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 CARACAS, Venezuela (AP) - Exxon Mobil Corp. and ConocoPhillips refused to sign deals Tuesday to keep pumping heavy oil under tougher terms in Venezuela's Orinoco River basin, signaling their departure from one of the world's largest oil deposits.
Analysts said the move, however, won't have a major effect on supplies or lead to higher prices at U.S. pumps because production by the two companies will shift to other producers who agreed to the pacts.
The changes are part of a broader nationalization drive by President Hugo Chavez to assume greater control over strategic areas of the economy. Aside from the oil industry, the government recently nationalized the country's top telecommunications and electricity companies.
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