Exxon and Conoco Phillips stand to be able to recoup billions seized during the nationalization that occured in 2007.

Former President Hugo Chavez seized assets from U.S. oil majors in 2007. Chevron is the only U.S. oil major operating in Venezuela. Exxon and Conoco have billions of dollars in outstanding claims against Caracas from Chavez’s nationalization

Conoco and Exxon participated in Venezuela’s “oil opening” policy in the 1990s, which invited foreign investment to develop resources in the Orinoco Belt. They exited the country after Chavez’s nationalization and filed arbitration claims against Caracas.

Conoco has oustanding claims from abitration cases against the Venezuela approaching $10 billion, Jayaram said. Exxon’s claims are around $2 billion, he said.