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The enforcement of arbitration awards against Venezuela and its state oil company PDVSA in U.S. courts, including the use of creative collection tools and asset seizures.
Venezuela bases its claim to much of Guyana—principally the Essequibo region—on a mix of colonial-era boundary interpretations, rejection of the 1899 Paris Arbitral Award as illegitimate, and a narrat...
International arbitration awards against Venezuela can be enforced through treaty-based mechanisms (ICSID), the New York Convention in national courts, and domestic assistance to arbitral tribunals, b...
International arbitration tribunals have issued multiple high‑value awards against Venezuela and its state oil company PDVSA for the 2007 nationalizations, most notably an ICSID award ordering roughly...
Hugo Chávez’s 2007 nationalization consolidated state control over oil projects in the Orinoco belt and forced foreign firms, including U.S. majors, to cede operational control to PDVSA, prompting exi...
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 ...
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...
Venezuela routinely relied on domestic statutory schemes and post-taking valuations that fell short of international “market value” standards, prompting multiple arbitration tribunals to re-calculate ...
A Delaware federal court has run a multi-round, court‑supervised sale process to convert creditors’ judgments against Venezuela into cash by auctioning the shares of PDV Holding, the parent of U.S. re...
ConocoPhillips and ExxonMobil have pursued a multi‑jurisdictional enforcement campaign since 2019 that combines court recognition of ICSID/ICC awards, domestic enforcement petitions, attachment and re...
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...
Venezuelan assets abroad that have been targeted to satisfy investor‑state awards include foreign subsidiaries of state oil companies (most notably Citgo), frozen state funds held in foreign accounts,...
Two parallel legal tracks exist to turn investor–state arbitration awards into collectible money against a sovereign like Venezuela: ICSID’s treaty‑based “automatic recognition” route for Contracting ...
U.S. sanctions and shifts in U.S. policy have not erased arbitration awards against Venezuela, but they have materially altered how—and how easily—creditors can turn those awards into recoveries by co...
Multiple international arbitration winners have secured multi‑billion dollar awards against Venezuela and, in several high‑profile cases, obtained court orders or enforcement permissions to attach Ven...
Amber Energy, an affiliate of Elliott Investment Management, agreed to buy the shares in PDV Holding — the U.S. parent that controls Citgo Petroleum — under a Delaware federal court-ordered auction, e...
International tribunals and national courts have carved complementary but distinct precedents in disputes over Venezuelan assets: The Hague appellate courts have reinforced a hierarchy that directs in...
The 2006–2007 decree-driven nationalization converted Orinoco Belt association agreements into state-majority "mixed companies," formally raising PDVSA’s minimum equity share to 60% and reworking gove...
Companies enforcing arbitration awards against the Republic of Venezuela and its state oil company PDVSA have pursued a mix of international-arbitration recognition and aggressive domestic remedies: r...
Following Hugo Chávez’s and later Nicolás Maduro’s moves to assert state control over Venezuela’s oil sector, affected oil companies pursued a mix of international arbitration, U.S. federal lawsuits a...
U.S. courts — especially the federal courts in the Third Circuit and Delaware — and certain Caribbean courts (notably Trinidad and Tobago and courts in the Dutch Caribbean such as Curaçao) have been t...