CARACAS—A move by Exxon Mobil Corp to freeze billions of dollars of Venezuelan assets highlights a backlash to Latin American energy nationalization, but also fuels leftist governments' accusations of U.S. imperialism.
Exxon, the largest U.S. company, said Thursday it had won court orders against up to $12 billion worth of state oil company PDVSA's properties around the world in a fight over compensation for a project nationalized last year.
It is the boldest challenge yet by an international oil major against a worldwide trend to bring resources under government control, and was quickly seized upon by Venezuela as an example of U.S. arrogance.
Increasing control of resources to finance social spending is a key policy of left-wing governments in Ecuador, Bolivia and Venezuela, all nations that sit on large energy reserves; but a range of setbacks are slowing their reforms.
"There is a fierce tug-of-war going on, both politically and in the courts, between resource-rich governments with nationalist agendas and foreign companies," said Michael Shifter, a Latin American expert at a Washington-based think tank.
Venezuela's President Hugo Chavez, a fierce Washington critic, has scaled back his immediate ambitions to build a socialist society after a December defeat in a referendum that would have increased his powers.
The Exxon rulings are unlikely to affect daily oil revenues, but come as another blow that might reduce his room to maneuver.
Chavez took over Exxon's and ConocoPhillips' stakes in multibillion-dollar heavy oil projects in Venezuela's Orinoco oil region last June.
In fellow OPEC member Ecuador, President Rafael Correa launched an aggressive drive to boost state control over natural resources after winning election a year ago.
But with faltering foreign investment raising fears of an economic slowdown, Correa has softened his tone.
In talks with foreign oil companies, he now seems willing to temporarily maintain current deals instead of forcing them to switch to contracts that hand the state all extracted oil in exchange for a fee.
Further down the Andes mountain range, Bolivian President Evo Morales won broad support at home after he nationalized the energy sector in May 2006, fulfilling a pledge to ensure that the poor, Indian majority benefited more from the country's vast natural gas resources.
But his government is now locked in fierce disputes with gas-rich provinces over how to divvy up new energy tax revenues, part of a broader standoff as governors in several regions threaten to break with Morales and manage their own affairs.
'Yankee Imperialism'
Chavez and his allies are frequently critical of the United States and its companies, which they accuse of playing a negative role in Latin America.
Exxon, a descendant of the Rockefeller family dynasty, has a reputation for toughness in dealing with foes as varied as governments and fishermen, and has been willing to wage prolonged legal battles to defend its interests around the world.
"For a long time we have been denouncing Exxon Mobil as the typical multinational, U.S. company that has tried to attack oil producing countries," Venezuelan Oil Minister Rafael Ramirez said Friday.
The U.S. State Department said it had not prompted Exxon to go to court in its dispute with Venezuela. Spokesman Tom Casey said Exxon was simply pursuing its corporate interests.
Analysts said that while the Andean nations might keep up the rhetoric, they are likely to seek negotiated solutions with companies to avoid costly losses in courts that could eventually hurt their political projects.
"Though Chavez and his allies in the region may resort to calls of Yankee imperialism and similar rhetoric, the practical realities are hitting hard," said Shifter.
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