ConocoPhillips $8.7B Venezuela Award Trimmed To $8.5B

Law360 (August 30, 2019, 5:07 PM EDT) -- Venezuela has convinced an international tribunal to shave $227 million off a more than $8.7 billion award to ConocoPhillips earlier this year after the country nationalized three of its oil projects — a decision the oil behemoth said it does not intend to challenge.

Presiding arbitrator Eduardo Zuleta and his two co-arbitrators, Andreas Bucher and L. Yves Fortier QC, accepted Venezuela's argument in an award Thursday that they had made certain clerical and arithmetical errors. With the reduction, the award now stands at more than $8.5 billion, plus interest, fees and costs.

The miscalculations related to a windfall profit tax introduced...

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