ConocoPhillips Venezuela: $12 Billion Owed, Return Talks
ConocoPhillips has had no operations in Venezuela since 2007, when the government took over its stakes in the Petrozuata and Hamaca heavy-oil projects and the offshore Corocoro project. It won arbitration awards for the expropriation worth about $12 billion, most of which Venezuela has not paid, per World Oil. In April 2026 it sent a team to Venezuela to assess a return; by September, talks were on hold until it gets paid, according to two sources cited by Reuters.
What ConocoPhillips is owed
| Award | Amount | Status |
|---|---|---|
| ICSID vs. Venezuela (2019) | $8.37 billion + interest | Annulment bid rejected, January 2025 |
| ICC vs. PDVSA (2018), Petrozuata and Hamaca | about $2 billion | PDVSA defaulted; ~$786 million collected |
| ICC vs. PDVSA (2019), Corocoro | about $33 million + interest | — |
Sources: ConocoPhillips’ SEC filings and Reuters. Interest keeps adding to the total: the company registered the ICSID award in Trinidad and Tobago in 2025 as more than $10 billion, per Stabroek News.
How it is trying to collect
- The 2018 PDVSA settlement: PDVSA agreed to pay the full ICC award plus interest, starting with about $500 million within 90 days, and Conoco suspended enforcement. Conoco sent default notices in October and November 2019; “to date PDVSA has failed to cure its breach,” the company told the SEC.
- CITGO: ConocoPhillips is the largest creditor in the Delaware court sale of CITGO’s parent, PDV Holding. A judge approved its sale to Elliott’s Amber Energy for $5.9 billion in November 2025, pending a U.S. Treasury license and appeals — far less than the claims against it.
- Trinidad and Tobago: in 2025 a court let Conoco register the ICSID award there, targeting payments linked to Venezuela’s Dragon gas project.
Will ConocoPhillips return to Venezuela?
Not until it is paid, so far:
- April 2026: a team went to Venezuela “to better understand the potential for in-country oil and gas opportunities.” Then-CEO Ryan Lance said: “We have to see what’s the pathway to starting to recover some of what’s owed us.”
- May 2026: the company said “any decision to proceed would need to take into account mechanisms to recover the debt that is owed.” Lance called the new hydrocarbons law “not sufficient to attract a whole lot of investment”; it still allows royalties of up to 30%, per World Oil.
- September 2026: talks were paused until Conoco recovers about $11 billion owed by Venezuela and PDVSA, per Reuters. Exxon, by contrast, was advancing talks on Petromonagas in the Orinoco Belt.
New CEO: Andy O’Brien replaced Ryan Lance as CEO on September 1, 2026; Lance became executive chair, per the company’s SEC filing.
What is not known
- Whether Venezuela will offer assets or oil to settle the debt — Lance spoke of “different ways to satisfy the debt,” without details.
- How much ConocoPhillips will recover from CITGO.
- Whether the new CEO will change course.
This page is information, not investment advice. Other companies tied to Venezuelan oil: Venezuela oil stocks and Chevron in Venezuela.