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U.S. Clears ConocoPhillips to Recover Venezuela Assets
Kaieteur News – OilPrice – ConocoPhillips has received new U.S. licenses that could help the company recover up to $10 billion owed by Venezuela, an anonymous source has told Bloomberg. The debt stems from the Venezuelan government’s nationalization of ConocoPhillips’ assets over a decade ago. The licenses allow the company to pursue its claims against Petroleos de Venezuela SA (PDVSA), the state-owned oil giant, without violating U.S. sanctions.
PDVSA
Although the licenses don’t permit ConocoPhillips to resume operations in Venezuela, they enable the company to pursue legal action in countries where PDVSA holds financial assets. By securing these licenses, ConocoPhillips can move to the front of the line among entities looking to recover funds from Venezuela, ensuring it has a strong position once PDVSA’s frozen accounts are released.
Last month, a court in Trinidad and Tobago awarded ConocoPhillips $1.33 billion as part of this ongoing effort to reclaim lost assets. The September 27 ruling approved Conoco’s request to seize payments that PDVSA would have received for its role in the Dragon Gas offshore product. Conoco remains committed to using every legal channel to recover the full amount it is owed, emphasizing its duty to shareholders.
Venezuela, once a leading global oil producer, has seen its output fall by over 70% due to years of underinvestment in the sector, partly a result of socialist policies and nationalization efforts. For ConocoPhillips, these U.S. licenses mark a crucial step in addressing the financial fallout from Venezuela’s actions, though the company’s operations in the country remain halted.
As Venezuela’s oil industry continues to decline, any hope of recovery depends on securing foreign investment and technical expertise, much of which has been driven away by the country’s past actions.
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