Venezuela: Pending arbitration claims by U.S. oil companies top $10 billion

The fall of Nicolás Maduro’s regime, following his capture by U.S. forces, has reignited debate over Venezuela’s outstanding debts in the energy sector.

Over recent decades, the country experienced a wave of nationalizations and regulatory measures that affected foreign investment in oil, gas and mining, triggering dozens of international arbitration cases. Many of these disputes are being handled by the International Centre for Settlement of Investment Disputes, or ICSID, part of the World Bank Group, under bilateral investment treaties or the Energy Charter Treaty.

Venezuela has faced more than 50 international arbitration claims since 2007, most of them linked to expropriations in the energy sector. While many cases ended with awards in favor of claimants, several remain active or “pending” at various stages, including proceedings, annulment or enforcement. These arbitrations involve U.S. companies and firms from countries such as the Netherlands, the United Kingdom, Barbados, Canada and Panama, often through subsidiaries or complex corporate structures.

The total value of pending or unpaid claims in the energy sector exceeds $10 billion, excluding accrued interest. This represents a key obstacle to attracting new investment in a country that holds the world’s largest proven oil reserves, estimated at more than 300 billion barrels.

The administration of President Donald Trump has stressed that resolving these disputes will be a priority to facilitate the return of investors, although experts warn that political instability and deteriorated infrastructure could prolong negotiations.

Major cases, based on the ICSID registry through the end of 2025

In practical terms, some of these cases are formally concluded, with awards already issued, but with payments or enforcement still pending. These, mainly involving U.S. companies, account for the bulk of Venezuela’s outstanding obligations and stem from the 2007 nationalizations in the Orinoco Belt.

1 ICSID Case No. ARB/07/30: ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: United States.
• Registration date: Nov. 2, 2007 (case concluded in 2019; annulment rejected in 2025).
• Sector: Oil (Petrozuata, Hamaca and Gulf of Paria projects).
• Main grounds: 2007 nationalization under President Hugo Chávez without adequate compensation.
• Award amount: The principal amount outstanding is about $8.7 billion, plus interest that could push the total above $10 billion, for the expropriation of projects such as Petrozuata and Hamaca in 2007. Venezuela has made minor partial payments, roughly $500 million in assets, but most of the award remains unpaid following ICSID rulings in 2019 and confirmation in 2025. Venezuela sought annulment but lost in January 2025.
• Recent developments: Enforcement proceedings ongoing in U.S. courts; part of the Citgo auction process.

2 ICSID Case No. ARB/07/27: Venezuela Holdings B.V. (formerly Mobil Corporation Venezuela Holdings B.V.) and others vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: United States (ExxonMobil, through Dutch subsidiaries).
• Registration date: Oct. 10, 2007 (concluded in 2014; resubmission pending).
• Sector: Oil (Cerro Negro project in the Orinoco Belt).
• Main grounds: 2007 nationalization in breach of the Netherlands-Venezuela bilateral investment treaty.
• Award amount: About $1.3 billion to $1.6 billion remains outstanding, following a $1.6 billion ICSID award in 2014, reduced from initial claims of $20 billion. Venezuela paid about $255 million, but the remainder is disputed and unpaid.
• Recent developments: Enforcement actions in New York courts; part of broader claims against Venezuelan assets in the United States.

Active cases pending before ICSID

These arbitrations have not concluded with a final award or are at jurisdictional, merits or cost phases.

1 The Williams Companies International Holdings B.V., WilPro Energy Services (El Furrial) Ltd. and WilPro Energy Services (Pigap II) Ltd. vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: United States (parent company The Williams Companies, with Dutch and British subsidiaries).
• Registration date: Oct. 16, 2019.
• Sector: Oil, gas and mining (gas compression and injection plants).
• Main grounds: Breach of a 2012 settlement agreement related to the nationalization of gas assets in 2009 under Chávez.
• Claimed amount: About $420 million, estimated.
• Recent developments: The parties submitted briefs on costs on Feb. 14, 2025. The tribunal continues deliberations.

2 Halliburton (Barbados) Investments S.R.L. and Servicios Halliburton de Venezuela S.A. vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: United States (Halliburton parent company, with Barbadian and Venezuelan subsidiaries).
• Registration date: Dec. 11, 2025.
• Sector: Oil and gas (oilfield services).
• Main grounds: Losses stemming from U.S. sanctions since 2017, contractual breaches and economic deterioration under Maduro.
• Claimed amount: Estimated in the hundreds of millions of dollars.
• Recent developments: Initial registration in December 2025; preliminary phase.

3 GR Mining (Barbados) Inc. vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: Canada (linked to Gold Reserve Inc.).
• Registration date: April 28, 2025.
• Sector: Mining (mining concession, primarily gold).
• Main grounds: Expropriation of concessions at the Brisas mine between 2009 and 2010.
• Claimed amount: More than $7 billion.
• Recent developments: Advancing in the tribunal constitution phase.

4 Highbury International AVV, Compañía Minera de Bajo Caroní AVV and Ramstein Trading Inc. vs. Bolivarian Republic of Venezuela

• Claimants’ nationality: Netherlands and Panama.
• Registration date: July 21, 2023.
• Sector: Mining (Bajo Caroní concession).
• Main grounds: Expropriation of mining concessions.
• Claimed amount: Millions of dollars; not publicly disclosed.
• Recent developments: Review of a request for security for costs.

Other relevant cases involving non-U.S. companies

Several disputes under the Energy Charter Treaty also involve Venezuela, including Rusoro Mining, a Canadian gold miner, which won a $1.2 billion award in 2016 that remains under enforcement. Others include Tenaris and Talta, linked to Portuguese and Italian interests in steel for the oil industry, with a $172 million award issued in 2016. French and Italian companies such as Total and Eni also had disputes over nationalizations in gas and oil, but these were partially resolved through settlements between 2018 and 2020, leaving smaller outstanding payments.