US oil giant ConocoPhillips has been permitted to register an over US$10 billion arbitration award against Venezuela in Trinidad and Tobago for the expropriation of its oil assets by the South American country nearly two decades ago.

On May 27, Justice Frank Seepersad approved the company's application to register the award granted by the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in 2019.

The award, originally issued by ICSID in 2019, stems from Venezuela’s 2007 seizure of ConocoPhillips’ interests in three major oil projects. The application was made by ConocoPhillips Gulf of Paria BV, ConocoPhillips Petrozuata BV and ConocoPhillips Hamaca BV against the Bolivarian Republic of Venezuela.