• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

U.S. oil major looks to recoup $10bn debt by selling Venezuelan crude

3 years ago
in Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

U.S. oil major looks to recoup $10bn debt by selling Venezuelan crude

U.S. oil and gas firm ConocoPhillips has held preliminary talks with PDVSA to potentially sell Venezuelan crude oil on behalf of Venezuela’s state-owned oil company as a way to recover part of the nearly $10 billion ConocoPhillips has yet to collect after leaving the South American country when its assets were expropriated.

ConocoPhillips left Venezuela in 2007 after the expropriation of its investments in the Hamaca and Petrozuata heavy crude oil projects under then-Venezuelan President Hugo Chávez.

In 2018, ConocoPhillips reached a settlement with PDVSA to recover the full $2-billion amount that an international court awarded it earlier that year for the expropriation of its oil assets in Venezuela. The U.S. firm has almost $10 billion in sums to collect from Venezuela, according to several court and arbitration rulings over the 2007 asset expropriation.

Now ConocoPhillips is in early talks with PDVSA to load, transport, and sell Venezuelan oil in the United States on behalf of the Venezuelan company, as a way to recover some of the money it is owed, The Wall Street Journal reports, quoting sources with knowledge of the talks between ConocoPhillips and Venezuela.

Despite the U.S. sanctions on Venezuela’s oil industry and exports, ConocoPhillips has a license from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to engage with PDVSA on debt repayment.

“Regarding PdVSA recovery efforts, ConocoPhillips is 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 said in a statement to the Journal, declining to discuss specifics of any deal with the Venezuelan state oil firm.

RelatedPosts

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia

Teen Sensation Victoria Mboko Stuns Naomi Osaka to Claim Maiden WTA 1000 Title at Canadian Open

Government Unveils Plan to Grow Textile and Garment Industry to $2bn by 2033

The Biden Administration has recently eased part of the sanctions imposed on Venezuela – initially slapped by former President Donald Trump – including granting U.S. supermajor Chevron, the only American company still operating in Venezuela, a six-month license that allows Chevron to import some Venezuelan crude oil to the United States for sale to U.S. refiners.

Tags: U.S oilU.S. oil major looks to recoup $10bn debt by selling Venezuelan crudeVenezuelan crude
No Result
View All Result

Highlights

Top 10 African Countries With The Least Recovery in GDP From the COVID Year to 2025

GSE Ends Thursday’s Session Higher as Market Capitalisation Gains GHS 2bn

President Mahama’s Speech as he Addresses Nation After Military Helicopter Crash [Full Text]

President Mahama Pledges Full, Transparent Probe into August 6 Military Helicopter Crash

State Funeral for Victims of Military Helicopter Crash Scheduled for August 15 – President Mahama

Black Box of Crashed Military Helicopter Recovered – Ashanti Regional Minister Confirms

Trending

Features

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia

August 8, 2025

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia The TotalEnergies...

Teen Sensation Victoria Mboko Stuns Naomi Osaka to Claim Maiden WTA 1000 Title at Canadian Open

August 8, 2025

Government Unveils Plan to Grow Textile and Garment Industry to $2bn by 2033

August 8, 2025

Top 10 African Countries With The Least Recovery in GDP From the COVID Year to 2025

August 8, 2025

GSE Ends Thursday’s Session Higher as Market Capitalisation Gains GHS 2bn

August 8, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.