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Venezuela: No Oil for You! - Portfolio.com
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Venezuela: No Oil for You!
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Venezuela: No Oil for You!
by Portfolio Staff
Feb 13 2008
Exxon Mobil has supplies cut off in dispute.
Exxon Mobil Corporation (XOM)
Industry:
Energy and Utilities
Summary:
The Company's business is energy, involving the exploration, production, transportation & sale of crude oil & natural gas …
Primary executive:
Rex W. Tillerson,
View Full Profile
Venezuela's president, Hugo Chavez, has threatened to cut off oil shipments to the United States, and his oil minister has accused Exxon Mobil of "legal terrorism," but for the moment, Venezuela is limiting its fire to halting sales of crude to the oil company. Venezuela is cutting off Exxon after the company won a temporary injunction in a British court to freeze some $12 billion in assets of Venezuela's state oil company. Exxon is challenging a move by Venezuela last summer to take over its majority stake in an oil-development project in the prized Orinoco Belt, south of Caracas. The Venezuelan oil company said it "has paralyzed sales of crude to Exxon Mobil" and suspended all commercial relations with the company. But Venezuela's move is expected to have little impact on Exxon. The fourth-largest supplier of oil to the United States, Venezuela exported 41 million barrels in November, according to U.S. government data, but Exxon bought only 2.6 million barrels of that. Fadel Gheit, an analyst with Oppenheimer & Co., told MarketWatch that Exxon will not have any trouble finding replacement crude. "Hugo Chavez is sorely mistaken," Gheit said. "Exxon buys oil in 35 different varieties—more flavors than Baskin Robbins." The Christian Science Monitor says that the legal victory by Exxon is prompting oil- and gas-producing nations to reconsider whether to push economic nationalism and renegotiate contracts with energy companies. "It may embolden other companies to do the same thing," Miguel Tinker-Salas, a Latin American oil and politics expert at Pomona College in Claremont, California, told the paper. But the battle isn't over yet. Venezuela's fellow member nations in OPEC could support it in its fight against Exxon. "We don't think Venezuela should be treated this way and we are going to look at this," Libya's top oil official, Shokri Ghanem, told Dow Jones. OPEC next meets on March 4, and Ghanem said the legal dispute would likely be discussed.
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