Trinidad and Tobago High Court Upholds ConocoPhillips' Arbitration Claim Against Venezuela

Trinidad and Tobago's High Court reaffirmed a decision recognizing ConocoPhillips' arbitration claim against Venezuela. The decision, made by Judge Frank Seepersad, could freeze payments to Venezuela for joint natural gas projects. Venezuela failed to present its arguments before the court.

Trinidad and Tobago's High Court on Thursday reaffirmed a prior decision recognizing U.S. oil producer ConocoPhillips' arbitration claim against Venezuela. This ruling could potentially freeze the Caribbean nation's payments to its South American neighbor for their joint natural gas projects.

The decision, handed down by Judge Frank Seepersad, came in the wake of Venezuela's failure to present its arguments before the court. According to a court document obtained by Reuters, Venezuela's absence played a significant role in the outcome.

This development marks a critical point in the ongoing legal and financial disputes between ConocoPhillips and Venezuela, potentially impacting future collaborations in the energy sector.

(With inputs from agencies.)