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…U.S. Oil Major Looks To Recoup $10 Billion Debt By Selling Venezuelan Crude
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