ConocoPhillips ‘not close’ to recouping $2 billion from PDVSA: CEO | News

By Ernest Scheyder

HOUSTON (Reuters) – U.S. oil producer ConocoPhillips is nowhere close to recouping the value of a $2 billion arbitration award against Venezuelan state oil company PDVSA [PDVSA.UL], its chief executive said on Tuesday.

Conoco has won court orders allowing it to begin seizing PDVSA assets in efforts to collect on the award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela.

While it seized some assets this month, Conoco is clearly telegraphing that it intends to escalate its campaign against PDVSA across the globe as it works to recoup its losses. That threatens to further limit revenue at the state-controlled firm, the single largest moneymaker for the…

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