Venezuela consolidates oil industry control as US giants pull out

0 Comments | AFP, June, 2007

CARACAS (AFP) — Venezuela moved closer to nationalizing its oil-rich Orinoco River basin, after four foreign oil companies signed deals giving Venezuela the lion's share of the profits and two US companies pulled out altogether.

"ExxonMobil and ConocoPhillips are ending their participation in the exploration ventures," Oil and Energy Minister Rafael Ramirez said Tuesday at the signing ceremony with France's Total, Norway's Statoil, British Petroleum and US company Chevron.

The state-run oil company Petroleos de Venezuela (PDVSA) said it had raised its share in the exploration ventures from an average 39 percent to 78 percent in the deals.

The United States immediately issued a statement calling on Venezuela to abide by its international commitments, and...