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Report: Venezuela indicates it will settle $2.04B dispute with ConocoPhillips


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Report: Venezuela indicates it will settle $2.04B dispute with ConocoPhillips

After ConocoPhillips seized the Caribbean assets of Venezuela's state-owned oil company, the country's oil ministry on May 10 said in a series of tweets that the country was ready to pay ConocoPhillips the more than $2 billion the Houston-based oil company had won in arbitration, Reuters reported.

Reuters reported that the tweets were deleted less than an hour later.

The Washington Post reported May 7 that ConocoPhillips is asking a court in the Dutch Antilles for control of facilities that Petróleos de Venezuela SA operates.

ConocoPhillips announced April 25 that an international arbitration tribunal constituted under the rules of the International Chamber of Commerce had determined that Petróleos de Venezuela and two of its subsidiaries owe ConocoPhillips $2.04 billion stemming from Venezuela's seizure of ConocoPhillips' investments in the Hamaca and Petrozuata heavy crude oil projects in Venezuela in 2007.

"ConocoPhillips will pursue enforcement and seek financial recovery of its award to the full extent of the law," the company said in an April 25 statement.

ConocoPhillips said the International Chamber of Commerce arbitration is "separate and independent" from its investment treaty arbitration against the Venezuelan government.