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Oil giants Exxon Mobil (XOM Quote) and ConocoPhillips (COP Quote) are poised to walk away from investments in Venezuela after negotiations with Hugo Chavez's government broke down, according to published reports.
Among Western firms, ConocoPhillips has the largest assets in Venezuela's oil; valued at more than $10 billion and risks losing approximately 5.5% of its daily production, The Wall Street Journal reported. The firm is prepared to abandon its stakes in two Orinoco projects as well as its interest in the Corocoro field in the Gulf of Paria, Reuters reported.
Exxon's exposure represents only about 1% of its total production, via the Cerro Negro project in the Orinoco region, according to Reuters. ...
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