Latest development Jan 2026
Under the Amber Energy deal, about $1.4B would be paid at closing (Forbes, January 2026).
The award
- Amount awarded
- $2.04B
- Current estimate
- About $1.33B outstanding (September 2024)
- Award holder
- Phillips Petroleum Company Venezuela and ConocoPhillips Petrozuata B.V.
- Respondent
- PDVSA and two subsidiaries
- Forum
- ICC (case number and seat not verified)
Challenges
None reported.
Enforcement
An August 2018 settlement (about $500M upfront, the balance over about four years) went into default. A Trinidad and Tobago receivership over Dragon gas payments (September 2024) ended when OFAC revoked the licenses in April 2025. Citgo queue: 3rd.
Recovered to date
About $700M (implied)