After abandoning Venezuela’s assets in 2007 due to nationalization, ConocoPhillips (NYSE: COP) is now open to a deal to sell the country’s oil in the U.S. to recover around $10 billion the country owes it.
By Yahoo Finance – Vandana Singh
Jan 13, 2023
- In preliminary talks, national oil company Petróleos de Venezuela SA could allow ConocoPhillips to load, transport, and sell Venezuela’s oil in the U.S. on behalf of PdVSA, giving the US-based company chance to recover the money it lost.
- The possible deal follows after the Biden administration issued a license in November to Chevron Corporation (NYSE: CVX) to restart oil production and exports from existing joint ventures with PdVSA, marking the first significant easing of U.S. sanctions against Venezuela President Nicolás Maduro’s government.
- At least a handful of oil-and-gas companies are exploring Venezuelan deals and holding talks with PdVSA, some of which seek authorization from the U.S. State and Treasury departments to negotiate.
- ConocoPhillips, in contrast, pulled out and later won nearly $10 billion in international arbitration awards against the Venezuelan state and PdVSA over the seizure of its oil projects.
- The awards make ConocoPhillips the largest private-sector creditor of Venezuela.
- ConocoPhillips isn’t considering going back into Venezuela to explore/produce il, at least for now, despite opportunities floated by PdVSA, Wall Street Journal reported.
- Price Action: COP shares closed at $120.36 on Thursday.
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Read More: Yahoo Finance – ConocoPhillips Might Be Able To Recover $10B Venezuela Owes After Potential Deal With State Oil Firm
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