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Trinidad court recognizes ConocoPhillips' $1.3 billion claim against Venezuela
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Trinidad court recognizes ConocoPhillips' $1.3 billion claim against Venezuela
May 30, 2024 9:26 AM

May 30 (Reuters) - U.S. oil firm ConocoPhillips ( COP )

won a Trinidad & Tobago court order granting it the right to

enforce a $1.3 billion claim against Venezuela for past

expropriations, casting a shadow over a proposed offshore

natural gas venture between the two countries.

Conoco has the right to enforce the order by seizing any

future compensation Trinidad may make to Venezuela. The two

countries are looking to develop a major offshore gas project,

call Dragon, that involves Trinidad's NGC gas company and oil

major Shell.

The court order provides Venezuela state oil company PDVSA

seven 7 days to challenge decision favoring Conoco, according to

court documents.

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