Exxon seeks deal on Venezuela oil


Exxon Mobil is seeking arbitration over a stand-off with Venezuela about the takeover of its oil assets.

The US oil firm made its case to the International Centre for Settlement of Investment Disputes, a group with close ties to the World Bank. It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750 million (£370 million). Venezuela took over the oil project as part of a nationalization drive. “Exxon Mobil has worked with the Venezuelan government to reach an agreement regarding compensation based on the fair market value of the assets,” company spokesman Len D’Eramo said. “We are disappointed these discussions have not been successful.” As a result, the firm has applied to the independent, Washington-based centre to settle the rows.

President Hugo Chavez’s government took control of exploration projects in the Orinoco Belt, which had been among the last privately-run fields in the country. It is the country’s most important oil area, with massive potential. There are proven reserves of at least 80 billion barrels, but there could be enough there to make Venezuela the world’s biggest source of oil.

Four major companies - US-based Chevron, the UK’s BP, French group Total and Norway’s Statoil - accepted the government’s move. Only Exxon and ConocoPhillips refused to accept the terms of the deal, which made them junior partners in the project, by the June deadline. ConocoPhillips said it is still in talks with the Venezuelan government and hopes to resolve the dispute amicably. Officials in Venezuela declined to comment on the news. (bbc.news)


Gloster H1 Revenue Climbs 24% Figures

Gloster H1 Revenue Climbs 24%

V4 Agri Officials: WTO Case Over Grain Bans 'Unfortunate' Int’l Relations

V4 Agri Officials: WTO Case Over Grain Bans 'Unfortunate'

AutoWallis Green Investment Project Value Reaches HUF 3 bln Automotive

AutoWallis Green Investment Project Value Reaches HUF 3 bln

Budapest Muni Council Clears Rác Baths Renovation Tourism

Budapest Muni Council Clears Rác Baths Renovation


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.