ConocoPhillips files 2nd Venezuela nationalization case

Friday, October 10, 2014

US oil major ConocoPhillips filed for arbitration with the International Chamber of Commerce against Venezuelan state oil firm PDVSA, a ConocoPhillips release said Friday.

The firm is seeking an undisclosed amount of compensation following the expropriation of its Petrozuata and Hamaca heavy crude projects by Venezuela in 2007.

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ConocoPhillips' latest filing is a separate legal action from its pending case with the World Bank's arbitration court ICSID. The firm is seeking US$20bn as compensation for the seizure of oil assets in Venezuela.

Earlier this week, ICSID awarded fellow US oil major Exxon Mobil a US$1.6bn settlement in its own nationalization case against the country.

Exxon Mobil's case may bode well for ConocoPhillips, as it sets a precedent for the type of settlements firms can expect, Barclay's analysts previously said.

BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.