<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0iSppj_0vm5C4RR00" alt="https://img.particlenews.com/image.php?url=0iSppj_0vm5C4RR00" width="718" height="300" ></figure>ConocoPhillips has taken a significant step forward in its long-standing battle to recover payments from Venezuela's state oil company, PDVSA. On September 27, 2024, a Trinidadian court approved ConocoPhillips' request to seize payments that PDVSA would have received for its role in the Dragon Gas offshore project. This ruling follows years of legal wrangling over compensation for assets nationalized by the Venezuelan government.The court appointed an accounting firm as a receiver to facilitate the process. Judge Frank Seepersad cited concerns that PDVSA might attempt to move assets out of Trinidad to avoid payment obligations, as seen in its past relocation of its European headquarters to Moscow.This latest legal victory for ConocoPhillips builds on previous efforts to enforce a $1.33 billion arbitration claim against Venezuela. Despite partial payments in the past, PDVSA stopped making required payments in 2019, prompting ConocoPhillips to pursue legal action across several jurisdictions.The case is part of a broader trend in the oil and gas industry, where companies like ConocoPhillips are increasingly seeking to enforce arbitration rulings against Venezuela following its nationalization of foreign assets. These moves aim to recover lost revenue through asset seizures or the diversion of payments tied to energy projects.This development is not just a legal win. These court rulings could complicate financial arrangements for partnerships attempting to access Trinidad and Venezuela's offshore gas fields. While this battle is far from over, ConocoPhillips has gained significant leverage in its pursuit of compensation.In 2018, ConocoPhillips embargoed cargoes of crude oil and fuel at a storage terminal in Aruba that was operated by PDVSA's US subsidiary, Citgo, in Conoco's quest to claim a $2 billion court award over PDVSA's forced nationalization of two oil projects by Venezuela's Hugo Chavez.By Julianne Geiger for Oilprice.comMore Top Reads From Oilprice.com</div></body>

Mountain View, CA

NewsBreak

Conoco Court Win Sends Venezuela's Gas Money Up In Smoke

ConocoPhillips has taken a significant step forward in its long-standing battle to recover payments from Venezuela's state oil company, PDVSA. On September 27, 2024, a Trinidadian court approved ConocoPhillips' request to seize payments that PDVSA would have received for its role in the Dragon Gas offshore project. This ruling follows years of legal wrangling over compensation for assets nationalized by the Venezuelan government.