PDVSA defeats bulk of billion-dollar Conoco arbitration claim

PDVSA defeats bulk of billion-dollar Conoco arbitration claim The headquarters of PDVSA in the Venezuelan city of Maracaibo (Credit: Wikimedia Commons)

Venezuela’s state-owned oil group PDVSA has defeated a US$1.5 billion International Chamber of Commerce (ICC) claim brought by US energy company ConocoPhillips over the expropriation of an offshore oil project – just months after an International Centre for Settlement of Investment Disputes (ICSID) tribunal ordered the state to pay a record award for seizing that and other assets.

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