ConocoPhillips v. Venezuela

This matter is before the Court on Petitioners' Motion for Default Judgment, ECF No. 35. Petitioners seek an order recognizing and enforcing the final Award rendered on March 8, 2019 in the arbitration between Petitioners and the Bolivarian Republic of Venezuela conducted under the ICSID in Case No. ARB/07/30, captioned ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V., ConocoPhillips Gulf of Paria B.V., and ConocoPhillips Company v. Bolivarian Republic of Venezuela.

ORDERED that Petitioners' Motion is GRANTED. It is further

ORDERED that the Court RECOGNIZES and ENFORCES the Award pursuant to 22 U.S.C. § 1650a. It is further

ORDERED that, in accordance with the pecuniary obligations of the Award, Venezuela shall pay to the Petitioners:

i. Damages as awarded by the Tribunal in the amount of $8,505,945,292;¹

ii. Interest on the sum of $8,505,945,292, as follows:

a. Interest on the sum of $8,366,137,393 from May 7, 2019 to the date of this Judgment, at an annual rate of 5.5% compounded annually; and

b. Simple interest on the sum of $139,807,899 from May 7, 2019 to the date of this Judgment, at 12-month LIBOR;

iii. Reimbursement of Petitioners' payments of arbitration costs and a portion of their legal fees in the amount of $21,744,405.72;

iv. Simple interest on the sum of $21,744,405.72 from May 7, 2019 to the date of this Judgment, at an annual rate of 3%; and

v. Post-judgment interest pursuant to 28 U.S.C. § 1961 on all the above amounts from the date of this Judgment until full payment.

It is further ORDERED that the Clerk enter Judgment for Petitioners consistent with this Order.

DATE: August 19, 2022