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Venezuela Ordered to Pay ConocoPhillips $8.7B

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thackney:
Venezuela Ordered to Pay ConocoPhillips $8.7B
https://www.rigzone.com/news/venezuela_ordered_to_pay_conocophillips_87b-13-mar-2019-158366-article/
March 13, 2019

ConocoPhillips has revealed that an international arbitration tribunal has unanimously ordered the government of Venezuela to pay the company $8.7 billion.

The compensation is for the government’s “unlawful expropriation of ConocoPhillips’ investments in Venezuela in 2007, plus interest,” ConocoPhillips said in a statement posted on its website.

In the statement, the company said the tribunal ruled in 2013 that the expropriation of ConocoPhillips’ “substantial” investments in the Hamaca and Petrozuata heavy crude oil projects and the offshore Corocoro development project “violated international law”.

The timing and manner of compensation collection “remain to be determined,” ConocoPhillips said in the statement.

“We welcome the International Centre for Settlement of Investment Disputes tribunal’s decision, which upholds the principle that governments cannot unlawfully expropriate private investments without paying compensation,” Kelly B. Rose, senior vice president, legal, general counsel and corporate Secretary of ConocoPhillips, said in a statement posted on the company’s website.

In April 2018, in a separate and independent legal action, an international arbitration tribunal, constituted under the rules of the International Chamber of Commerce (ICC), awarded ConocoPhillips approximately $2 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries....

thackney:
Likely future source of getting paid:

U.S. sanctions Venezuela state oil firm, escalating pressure on Maduro
https://www.reuters.com/article/us-venezuela-politics-usa-sanctions/u-s-sanctions-venezuelan-state-oil-firm-escalating-pressure-on-maduro-idUSKCN1PM2DP
JANUARY 28, 2019

...The sanctions, contained in an executive order issued by U.S. President Donald Trump, freeze U.S.-based assets of PDVSA, Venezuela’s largest source of revenue....

...U.S. officials said the sanctions on PDVSA were intended to prevent Maduro’s government from siphoning off funds from the oil company to maintain his grip on power....

truth_seeker:
Socialism in the real world.

catfish1957:

--- Quote from: thackney on March 18, 2019, 01:30:35 pm ---

ConocoPhillips has revealed that an international arbitration tribunal has unanimously ordered the government of Venezuela to pay the company $8.7 billion.



--- End quote ---

ExxonMobil was only abile to recoup about 10% of a $16B  lawsuit that went on 2007-2014.  COP....   Good luck extracting blood from a turnip.

https://www.wsj.com/articles/exxon-mobil-awarded-1-4-billion-in-venezuela-case-1412879396

IsailedawayfromFR:

--- Quote from: catfish1957 on March 18, 2019, 02:44:01 pm ---ExxonMobil was only abile to recoup about 10% of a $16B  lawsuit that went on 2007-2014.  COP....   Good luck extracting blood from a turnip.

https://www.wsj.com/articles/exxon-mobil-awarded-1-4-billion-in-venezuela-case-1412879396

--- End quote ---
It will never go away unless one is paid.

Company I worked for had E&P assets confiscated by Gaddhafi in early 70s.  When Libya opened back up in early 2000s, it had to allow that same company the rights it has previously.

It will happen again in Venezuela as the country has been proven to be incapable of commercializing its resources.

And it has a lot of resources.

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