• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 4 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 21 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 22 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 23 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 22 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 21 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 2 days Itt looks like natural gas may be at its lowest price ever.
  • 1 day Saudi A to Splash $100 Bln on India
  • 23 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 2 hours Washington Eyes Crackdown On OPEC
  • 2 days Amazon’s Exit Could Scare Off Tech Companies From New York
  • 20 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day NEW FERUKA REFINERY
Permian Production To Break 4 Million Bpd In March

Permian Production To Break 4 Million Bpd In March

Permian oil production is set…

Does Saudi Arabia Really Have As Much Oil As Analysts Think?

Does Saudi Arabia Really Have As Much Oil As Analysts Think?

Saudi Arabia’s official crude oil…

Conoco Hunts Down Citgo For PDVSA Deposition

Tankers sunset

ConocoPhillips has won a court ruling allowing it to depose Citgo, the U.S. unit of troubled Venezuelan state oil company PDVSA, Reuters reports. The move is part of Conoco’s offensive against PDVSA in a bid to enforce a court ruling that awarded it US$2 billion in compensation for the forced nationalization of company assets in Venezuela.

So far, as part of the effort to enforce the ruling, Conoco has seized a number of PDVSA assets in the Caribbean, adding to the company’s already substantial woes and trouble with fulfilling its export contracts. With oil production at the lowest in decades and with no cash to increase it, PDVSA is struggling, and Conoco is not pulling any punches.

The U.S. supermajor has alleged that PDVSA has transferred crude oil and oil products from a refinery and a storage facility in Curacao to Citgo in an attempt to prevent Conoco from seizing it, as it seized other assets and oil inventory in the Caribbean. It also claimed that PDVSA had told Citgo to claim ownership of several cargos docked at Aruba to avoid having them seized by Conoco.

Assets already seized by the supermajor include a 10-million-barrel storage facility on the island of Bonair, fuel inventories on Curacao, and two tankers in Aruba, one carrying 500,000 barrels of oil and the other with 300,000 barrels of jet fuel.

Related: Iran Looks To Barter Oil As U.S. Sanctions Bite

Conoco is one of several companies suing Venezuela for the nationalization of assets by the Chavez government. The International Chamber of Commerce ruled in April that PDVSA owed the U.S. company US$2.04 billion in compensation for the nationalization of the Hamaca and Petrozuata oil projects.

There is also another ongoing Conoco case at the World Bank’s International Center for the Settlement of Investment Disputes, which has already ruled the nationalization a violation of international laws, and is now due to announce the size of the compensation that Venezuela owes Conoco.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Powers on July 06 2018 said:
    The cost effective Venezuela would pay up before cannibalism sets in.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News