Jim Mulva, chief executive of ConocoPhillips, the third largest US oil company, is holding out against the terms under which Venezuela is expropriating the company's oil assets and the commercial terms under which they will be managed.

In an interview with the Financial Times, Mr Mulva said he had visited Caracas last week to continue talks, even as the government went ahead with plans to seize a minimum 60 per cent stake in all foreign-controlled oilfields on May 1.