ExxonMobil CEO: No New Investments in Venezuela

US oil major ExxonMobil (NYSE: XOM) is not planning to undertake new investments in Venezuela, company chairman and CEO Rex Tillerson said in an analyst meeting in New York.

"Given the conditions down there [in Venezuela] at this time and the uncertainty about how our current holdings are going to be dealt with, we are not contemplating any new investment in Venezuela," he said.

Venezuela's government is offering companies negotiating the nationalization of their projects the chance to enter into new separate oil and gas ventures, BNamericas reported earlier this month.

ExxonMobil is in talks with Venezuela's state oil firm PDVSA to hand over operations of the 108,000b/d extra-heavy crude Cerro Negro JV project.

"We're working closely with the Venezuelans on a transition plan," he said. "We want there to be a smooth transfer of operatorship."

Separately, talks are underway regarding changes in the Cerro Negro JV structure. Exxon Mobil and PDVSA each hold 41.67% of Cerro Negro, although the latter aims to increase its stake to 60%.

"There's a lot that still has to be discussed with the Venezuelans... so it will be some time I suspect before we come to any conclusion on our continuing part in the joint venture or our exit from it on terms everybody is satisfied with," he said.

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