An eventual legal fight is possible, particularly as the actions will be seen as outright nationalisations rather than revisions of existing joint-venture contracts, as was the case with the oil companies.
No sooner had ExxonMobil and ConocoPhillips pitched up, than El Presidente shifted the goal posts, converting pre-existing contracts into joint ventures, with PDVSA taking a 60% stake.
This involves looking at all of the contracts related to joint operating agreements, areas of mutual interest, preferential rights to purchase assets, cash calls, tax partnerships, gas balancing agreements, and more.
