Latest development Oct 21, 2026
The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
The award
- Amount awarded
- $48.0M (principal of the S.D.N.Y. judgment of December 3, 2020)
- Current estimate
- $48.1M with post-judgment interest as of August 14, 2023, per ConocoPhillips
- Award holder
- ConocoPhillips Gulf of Paria B.V.
- Respondent
- Petróleos de Venezuela, S.A. (PDVSA) and Corporación Venezolana del Petróleo, S.A. (CVP)
- Forum
- ICC arbitration (Corocoro project) · confirmed by S.D.N.Y. judgment
Challenges
None reported.
Enforcement
The S.D.N.Y. confirmed the 2018 ICC award on December 3, 2020. Registered in the D. Del. (Misc. No. 22-264). Eighth in the Citgo sale Final Priority Order (April 3, 2024).
Recovered to date
None. ConocoPhillips reported no collection on this judgment as of August 14, 2023.
Notes
The watchlist figure (about $34M) differs from the $48.0M judgment principal in ConocoPhillips’ court statement. A Spanish recognition in February 2026 is not verified.