COP · 10-Q · 2026Q3 · Full report

Venezuela Investment Conditions

CONOCOPHILLIPS · 2026-11-05 · Importance 44 · Surprise 24

ConocoPhillips’ interests in the Petrozuata and Hamaca ventures and the offshore Corocoro project were expropriated by Venezuela in 2007. An ICSID tribunal awarded the company $8.5 billion plus interest, and an annulment committee upheld that award on January 22, 2025. Separate ICC arbitrations resulted in additional awards against Petróleos de Venezuela, S.A. and three affiliates; collection actions for all three awards remain ongoing. The company states that actions related to the awards comply with applicable U.S. regulatory requirements, including sanctions imposed by the United States against Venezuela.

Key facts

• In March 2019, an ICSID tribunal ordered Venezuela to pay ConocoPhillips approximately $8.7 billion, later reduced to $8.5 billion, plus interest for unlawful expropriation; on January 22, 2025, an annulment committee upheld the $8.5 billion award plus interest. source
• Separate ICC arbitrations resulted in an approximately $1 billion award plus interest against Petróleos de Venezuela, S.A. and three affiliates for the Petrozuata and Hamaca projects, and a $million award plus interest for the Corocoro project. source
• ConocoPhillips’ collection actions for all three Venezuela arbitration awards are ongoing. source
• CONOCOPHILLIPS disclosed that its ability to collect payments when due from the government of Venezuela or Petróleos de Venezuela, S.A. is a counterparty risk. source