THE HIGH COURT has recognised a US$1.1 billion arbitration award to a United States energy giant against the Venezuelan government for unlawfully expropriating its investments in Venezuela in 2007.
In an order on May 29, Justice Frank Seepersad allowed ConocoPhillips and its subsidiary Phillips Petroleum Company Venezuela Ltd to register the 2018 International Chamber of Commerce (ICC) final award against Venezuela’s state-owned oil company, Petróleos de Venezuela, SA (PDVSA), and two subsidiaries.
The award has been recognised in several other jurisdictions, including the UK, the US, Hong Kong, the Netherlands, Jamaica, Belize and Portugal.
Seepersad’s order allows CoconoPhillips to enforce the award and judgments for US$1.1 billion and post-award interest. He also gave orders for the service of the documents submitted by ConocoPhillips.
The application referred to other arbitration and enforcement actions in ConocoPhillips’ favour against the Venezuelan oil companies. Read More
Loutoo, J. (2024, May 30). US energy giant to go after Venezuela’s Dragon gas $$. Trinidad and Tobago Newsday. https://newsday.co.tt/2024/05/30/us-energy-giant-to-go-after-venezuelas-dragon-gas/
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