ConocoPhillips Can Start Enforcing $8.5B Venezuela Award

By Caroline Simson (October 1, 2021, 8:49 PM EDT) -- Efforts by ConocoPhillips to enforce an $8.5 billion arbitral award against Venezuela could start heating up after an international committee decided on Wednesday to lift a stay of enforcement, while the cash-strapped nation's annulment petition remains pending.

A clerk for a federal court in Washington, D.C., declared Venezuela to be in default on Friday afternoon after the country opted to ignore ConocoPhillips' litigation to enforce the massive arbitral award, which was issued to three Dutch ConocoPhillips subsidiaries in early 2019 after Venezuela nationalized three of their oil projects.

The oil company, which filed the litigation just days after the award was...

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