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.

Rules and fees change. Check the official site linked above before you apply or pay. Spotted an error? Email hello@arbitrationoutcomes.org with the official link.

Sources

ICSID annulment explained
The five grounds for annulling an ICSID award, the deadlines, stays of enforcement and how many awards ad hoc committees have annulled.
Enforcing arbitration awards against states
How ICSID and New York Convention awards are recognised, and how state immunity from execution limits what assets can be seized in the UK and US.
Investor-state arbitration explained
How foreign investors bring claims against states, where consent comes from, what law applies and how ICSID cases have ended, with official figures.
Yukos shareholders v Russia: the awards and the Dutch set aside cases
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.