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Friday, 21 November, 2008, 21:40 GMT | more >>

ConocoPhillips to quit Venezuela



By Upstream staff 

Photo by AP


US supermajor ConocoPhillips is set to quit Venezuela's upstream play after failing to reach a deal over several multi-billion dollar heavy oil projects Caracas has renationalised, a source close to the company said today.

The source told Reuters the dispute is likely headed to arbitration.

Venezuelan President Hugo Chavez has set today as a deadline for oil players to accept terms for the government to take majority stakes in four upgrading projects in the Orinoco heavy oil belt away from foreign oil companies.

The projects are valued at more than $30 billion and can produce 600,000 barrels per day.


Monday, 25 June, 2007, 23:53 GMT  | last updated: Tuesday, 26 June, 2007, 07:40 GMT

Seeing red: Venezuelan President Hugo Chavez has set today as his deadline for talks with foreign oil companies over stakes in the Orinoco projects
 

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