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Report: Tribunal rejects ConocoPhillips' $1.5B claim against PDVSA

The International Chamber of Commerce's arbitration tribunal dismissed ConocoPhillips' $1.5 billion claim against Petróleos de Venezuela SA for breaking a contract in offshore oil project Corocoro, according to an Aug. 2 report from Reuters.

Venezuela's state-owned oil company, also known as PDVSA, was ordered instead to pay ConocoPhillips $33.7 million, plus interest, for an outstanding loan.

ConocoPhillips said it has received payment for the award, which totaled $54 million with interest, from PDVSA.