News – Argus Media

ConocoPhillips action strains PdV oil exports

Bogota, 7 May (Argus) — Venezuela could be forced to shut in some of its already declining crude production, reprogram exports and sell distressed cargoes to cope with the indirect impact of liens on Venezuelan state-owned PdV´s Dutch Caribbean assets imposed by ConocoPhillips, a leading arbitration claimant.

PdV has begun recalling its oil tankers from Dutch Caribbean waters to forestall further asset seizures, effectively restricting its ability to import critically needed fuel and diluent, and export crude and fuel oil, industry officials say.

ConocoPhillips is seeking to enforce a $2bn award that was recently granted by the International Chamber of Commerce (ICC) for Venezuela´s 2007 expropriation of the US company´s Hamaca and Petrozuata…

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