ConocoPhillips And ExxonMobil Quit Venezuela

Following the May 1 state takeover of majority control over operations in the Orinoco belt, BP, Chevron, Statoil and Total have agreed terms with Petróleos de Venezuela (PdVSA) over their continued involvement in Venezuela's heavy oil projects. US majors ConocoPhillips and ExxonMobil, however, have decided to exit the country having failed to agree handover terms.

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