Venezuela says Conoco compensation talks progress

[Judi Lynn]

Venezuela says Conoco compensation talks progress
Thu Feb 14, 2008 1:37pm EST

CARACAS, Feb 14 (Reuters) - Venezuela is progressing toward striking a deal with ConocoPhillips (COP.N: Quote, Profile, Research) over compensation for a multibillion-dollar project nationalized last year, Oil Minister Rafael Ramirez said on Thursday.

The minister contrasted the negotiations with a legal offensive waged by Exxon Mobil Corp (XOM.N: Quote, Profile, Research) over payment for a project that was also seized in the same nationalization drive.

"Conoco has asked for and maintained a level of communication that allows a friendly solution to our dispute," he said in a speech to Congress. "We are on the way to reaching an agreement."
(snip)

The U.S. company also said it had no plans to follow the same path as Exxon, which has won court orders to freeze temporarily $12 billion of Venezuela's assets in its dispute.

More:
http://www.reuters.com/article/rbssEnergyNews/idUSN1446608120080214?rpc=401&