situation report

May 22, 2018 | 20:31 GMT

1 min read

Venezuela: State Oil Company to Pay Debt Owed to ConocoPhillips

What Happened: Lawyers for Venezuela's state-owned energy company Petroleos de Venezuela (PDVSA) and ConocoPhillips lawyers met on May 21 in Curacao and agreed to lift liens on PDVSA assets, Argus reported May 22. The two are close to reaching a deal on a $2 billion arbitration award that PDVSA owes ConocoPhillips. 

Why It Matters: In early May, Dutch courts in St. Eustatius, Bonaire and Curacao placed liens on PDVSA property, including oil export terminals, crude oil and a refinery, causing export disruptions for the company. 

Background: In April, an arbitration panel at the International Chamber of Commerce ruled that PDVSA owes ConocoPhillips $2 billion for seizing the U.S. company's assets in 2007. 

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