ConocoPhillips files 2nd Venezuela nationalization case
US oil major ConocoPhillips filed for arbitration with the International Chamber of Commerce against Venezuelan state oil firm PDVSA, a ConocoPhillips release said Friday.
The firm is seeking an undisclosed amount of compensation following the expropriation of its Petrozuata and Hamaca heavy crude projects by Venezuela in 2007.
ConocoPhillips' latest filing is a separate legal action from its pending case with the World Bank's arbitration court ICSID. The firm is seeking US$20bn as compensation for the seizure of oil assets in Venezuela.
Earlier this week, ICSID awarded fellow US oil major Exxon Mobil a US$1.6bn settlement in its own nationalization case against the country.
Exxon Mobil's case may bode well for ConocoPhillips, as it sets a precedent for the type of settlements firms can expect, Barclay's analysts previously said.
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