Conoco CEO: Venezuela talks to take several months

ConocoPhillips (COP.N: Quote, Profile, Research) Chief Executive James Mulva said on Monday talks with Venezuela on reaching a compensation deal over the seizure of the oil company's assets in the Orinoco Belt could take several months.

In June, both Conoco and an fellow energy giant Exxon Mobil Corp (XOM.N: Quote, Profile, Research) decided to walk away from multibillion dollar energy investments in Orinoco rather than agree to state oil company PDVSA taking over the assets.

Mulva told reporters at the American Petroleum Institute that negotiations with Venezuelan officials and PDVSA were continuing, "We continue to discuss our situation in Venezuela with PDVSA and (Energy) Minister (Rafael) Ramirez and expect that to continue over the next several months," Mulva said.

Conoco's stake has been estimated between a book value of $4.5 billion and a market value of $7 billion while Exxon's stake was seen between $750 million and $2 billion.

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