U.S.: Venezuela should compensate oil majors fairly

WASHINGTON (Reuters) - Venezuela should compensate international energy companies fairly for its takeover of multibillion-dollar oil projects in the Orinoco region, the U.S. State Department said on Tuesday.

U.S. oil giants ConocoPhillips and ExxonMobil Corp. both decided to leave the huge extra heavy oil projects after Venezuelan President Hugo Chavez nationalized them as part of his socialist revolution.
"We want to see (Venezuela) meet their international commitments in terms of providing fair and just compensation in accordance with international standards, for any property that does come under government ownership," State Department Deputy Spokesman Tom Casey told reporters at a briefing.
Venezuela Energy Minister Rafael Ramirez said earlier Tuesday the two companies had decided to quit the Orinoco projects but that they still had time to negotiate the terms of their exit from the Orinoco projects.