- After abandoning Venezuela's assets in 2007 due to nationalization, ConocoPhillips COP is now open to a deal to sell the country's oil in the U.S. to recover around $10 billion the country owes it.
- In preliminary talks, national oil company Petróleos de Venezuela SA could allow ConocoPhillips to load, transport, and sell Venezuela's oil in the U.S. on behalf of PdVSA, giving the US-based company chance to recover the money it lost.
- The possible deal follows after the Biden administration issued a license in November to Chevron Corporation CVX to restart oil production and exports from existing joint ventures with PdVSA, marking the first significant easing of U.S. sanctions against Venezuela President Nicolás Maduro's government.
- Related: Exxon Mobil, Chevron, ConocoPhillips Slapped With Shareholder Resolutions Over Secretive Tax Practices.
- At least a handful of oil-and-gas companies are exploring Venezuelan deals and holding talks with PdVSA, some of which seek authorization from the U.S. State and Treasury departments to negotiate.
- ConocoPhillips, in contrast, pulled out and later won nearly $10 billion in international arbitration awards against the Venezuelan state and PdVSA over the seizure of its oil projects.
- The awards make ConocoPhillips the largest private-sector creditor of Venezuela.
- ConocoPhillips isn't considering going back into Venezuela to explore/produce il, at least for now, despite opportunities floated by PdVSA, Wall Street Journal reported.
- Price Action: COP shares closed at $120.36 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
