ConocoPhilips Reaches Payment Agreement With PDVSA

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ConocoPhilips has reached a settlement with PDVSA on receiving payments from Venezuela for assets seized in the Caribbean due to nationalization of assets in Venezuela last decade by the late Papa Smurf of South America, Hugo Chavez. However there are lots of other creditors of PDVSA still in line, and with US restrictions on products from Venezuela, I have no doubt part of these payments must be in hard cash. It remains to be seen how long the current regime can hold out as putting PDVSA under Venezuelan military control has not reversed declining production of Venezuelan oil. Clearly that was a move to fend off potential coups only, but for how much longer?

https://www.usnews.com/news/top-news/art...enezuelas-pdvsa
 
Quote:
ConocoPhillips announced a $2 billion agreement with state oil company PDVSA on Monday for a decade-long arbitration case over the expropriation of assets. Venezuela will pay $500 million over the next 90 days then settle the rest in quarterly payments over the next four and a half years. As a result Conoco will suspend its actions against PDVSA assets in the Caribbean, according to the statement.


So the Europeans and Chinese are *still* lending them money??? (bat [censored] crazy!)
 
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Another article, with additional news that Citgo assets are at risk of seziure by a Canadian mining concern that had assets expropriated by the Venezuelan government, as well as a recent devaluation of the Venezuelan currency of 95% by the current leadership. Some experts predict Venezuelan crude oil production to dip below 1 million bpd by the end of 2018. I well remember when it exceeded 3 million BPD, with not only all its refineries running full tilt, but also facilities on Aruba & Curacao as well. Curacao is seeking a new operator for the Isla refinery, currently leased to PDVSA. The refinery on Aruba remains shuttered at this time.

https://oilprice-com.cdn.ampproject.org/...ecline.amp.html
 
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