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ISSUES....
Inside, confidential, off the record

Mulva's fly in

Jim Mulva, Conoco's CEO was in Venezuela over the weekend to conclude negotiations over compensation for the seizure of Conoco assets in Venezuela. Mulva does not want to take any chances and want personally to settle the issue. Venezuela maintains the position that any compensation should be based on the book value of the assets.

In may, Venezuela took over the majority stake at four foreign-run multibillion dollar projects to upgrade heavy crude in the Orinoco. Conoco decline to accept the control of Venezuela's oil company PDVSA over its operation, while BP, Total, Statoil and Chevron stayed on in the projects as minority partners. Conoco remains in talks negotiating a settlement. Exxon failed to reach a compensation deal and has taken Venezuela to international arbitration, closing the door for further participation in Venezuela.

Petroleumworld 10 01 07

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
and Off The Record Information, its views are not necessarily those of Petroleumworld

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