Danny Williams’ success in reviving the Hebron project has been attributed to his negotiating style and skills. Perhaps. But there are three other significant reasons why Exxon Mobil and Chevron came back to the table. First, Exxon-Mobil left Venezuela last month rather than hand control of their oil projects to Petroleos de Venezuela SA. Second, both companies need new reserves on their books. And third, Canada is one of the few remaining countries where Big Oil is still welcome.

Published Globe and Mail 24 August 2007