International Arbitration Tribunal Rules Venezuela Unlawfully Expropriated ConocoPhillips' Oil Investments

ConocoPhillips

today announced that an international arbitration Tribunal ruled Venezuela unlawfully expropriated ConocoPhillips' significant oil investments in the Petrozuata and Hamaca heavy crude oil projects and the offshore Corocoro development project. According to an International Centre for Settlement of Investment Disputes (ICSID) Tribunal, Venezuela's actions amounted to an unlawful expropriation. In doing so, the Tribunal also confirmed its jurisdiction over this dispute. “We welcome this decision by the Tribunal,” said Janet Langford Kelly, senior vice president, Legal, General Counsel and Corporate Secretary. “This ruling sends a clear message that countries cannot expropriate their investments without fair compensation.” While today's ruling is