Venezuela unlawfully expropriated ConocoPhillips' oil investments ConocoPhillips 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 Tribunal, Venezuela’s actions amounted to an unlawful expropriation. In doing so, the Tribunal also confirmed its jurisdiction over this dispute. While the ruling is a major milestone, the arbitration process will continue for a period of time in order to determine compensation owed for ConocoPhillips’ substantial investments.
News For COP From The Last 14 Days
Check below for free stories on COP the last two weeks.