[Ost-news] After Venezuela, ConocoPhillips May Redouble Canada Efforts

[Oil Sands Truth: Shut down the Tar Sands - social and environmental impacts of tar sands heavy oil projects across North America]

After Venezuela, ConocoPhillips May Redouble Canada Efforts

June 26, 2007: 03:37 PM EST

CALGARY -(Dow Jones)- Venezuela's intransigence on its challenging crude-oil projects may send ConocoPhillips' (COP) into the arms of Canada's oil sands.

Venezuela confirmed Tuesday that ConocoPhillips would exit the Orinico river basin, home to ventures that produce low-quality, or heavy, oil, after the Houston-based energy company refused the terms covering a new ownership structure for its projects. Exxon Mobil Corp. (XOM) also said it wasn't able to reach agreement with Venezuela.

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    [1]: http://oilsandstruth.org/after-venezuela-conocophillips-may-redouble-canada-efforts

URL: http://oilsandstruth.org/after-venezuela-conocophillips-may-redouble-canada-efforts