Conoco sees ‘light at end of the tunnel’ on Venezuela claims, CEO says

Conoco sees ‘light at end of the tunnel’ on Venezuela claims, CEO says

Photo: Toru Hanai – Reuters

 

U.S. oil and gas producer ConocoPhillips (COP.N) on Thursday said it sees “light at the end of the tunnel” in long-running claims for expropriation of its Venezuelan assets.

By Reuters – Liz Hampton

May 04, 2023

Conoco has a more than $8 billion arbitration award on the 2007 expropriation of three oil projects in Venezuela, and is pursuing another lawsuit in the U.S. against the South American country. The U.S. last week said it would not block a proposed auction of shares in Venezuela’s U.S. refining unit in a case where Conoco has sought to claim $1.3 billion. 





“We’re right in the middle of all those conversations as you might imagine,” Conoco CEO Ryan Lance said. Conoco has cashed $700 million from a previous $2 billion arbitration award, through a payment arrangement with Venezuelan state-run oil company PDVSA.

The U.S. Treasury Department, which has blocked transactions involving Venezuela’s U.S. assets, “will not take enforcement action” to halt the auction or a negotiated settlement of claims, a court officer informed the judge in the case last week.

An auction of shares in PDV Holding, whose only asset is U.S. refiner Citgo Petroleum, to pay claims could be scheduled by Sept. 5, the court officer said. The Treasury would have to issue a license to complete any sale.

Read More: Reuters – Conoco sees ‘light at end of the tunnel’ on Venezuela claims, CEO says

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