10:36 AM EDT, 04/01/2024 (MT Newswires) -- ConocoPhillips ( COP ) has sought a deferral from the US District Court in Delaware on a decision on overlapping awards against Venezuela until proceeds from the auction of shares in a Citgo Petroleum parent are determined, Reuters reported Friday.

The court is holding the auction for the satisfaction of claims of $21.3 billion against the past expropriations and debt defaults of Venezuela, according to the report.

The company has three claims amounting to over $11.5 billion, but it is required under an award provision to remove a partial overlap in two of the awards, the report said.

"The possibility of a double recovery will not arise until, if ever, the sale process raises at least $16.3 billion," the report quoted lawyers for the company as saying in a filing.

"ConocoPhillips ( COP ) remains committed to pursuing all available legal avenues to protect our rights and obtain a full and fair recovery of the awards in recognition of our fiduciary responsibility to our shareholders," the company told MT Newswires on Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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