ConocoPhillips, Houston, (NYSE: COP) reports that it was unable to reach an agreement with the Venezuelan government concerning its reorganization into an Empresa Mixta structure mandated by Venezuela decree. Pursuant to the decree, state-owned Caracas, Venezuela-based Petróleos de Venezuela SA (PDVSA) will directly assume activities associated with ConocoPhillips' interests in the Petrozuata and Hamaca heavy-oil ventures and the offshore Corocoro development project. According to news reports, ExxonMobil Corp., Irving, Texas, (NYSE: XOM) and Petro-Canada, Calgary, (Toronto: PCA; NYSE: PCZ) have also abandoned their Venezuelan claims.
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