ConocoPhillips v. Venezuela ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30)
Venezuela, Bolivarian Republic of
Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government.
Claims arising out of Venezuela's nationalization of three oil projects in which the claimants had interests, after having increased their applicable royalty rate and income tax.
Primary: B - Mining and quarrying
6 - Extraction of crude petroleum and natural gas
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Keith, K. (replaced)
Fortier, L. Y.
Abi-Saab, G. (replaced)
Brownlie, I. (replaced)
Bucher, A.
Zuleta, E.
Decided in favour of investor
30305.00 mln USD
8366.10 mln USD
Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation
ICSID annulment proceedings
ICSID annulment proceedings
Hascher, D. (President)

Fernández Arroyo, D. P. (Member)

Boo, L. (Member)

Kim, K.-Y. (Member) (replaced)