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.