HOUSTON, Sept 4 ConocoPhillips said on
Wednesday an arbitration panel of the World Bank ruled that
Venezuela unlawfully expropriated the firm's oil investments in
the South American country in 2007, causing a charge of about
The company's Petrozuata and Hamaca heavy crude oil projects
and its offshore Corocoro development were taken over during the
left-wing administration of deceased former President Hugo
The company said the arbitration process of the
International Centre for Settlement of Investment Disputes will
continue for some time to figure out compensation owed.
Simmons & Co, a Houston-based energy investment bank, said
it was too early to know if ConocoPhillips would be able to
collect any payments.
A determination of a final award could take one or two more
years, followed by an annulment procedure that could last up two
years, Simmons said.