International Arbitration Tribunal Rules Venezuela Unlawfully Expropriated ConocoPhillips' Oil Investments
ConocoPhillips (NYSE: COP) 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