Oil sands major ConocoPhillips urges caution on Venezuela return

Oil sands major ConocoPhillips urges caution on Venezuela return

FORT McMURRAY — ConocoPhillips, a major oil sands producer with deep experience in heavy oil development, is signalling caution on any return to drilling in Venezuela, despite renewed global interest in the country’s vast reserves. The Houston-based company is a long-standing player in Alberta’s oil sands and recently expanded its footprint through the acquisition of the Surmont in-situ project from Total Energy. Executives say that focus on pol…