Energy minister Rafael Ramírez described the move as “an act of sovereignty”, whereas his US counterpart, Sam Bodman, expressed concern at the potential loss of oil imports for his country. While the ousted US firms decide on whether to seek compensation or redress in the courts for their lost assets, the four remaining companies – Chevron, Statoil, BP and Total – can expect to see the state dramatically increase its total stake in their endeavours.
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