Venezuela Unlawfully Expropriated Conoco Oil, Tribunal Says

Law360, New York (September 4, 2013, 5:25 PM EDT) -- ConocoPhillips scored a win against Venezuela on Tuesday when a World Bank arbitration panel ruled that the South American country illegally expropriated the company's significant oil investments.

The Houston-based U.S. oil company said it suffered an estimated $4.5 billion loss after Venezuela expropriated its oil investments in the Petrozuata and Hamaca heavy crude oil projects and the offshore Corocoro development project in the summer of 2007. Conoco initiated proceedings at the International Centre for Settlement of Investment Disputes in Washington later that year.

“The tribunal accordingly...
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