ConocoPhillips v Venezuela (ICSID Case No. ARB/07/30)

Q: Was the ConocoPhillips award annulled?

The committee issued its decision on 22 January 2025. Argus Media and Venezuelanalysis reported that it rejected Venezuela's annulment request.

Last checked: 22 October 2026 · Case records

Three Dutch ConocoPhillips companies brought ICSID Case No. ARB/07/30 against Venezuela under the Netherlands Venezuela investment treaty ¹. The tribunal issued its award on 8 March 2019 and a rectification decision on 29 August 2019 ¹. As reported by Argus Media, the award stands at US$8.5 billion with 5.5 percent compound interest ³. An ICSID ad hoc committee issued its decision on Venezuela's annulment application on 22 January 2025, which Argus and Venezuelanalysis reported as a rejection of Venezuela's request ^1,3 ⁴.

Forum: ICSID ¹
Case number: ARB/07/30 ¹
Parties: ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V., ConocoPhillips Gulf of Paria B.V. and the Bolivarian Republic of Venezuela ¹
Treaty: Netherlands Venezuela BIT of 1991 ¹
Award: 8 March 2019, rectified 29 August 2019 ¹
Award amount: US$8.5 billion after rectification, down from US$8.7 billion, as reported ^3,4
Annulment: Decision of 22 January 2025, request rejected as reported ^1,3 ⁴
Status (22 October 2026): No source opened says the ICSID award has been paid ^3,4

The claim

The request for arbitration was registered on 13 December 2007 ¹. As reported by Carla Bass of Argus Media, the claim concerned Venezuela's 2007 expropriation of ConocoPhillips' crude assets, including the Petrozuata and Hamaca upgrading projects and the offshore Corocoro project ³.

The tribunal issued a Decision on Jurisdiction and Merits on 3 September 2013 ¹. Venezuela asked the tribunal to reconsider it, and the tribunal issued decisions on reconsideration requests on 10 March 2014 and 9 February 2016 ¹.

A long proceeding

The tribunal changed several times ¹. Ian Brownlie was replaced by Georges Abi-Saab in 2010, Mr Abi-Saab by Andreas Bucher in 2015, and President Kenneth Keith by Eduardo Zuleta in 2016 ¹. The final tribunal was Mr Zuleta, L. Yves Fortier and Mr Bucher ¹.

Venezuela filed several proposals to disqualify arbitrators between 2011 and 2016. Each listed on the ICSID case page was declined ¹.

The award and rectification

The tribunal rendered its award on 8 March 2019 ¹. Venezuela requested rectification on 18 April 2019 and the tribunal issued its rectification decision on 29 August 2019 ¹.

As reported by Ricardo Vaz of Venezuelanalysis, the award was lowered from US$8.7 billion to US$8.5 billion, carries 5.5 percent annual interest, and the total debt exceeds US$11 billion ⁴. Argus Media reported the award at US$8.5 billion with 5.5 percent annually compounded interest ³.

Annulment proceeding

Venezuela applied for annulment on 16 December 2019, which triggered a provisional stay of enforcement ¹. The ad hoc committee was constituted on 3 February 2020 under Dominique Hascher ¹. It ruled on continuation of the stay on 2 November 2020 and 29 September 2021 ¹. The hearing took place in Paris and by video from 18 to 20 October 2023 ¹.

The committee issued its decision on annulment on 22 January 2025 ^1,2. As reported by Argus Media and Venezuelanalysis, it rejected Venezuela's request and ordered Venezuela to pay US$6.46 million in legal fees and US$1.35 million in other costs ^3,4.

Venezuela argued that the tribunal was improperly constituted, exceeded its powers, misapplied the compensation mechanism and wrongly excluded evidence, as reported by Venezuelanalysis ⁴. Its lawyer George Kahale III said the decision showed that the necessary checks and balances of a mature legal system were lacking ⁴. ConocoPhillips said the decision upholds the principle that governments cannot unlawfully expropriate private investments without paying compensation ^3,4.

Enforcement

Reports differ on the date of US court clearance to enforce. Venezuelanalysis said a Washington DC court allowed enforcement in late 2021 ⁴. Argus Media said a US federal court cleared ConocoPhillips in 2022 to try to collect the award ³.

Venezuelanalysis reported that the ICSID award was added in December 2023 to the Delaware court proceedings to auction Citgo, Venezuela's US-based refiner ⁴. It said a separate US$2 billion ICC award to ConocoPhillips from 2018 was being paid in instalments until US sanctions stopped those payments ⁴. No source opened says the ICSID award itself has been paid ^3,4.

Common questions

How much is the ConocoPhillips ICSID award against Venezuela?

US$8.5 billion after rectification, with 5.5 percent interest, as reported by Argus Media and Venezuelanalysis ^3,4.

Was the ConocoPhillips award annulled?

The committee issued its decision on 22 January 2025 ¹. Argus Media and Venezuelanalysis reported that it rejected Venezuela's annulment request ^3,4.

What did Venezuela argue in the annulment?

That the tribunal was improperly constituted, exceeded its powers, misapplied the compensation mechanism and wrongly excluded evidence, as reported ⁴.

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Sources

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How foreign investors bring claims against states, where consent comes from, what law applies and how ICSID cases have ended, with official figures.
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The 2014 Energy Charter Treaty awards of over US$50 billion against Russia and the Dutch court rulings from 2016 to the Supreme Court in October 2025.