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ConocoPhillips is reportedly trying to seize PDVSA's oil assets at the 335,000 bpd Isla refinery in Curacao. The U.S. firm has moved to take Caribbean assets of Venezuela’s state-run PDVSA, targeting facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for about a quarter of Venezuela’s oil exports last year. The three play key roles in processing, storing and blending PDVSA’s oil for export. Under court orders to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. oil firm last week temporarily seized about 4 million barrels of crude that PDVSA had stored on the Dutch Caribbean island of St. Eustatius and took control of a terminal on Bonaire, prompting PDVSA to move several oil tankers away from the region. “Any potential impacts on communities are the result of PDVSA’s illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal,” Conoco said in an email. The U.S firm added it will work with the community and local authorities to address issues that may arise as a result of enforcement actions.

Energy companies added 9 oil rigs in the U.S. last week, registering their fifth increase in a row, according to energy services Baker Hughes on Friday. In the week to May 4, drillers boosted the U.S. oil rig count to 834 – the highest level since March 2015.


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