Venezuela must pay ConocoPhillips more than $8 billion for the country's se...
Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
The total award of $8.14 billion, plus an earlier arbitration award of $2 billion, makes the U.S. producer the biggest victor in claims from a wave of nationalizations last decade. However, Venezuela could still contest the award. The award was for $8.44 billion plus interest and fees, but the tribunal reduced it by nearly $300 million to account for payments Venezuela had made to lenders. The tribunal said Conoco could not seek double recovery from its claims, which should reduce the total amount it can recover.
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