US Oil Firms Refuse To Sign Venezuela Deals

US oil firms ConocoPhillips and Exxon Mobil Corp have rejected the demand by the Venezuelan government to become minority partners in projects they once controlled in the country’s Orinoco heavy oil belt. Instead, the companies are negotiating their exit strategies. Four other international oil companies – Total, Chevron, Statoil and BP – have agreed to the government’s proposals which will see state-run Petroleos de Venezuela (PdVSA), with an average stake of 78% in the four oil projects, almost twice the previous holding.