US firms reject Venezuelan deal

 

 

Good for them, one cannot be going making deals with people that will eventually hurt you big time.

 

Hugo Chavez visits oil workers on the platform of an oil drill in the Orinoco oil belt region

The Chavez government is taking majority control of operations

Two major US companies have rejected a deal that would keep them working in Venezuela’s most important oil field, according to state oil firm PDVSA. The government is taking over majority control of operations in the Orinoco Belt, as it extends state control.

 

PDVSA said four firms – BP, Chevron, Total and Norway’s Statoil – had signed deals to take minority stakes, but Exxon Mobil and ConocoPhillips had not.

 

President Hugo Chavez set Tuesday as a deadline for foreign firms to agree.

 

 

Exxon Mobil said it was “disappointed” that it was unable to reach an agreement on the terms of a joint ownership structure, but added that it was in discussions with the Venezuelan government on a way forward.

Complete history here

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