<article><p class="lead">The International Chamber of Commerce ruled against ConocoPhillips in a claim for $1.5bn in compensation from state-owned PdV for breach of contract.</p><p>The ICC panel decided on 29 July that PdV must pay ConocoPhillips only $33.7mn plus accrued interest owed since 2007 on an outstanding loan made by the US company to the Corocoro joint venture. Accrued interest increases the total PdV owes ConocoPhillips to $54mn. </p><p>The oil ministry said PdV already paid ConocoPhillips the full amount owed, but declined to give more details. Conoco's majority stake in the offshore Corocoro oil field was expropriated in 2007.</p><p>The 25,000 b/d Corocoro field, located in eastern Venezuela's Gulf of Paria, is currently operated by PetroSucre, a joint venture in which PdV holds a 74pc stake and Italy's Eni 26pc. </p><p>Under a separate previous ICC ruling, PdV is gradually paying ConocoPhillips a $2.04bn award for breaching a contract giving the US firm partnership rights in the Hamaca and PetroZuata extra-heavy crude upgraders. The payments emerged out of a landmark 2018 settlement with ConocoPhillips, which has a waiver from US sanctions on Venezuela to collect the debt. The deal was struck after ConocoPhillips imposed liens on PdV's Caribbean assets.</p><p>PetroPiar, formerly known as Hamaca, is a 190,000 b/d Orinoco upgrader venture in which Chevron holds a 30pc stake. PetroPiar started producing around 120,000 b/d of Merey crude blend last week after PdV restructured the upgrader into a crude blending operation to compensate for the loss of naphtha imports blocked by US sanctions. </p><p>Petro San Felix, formerly PetroZuata, is a 102,000 b/d upgrading venture owned wholly by PdV. It has been shut down since 2017.</p><p>In a rare display of unity, the government of President Nicolas Maduro and the political opposition led by Juan Guaido separately praised the ICC ruling favoring PdV in the Corocoro dispute.</p><p>There was no immediate comment from ConocoPhillips.</p></article>
