Latest development Feb 5, 2026
ConocoPhillips’ chief executive said that collecting about $10B under its two judgments comes before any new investment in Venezuela.
The award
- Amount awarded
- $8.73B plus 5.5% compound interest
- Current estimate
- ConocoPhillips puts its total Venezuela claims at about $12B with interest (January 2026)
- Award holder
- ConocoPhillips Petrozuata, ConocoPhillips Hamaca and ConocoPhillips Gulf of Paria B.V.
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID ARB/07/30
Challenges
An ICSID ad hoc committee rejected Venezuela’s annulment application on January 22, 2025.
Enforcement
United States: D.D.C. default judgment on August 19, 2022. The D. Del. issued a writ of attachment on PDV Holding shares on December 20, 2023, affirmed by the Third Circuit on December 5, 2024. Citgo queue: 14th of 18. Registered in Trinidad and Tobago (May 27, 2025) and Belize (2025).
Recovered to date
None on this award