Venezuela wants foreign oil firms to become minority partners in "mixed companies" that will operate the fields under higher tax rates. Exxon Mobil Corp. is the only foreign firm resisting a contract change with the Venezuelan government. Exxon and the Spanish-Argentine oil company Repsol jointly operate the Quiamare La Ceiba oil field in Venezuela, but Venezuela is demanding new contract terms that Exxon has not accepted. France's Total and Italy's ENI, Chevron Corp. and West Falcon Samson Hydrocarbons have accepted the terms of the Venezuelan Government.
Exxon has been planning a US$3 billion (euro2.5 billion) petrochemicals project involving Petroleos de Venezuela. Will this dispute hurt the company's future investments in the country?
20-Dec-05 
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