Washington-based federal judge Carl J. Nichols has given U.S.-based ConocoPhillips Co. approval to enforce an $8.5 billion arbitral award against Venezuela related to assets expropriated in 2007, a law website revealed.
The judge “ruled that Caracas’ chances of success in an ongoing annulment proceeding are minimal,” and added that Venezuela had no good reason to ignore the litigation for more than two years, according to a report published by Law360 on Aug. 19.
Venezuela, which continues to struggle under the weight of U.S. financial and oil sector sanctions, could suffer undue hardship if the award is enforced “and it is ultimately annulled,” the judge admitted but added that “he did not see that situation as being particularly likely,” the Law360 report said.
Nichols also said: “Any hardship to Venezuela also would have to be balanced against petitioners’ hardship in waiting even longer to begin collecting. Fifteen years is long enough.”
ConocoPhillips and Canadian-based mining company Crystallex International Corp. have lined up to collect on monies long owed to them by the cash-strapped Venezuelan government. The companies and creditors continue to eye Venezuela’s most prized international asset, U.S. refiner Citgo, which Washington continues to shield from a liquidation proceeding as well as from the government of Venezuela’s President Nicolas Maduro.
Recommended Reading
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.
Seadrill to Adopt Oil States’ Offshore MPD Technology
2024-09-17 - As part of their collaboration, Seadrill will be adopting Oil States International’s managed pressure drilling integrated riser joints in its offshore drilling operations.
E&P Highlights: Sept. 16, 2024
2024-09-16 - Here’s a roundup of the latest E&P headlines, with an update on Hurricane Francine and a major contract between Saipem and QatarEnergy.
Chevron Pushing Longer Laterals in Argentina’s Vaca Muerta Shale
2024-09-13 - Chevron Corp., already drilling nearly 2.8-mile laterals at its Loma Campana Field in Argentina, wants to drill even longer horizontals, an executive told Hart Energy.
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-09-13 - The oil and gas rig count rose by eight in the week to Sept. 13 to 590, returning to mid-June levels. The increase was the biggest since the week to Sept. 15, 2023.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.