In “Venezuela Six Months Later: An Update for the Arbitration Community,” the author examines how Venezuela’s evolving political and economic landscape could affect international arbitration, foreign investment, and the country’s efforts to rebuild its energy sector. The commentary explores the positions of major oil companies, including ExxonMobil, Chevron, ConocoPhillips, and Repsol, while considering the continuing significance of unpaid arbitral awards and judgments arising from earlier expropriations.
The article also addresses pending investor-state claims, Venezuela’s proposed foreign-debt restructuring, OFAC licensing requirements, and the potential role of arbitration in new energy-sector agreements. It raises an important question for companies considering renewed investment: whether a credible dispute-resolution framework can provide sufficient protection without corresponding progress on the rule of law, democratic governance, and enforcement of existing awards.
*Republished with permission from arbblog.lexmarc.us.
*The views expressed are those of the author(s) and do not necessarily reflect the views of CCA or any other organization.
