04 September 2013, News Wires – A World Bank arbitration tribunal has concluded that Venezuela “unlawfully expropriated” ConocoPhillips’ Petrozuata and Hamaca oil and gas assets in a 2007 seizure, the explorer said on Wednesday.
In doing so, the International Centre for Settlement of Investment Disputes, ICSID, Tribunal also upheld its jurisdiction on the case, which saw the independent’s assets seized “in their entirety without fair compensation,” according to ConocoPhillips.
“We welcome this decision by the Tribunal,” general counsel Janet Langford Kelly said in a statement.
“This ruling sends a clear message that countries cannot expropriate their investments without fair compensation.”
Further consideration is required by the arbitration body to determine compensation associated with the move.
ConocoPhillips and ExxonMobil were among the largest companies who saw assets seized in the sweep.
Previously Venezuela Oil Minister Rafael Ramirez said at least some decisions were expected in the second half of 2013 on more than 20 companies seeking some $40 billion in compensation linked with the state takeovers.