ConocoPhillips Gives Up on Venezuela, Person Says

ConocoPhillips will quit Venezuela after investing $2.5 billion in oil and natural gas projects as talks about ownership failed, said a person on the government's side of the negotiations.

Exxon Mobil Corp. will also leave, the Wall Street Journal and Reuters reported, citing unnamed people familiar with the government and company positions in the negotiations. Talks might still restart, Reuters reported, citing the people.

ConocoPhillips and Venezuela failed to agree on terms after Petroleos de Venezuela SA unilaterally took over at least 60 percent stakes in heavy-oil projects, where the state oil company previously held minority stakes. President Hugo Chavez is pushing for control of the country's key industrial assets.

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- Posted: 2007-06-26 11:08:13

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