ConocoPhillips judgement piles pressure on Venezuela’s PdV
Venezuela's state oil company is reeling from plummeting output and debts
In a further blow to cash-strapped Venezuelan state-oil company PdV, an international arbitration tribunal ruled this week it owes ConocoPhillips $2bn as part of fallout from the 2007 expropriation of the American oil producers' assets in the country. ConocoPhillips filed for an arbitration hearing under the International Chamber of Commerce (ICC) in 2014, as part of a decade-plus long legal battle with PdV to settle the Venezuelan government's expropriation of its Hamaca and Petrozuata Orinoco heavy-oil projects. The Chamber of Commerce arbitration was separate from a concurrent case being heard under the World Bank's International Centre for Settlement of Investment Disputes (ICSID), which
Also in this section
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
29 November 2024
There are opportunities for attractive returns and greater project success amid a real push by the Iraqi government for reform, as long as there is a shared understanding between the needs of investors and the host government
