ExxonMobil Closes Data Room In Venezuela
|Wednesday, July 18, 2001
ExxonMobil has closed a data room for its 50 percent stake in the La Ceiba block in Venezuela. This move suggests that the block might not be sold. ExxonMobil stated earlier in the year that it was reconsidering its investment in La Ceiba after drilling four expensive, deep wells which reportedly found only 150 million barrels of reserves. Industry sources said the reserves were not enough to interest ExxonMobil, which inherited a variety of businesses in Venezuela when it merged with Mobil last year. It is reported that ExxonMobil had changed its decision on La Ceiba after a final well on the block produced more positive results. Other shareholders in La Ceiba are Veba, with 30 percent interest and Nippon Mitsubishi with a 20 percent interest.