Exxon and ConocoPhillips Reject Venezuelan Oil Deal

Exxon Mobil and ConocoPhillips are reported to have rejected a deal to stay in the multi-billion-dollar Venezuelan Orinoco oil reserve project.

Four other global companies – Chevron, Statoil, BP and Total – plan to sign an accord that will keep them in the deal.

Talks between the Venezeulan Government and the oil companies are ongoing and no official statements have been made. However, reports from sources close to the talks suggest BP will agree to revised terms that allow the Venezuelan Government to take majority stakes in oil assets it has stakes in.

It is estimated that the Orinoco Belt has 236 billion barrels of heavy crude, making it the largest petroleum reserve in the world after Saudi Arabia.

Its current exploration area is about 11,593km² which is divided into four exploration and production areas.