ConocoPhillips Gets US Licenses in Bid to Recoup Venezuela Debt
- Licenses allow ConocoPhillips to advance legal efforts
- Texas-based oil and gas producer owed $10 billion by Venezuela
The licenses relate specifically to allowing the company to recoup the money owed from PDVSA without running afoul of US sanctions.
Photographer: David Ryder/BloombergThis article is for subscribers only.
ConocoPhillips has been granted a string of licenses by the US government that allow the oil and gas producer to better position itself to recover some or all of the roughly $10 billion it is owed by Venezuela after the country seized and nationalized its assets more than a decade ago, according to people familiar with the matter.
The US licenses help Houston-based ConocoPhillips to advance legal efforts in countries around the world where Petroleos de Venezuela SA, the state-owned oil company, has cash accounts, said the people who asked not to be named because the information is private.