Two Oil Giants Exit Venezuela

In response to Chávez' demands for equity, ExxonMobil and ConocoPhillips opt to walk away from what may be the world's largest potential oil reserves

Venezuelan President Hugo Chávez got what he wanted on June 26—he forced six global oil giants to hand equity stakes of 60% or more in four key heavy-oil ventures to state oil company Petróleos de Venezuela (PDVSA). Four companies, Chevron (CVX), BP (BP), France's Total, and Norway's Statoil (STO), signed agreements with Energy & Oil Minister Rafael Ramírez in a televised ceremony.

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