factually
Index/Topics/ConocoPhillips vs Venezuela (2007-2019)

ConocoPhillips vs Venezuela (2007-2019)

ConocoPhillips secured a substantial victory in ICSID arbitration for the 2007 nationalizations, with tribunals ordering roughly $8.7–$8.37 billion plus costs.

Fact-Checks

4 results
Jan 10, 2026

Which arbitration awards have been issued against Venezuela for oil expropriations and which creditors have been paid or remain unpaid?

Venezuela faces multiple multi-billion‑dollar arbitration awards stemming from its 2000s oil expropriations, the largest being ConocoPhillips’ roughly $8.4–$8.7 billion ICSID award which has survived ...

Jan 9, 2026

What international arbitration rulings forced Venezuela to pay compensation to expropriated firms?

An array of international arbitral tribunals — principally panels at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) and various commercial tribunals — have issued ...

Jan 7, 2026

What methods have ConocoPhillips and ExxonMobil used to try to enforce ICSID awards against Venezuela since 2019?

Since the 2019 ICSID award to ConocoPhillips and earlier awards to ExxonMobil, both oil majors have pursued a multi‑jurisdictional enforcement strategy that mixes recognition and registration of ICSID...

Jan 6, 2026

Which arbitration cases did ConocoPhillips and ExxonMobil win or lose against Venezuela and what were the awards?

ConocoPhillips secured a substantial victory in ICSID arbitration for the 2007 nationalizations, with tribunals ordering roughly $8.7–$8.37 billion plus costs (award issued 2019 and later upheld again...