This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7235653.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Venezuela denies oil asset freeze | Venezuela denies oil asset freeze |
| (about 8 hours later) | |
| Venezuela's state-run oil firm has denied that US oil giant Exxon Mobil had won a court order to freeze up to $12bn (£6bn) of its assets. | Venezuela's state-run oil firm has denied that US oil giant Exxon Mobil had won a court order to freeze up to $12bn (£6bn) of its assets. |
| PDVSA said that while it accepted that $300m in cash had been frozen, this was only a "transitory measure". | PDVSA said that while it accepted that $300m in cash had been frozen, this was only a "transitory measure". |
| Exxon has been fighting for monetary compensation since Venezuelan President Hugo Chavez seized its stake in heavy oil projects in the country last June. | |
| Arbitration between the two firms is due later this year. | Arbitration between the two firms is due later this year. |
| Oil Minister Rafael Ramirez accused Exxon of "judicial terrorism" but said the court actions "don't have any direct affect over our operations, over our assets". | Oil Minister Rafael Ramirez accused Exxon of "judicial terrorism" but said the court actions "don't have any direct affect over our operations, over our assets". |
| An Exxon spokeswoman said the firm had no comment on Mr Ramirez's comments. | An Exxon spokeswoman said the firm had no comment on Mr Ramirez's comments. |
| 'Proven reserves' | 'Proven reserves' |
| Venezuela took over the oil project as part of a nationalisation drive. | Venezuela took over the oil project as part of a nationalisation drive. |
| President Chavez's government took control of exploration projects in the Orinoco Belt, which had been among the last privately-run fields in the country. | President Chavez's government took control of exploration projects in the Orinoco Belt, which had been among the last privately-run fields in the country. |
| Exxon has taken action in New York, London and the Netherlands challenging the terms of the nationalisation. | Exxon has taken action in New York, London and the Netherlands challenging the terms of the nationalisation. |
| It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m (£370m). | It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m (£370m). |
| The Orinoco Belt is the country's most important oil area, with massive potential. | The Orinoco Belt 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. | 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. | 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. | Only Exxon and ConocoPhillips refused to accept the terms of the deal, which made them junior partners in the project, by the June deadline. |