbitration."