ConocoPhillips CEO: To Begin Arbitration with Venezuela in 'Next Weeks'

HOUSTON Oct. 24, 2007 (Dow Jones Newswire)

ConocoPhillips Chief Executive Jim Mulva said Wednesday the energy company will probably file for arbitration in the next weeks over assets it formerly owned in Venezuela.

"We will more than likely over the next several weeks file for arbitration," Mulva told analysts during the company's third-quarter earnings conference call. "It doesn't change in any way our objective of reaching an amicable solution."

The Houston-based company abandoned two heavy-oil projects in the Orinoco Belt in June after the Venezuelan government took majority ownership of all projects of international oil companies in the region.

Exxon Mobil Corp. (XOM) also didn't agree to new contract terms put forward by Venezuela and initiated arbitration proceedings in September.

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