Confrontation or compliance. International Oil Companiesnhave taken different approaches to Venezuela’s enforcednpositioning of state-oil company PDVSA as a majoritynpartner in the country’s oil developments. 16 companiesnaccepted minority joint-venture partnerships fornconventional developments in 2006, seven chose to givenfields up, but without closing down the prospect of futureninvestment. In 2007, four IOCs accepted the new termsnfor heavy oil projects, while US majors ExxonMobil andnConocoPhillips chose to exit.
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