Venezuela, Conoco spat continues

Venezuela and ConocoPhillips have yet to come to terms over the state takeover of the Houston-based company`s operations in the oil-rich Orinoco Belt.

ConocoPhillips was supposed to come to terms with Venezuela`s state-run petroleum company PDVSA by May 1.

Earlier this week Energy and Petroleum Minister Rafael Ramirez said the energy giant must accept Venezuela`s new rules and negotiate with PDVSA a price for acquiring majority control of its project in the country`s most lucrative oil field.

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