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ExxonMobil bids adiós

As investment conditions worsen, private-sector oil companies are pulling out of Latin America. ExxonMobil is leading the way

When ExxonMobil's chief executive lambasted resource nationalism at November's World Energy Congress in Rome, he did not point the finger of criticism at individual countries. But had he done so, Rex Tillerson's accusatory digit would probably have been levelled at Venezuela.     Earlier this year, the supermajor abandoned the country, leaving behind a 41.7% stake in the 115,000 barrels a day (b/d), Cerro Negro extra-heavy-oil project, which accounted for 2% of the company's global oil production. Having refused to accept the government's demand for private-sector investors to cede control in Venezuelan oil projects to state-owned PdV, among the options left open to ExxonM

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