Exxon Mobil battles Chavez

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http://news.yahoo.com/s/ap/20080210/ap_on_re_la_am_ca/venezuela_us_exxon

Exxon Mobil has gone after the assets of state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez's government.

A British court has issued an injunction "freezing" as much as $12 billion in assets.

Exxon Mobil is also taking its claims to international arbitration, disputing the terms it was granted under Chavez's nationalization last year of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits.

Other major oil companies including U.S.-based Chevron Corp., France's Total, Britain's BP PLC, and Norway's StatoilHydro ASA have negotiated deals with Venezuela to continue on as minority partners in the Orinoco oil project.

ConocoPhillips and Exxon Mobil, however, balked at the tougher terms and have been in compensation talks with PDVSA.


http://www.keyetv.com/news/world/story.aspx?content_id=96faa7ca-7898-4e92-b03c-f9f2f8da2ac0


Per this they have $750 mil "remaining" and freeze $12B....pretty good return.


Exxon has not specified how much it wants for the 41.7 percent stake in the Cerro Negro project, but it has said its remaining book investment in the project was about $750 million at the time the assets were expropriated.

I tried to link a business week article that said Chavez raised royalties from 1% to 30% and is using this ala Castro as a way to look strong to his people...the article wont link though.
 
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