Exxon Alone in Resisting Venezuela Oil JVs

Exxon Mobil Corp (XOM) is the only oil major resisting Venezuela’s nationalist policies in a standoff that could hurt the company’s future investments here, Oil Minister Rafael Ramirez said Friday.

Exxon (XOM) and Repsol YPF SA (REP) are butting heads over the small Quiamare La Ceiba oil field they operate together, underscoring contrary strategies to deal with the far-left administration of President Hugo Chavez: Repsol would like to continue operating the field as a joint venture in the hopes of gaining access to new oil deals, while Exxon rejects the new terms and risks being shut out of new projects.

Schlumberger