Oil Minister Calls on Exxon and Conoco to Leave Venezuela

Caracas
While the US-owned Chevron Corp, the British-owned BP, the French oil company Total, and the Norwegian Statoil accepted the terms imposed by the Venezuelan government in May, which gave a 60% controlling share to PDVSA over all projects operating in the Orinoco oil belt, Conoco and Exxon pulled out.

The president of Venezuela Oil Corp (CVP) and member of the board of directors of PDVSA, Eulogio Del Pino said that compensation negotiations with Conoco and Exxon should be concluded in the next few weeks. However, there would be no compensation, Ramirez said, for Total and Statoil, which have since reduced their participation in Sincor, a joint project with the government.