U.S. court upholds Conoco’s $8.7 bln award for loss of Venezuela assets

A U.S. court upheld a tribunal’s $8.75 billion award to U.S. oil producer ConocoPhillips over the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday.

The decision gives the U.S. company new authority to collect on a 2019 award by a World Bank tribunal. The award includes interest that adds at least $1 billion to the amount owed to Conoco.

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