Legal
Venezuela Ordered to Pay ConocoPhillips $8.7 Billion Over Asset Seizures
A Venezuelan flag in Caracas, Venezuela.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
A judge in Washington, D.C., ordered Venezuela to pay about $8.7 billion to ConocoPhillips as compensation for seizing the energy company’s interests in oil projects.
US District Judge Carl Nichols issued his order Friday to enforce an arbitration award that ConocoPhillips won in 2019. The company’s motion default judgment was granted because Venezuela hasn’t entered an appearance or responded with court filings, Nichols wrote.