Trinidad court clears path for ConocoPhillips to pursue $11bn Venezuela claim

Published: 2025-06-02 06:30:11 ET COP

Published on 06/02/2025 at 06:30

Trinidad and Tobago’s High Court has granted ConocoPhillips approval to register an $11bn arbitration award against Venezuela, marking a key step in the US oil major’s long-running effort to recover compensation for assets expropriated nearly 20 years ago, El Nacional reported.

The ruling, handed down by Judge Frank Seepersad, paves the way for the company to target Venezuelan assets located in the Caribbean nation.

The dispute stems from Caracas' 2007 decision under then-President Hugo Chávez to nationalise ConocoPhillips’ stakes in three major oil ventures—Petrozuata, Hamaca, and Corocoro—without compensation.

The matter was brought before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), which in 2019 ordered Venezuela to pay $8bn, later adjusted to $11bn including interest and legal fees.

Despite repeated efforts by Venezuela to annul the ruling, courts have consistently upheld the ICSID award.

Judge Seepersad ruled that Trinidad, as a signatory to the ICSID Convention, is bound to recognise such decisions, noting that ConocoPhillips satisfied all procedural and documentary requirements.

He also rejected Venezuela’s appeal to sovereign immunity, stating that its obligations under international law take precedence, and its 2012 withdrawal from ICSID has no bearing on prior rulings.

The decision bolsters ConocoPhillips’ broader strategy to enforce the award across multiple jurisdictions, including pending actions in the US, UK, and the Netherlands.