ConocoPhillips Awarded $66.8M In Venezuela Oil Dispute

Law360, New York (September 24, 2012, 1:35 PM EDT) -- An arbitration panel of the Paris-based International Chamber of Commerce on Friday awarded ConocoPhillips Co. $66.8 million in its dispute against state-run oil company Petroleos de Venezuela SA over the alleged breach of an agreement related to the massive Petrozuata pipeline project.

The ICC tribunal found that Petroleos de Venezuela breached its agreement with ConocoPhillips when it applied production cuts ordered by the Organization of the Petroleum Exporting Countries to Petrozuata for a period prior to the company's takeover of the project in late 2007, according...
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